Discounted Cash Flow (DCF) Analysis Unlevered

TherapeuticsMD, Inc. (TXMD)

$6.64

-0.09 (-1.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -145.30 | 6.64 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 16.7816.1049.6564.8786.95145.43243.25406.86680.501,138.20
Revenue (%)
EBITDA -76.71-127.65-157.37-150.88-135.41-568.75-951.28-1,591.11-2,661.26-4,451.20
EBITDA (%)
EBIT -76.93-127.94-158.76-154.94-139.50-573.66-959.49-1,604.84-2,684.23-4,489.61
EBIT (%)
Depreciation 0.210.291.394.074.094.918.2113.7322.9738.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 127.14161.61160.8380.4965.12664.491,111.421,858.943,109.245,200.48
Total Cash (%)
Account Receivables 4.3311.0624.4032.3836.1868.41114.42191.37320.09535.37
Account Receivables (%)
Inventories 1.493.2711.867.997.6221.5636.0660.32100.89168.74
Inventories (%)
Accounts Payable 4.1022.7419.1821.0720.3275.68126.57211.71354.10592.26
Accounts Payable (%)
Capital Expenditure -0.83-21.32-23.89-1.60-2.22-55.41-92.69-155.03-259.29-433.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.64
Beta 1.429
Diluted Shares Outstanding 275.65
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 16.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.547
Total Debt 196.33
Total Equity 1,830.31
Total Capital 2,026.64
Debt Weighting 9.69
Equity Weighting 90.31
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 16.7816.1049.6564.8786.95145.43243.25406.86680.501,138.20
EBITDA -76.71-127.65-157.37-150.88-135.41-568.75-951.28-1,591.11-2,661.26-4,451.20
EBIT -76.93-127.94-158.76-154.94-139.50-573.66-959.49-1,604.84-2,684.23-4,489.61
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -76.93-127.94-158.76-154.94-139.50-573.66-959.49-1,604.84-2,684.23-4,489.61
Depreciation 0.210.291.394.074.094.918.2113.7322.9738.41
Accounts Receivable --6.74-13.33-7.99-3.79-32.23-46.01-76.96-128.71-215.29
Inventories --1.78-8.593.870.37-13.94-14.50-24.26-40.57-67.86
Accounts Payable -18.65-3.561.89-0.7555.3650.9085.13142.39238.16
Capital Expenditure -0.83-21.32-23.89-1.60-2.22-55.41-92.69-155.03-259.29-433.69
UFCF -77.54-138.84-206.75-154.71-141.80-614.98-1,053.58-1,762.21-2,947.45-4,929.87
WACC
PV UFCF -553.29-852.80-1,283.30-1,931.12-2,905.95
SUM PV UFCF -7,526.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.15
Free cash flow (t + 1) -5,028.47
Terminal Value -54,955.93
Present Value of Terminal Value -32,394.20

Intrinsic Value

Enterprise Value -39,920.66
Net Debt 131.21
Equity Value -40,051.87
Shares Outstanding 275.65
Equity Value Per Share -145.30