Discounted Cash Flow (DCF) Analysis Unlevered
Vapotherm, Inc. (VAPO)
$2.46
-0.33 (-11.83%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 42.38 | 48.10 | 125.73 | 113.29 | 66.80 | 87.50 | 114.62 | 150.14 | 196.67 | 257.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -34.83 | -44.23 | -37.99 | -50.98 | -72.13 | -62.53 | -81.91 | -107.29 | -140.54 | -184.10 |
| EBITDA (%) | ||||||||||
| EBIT | -36.99 | -47.30 | -42.76 | -56.63 | -77.31 | -67.44 | -88.34 | -115.71 | -151.57 | -198.55 |
| EBIT (%) | ||||||||||
| Depreciation | 2.17 | 3.08 | 4.77 | 5.65 | 5.18 | 4.91 | 6.43 | 8.42 | 11.03 | 14.45 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 58.22 | 71.65 | 113.68 | 57.07 | 15.74 | 78.88 | 103.32 | 135.34 | 177.28 | 232.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.11 | 8.24 | 23.49 | 10.91 | 9.10 | 13.27 | 17.39 | 22.77 | 29.83 | 39.08 |
| Account Receivables (%) | ||||||||||
| Inventories | 13.71 | 9.14 | 19.87 | 36.56 | 32.98 | 26.04 | 34.11 | 44.68 | 58.53 | 76.66 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.15 | 2.75 | 4.97 | 5.92 | 2.74 | 4.63 | 6.06 | 7.94 | 10.40 | 13.62 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.18 | -4.75 | -9.80 | -5.89 | -11.61 | -9.18 | -12.03 | -15.75 | -20.64 | -27.03 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.46 |
|---|---|
| Beta | -1.236 |
| Diluted Shares Outstanding | 26.73 |
| Cost of Debt | |
| Tax Rate | -0.01 |
| After-tax Cost of Debt | 11.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -1.397 |
| Total Debt | 99.31 |
| Total Equity | 65.76 |
| Total Capital | 165.07 |
| Debt Weighting | 60.16 |
| Equity Weighting | 39.84 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 42.38 | 48.10 | 125.73 | 113.29 | 66.80 | 87.50 | 114.62 | 150.14 | 196.67 | 257.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -34.83 | -44.23 | -37.99 | -50.98 | -72.13 | -62.53 | -81.91 | -107.29 | -140.54 | -184.10 |
| EBIT | -36.99 | -47.30 | -42.76 | -56.63 | -77.31 | -67.44 | -88.34 | -115.71 | -151.57 | -198.55 |
| Tax Rate | 0.00% | 0.29% | -9.15% | 0.13% | -0.01% | -1.75% | -1.75% | -1.75% | -1.75% | -1.75% |
| EBIAT | -36.99 | -47.17 | -46.67 | -56.56 | -77.31 | -68.62 | -89.88 | -117.74 | -154.23 | -202.02 |
| Depreciation | 2.17 | 3.08 | 4.77 | 5.65 | 5.18 | 4.91 | 6.43 | 8.42 | 11.03 | 14.45 |
| Accounts Receivable | - | -1.14 | -15.25 | 12.58 | 1.81 | -4.17 | -4.11 | -5.39 | -7.06 | -9.24 |
| Inventories | - | 4.57 | -10.74 | -16.69 | 3.58 | 6.94 | -8.07 | -10.57 | -13.85 | -18.14 |
| Accounts Payable | - | -0.39 | 2.21 | 0.96 | -3.18 | 1.89 | 1.43 | 1.88 | 2.46 | 3.22 |
| Capital Expenditure | -5.18 | -4.75 | -9.80 | -5.89 | -11.61 | -9.18 | -12.03 | -15.75 | -20.64 | -27.03 |
| UFCF | -40.01 | -45.80 | -75.46 | -59.96 | -81.54 | -68.24 | -106.23 | -139.15 | -182.28 | -238.76 |
| WACC | ||||||||||
| PV UFCF | -64.08 | -93.68 | -115.23 | -141.74 | -174.35 | |||||
| SUM PV UFCF | -589.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.49 |
| Free cash flow (t + 1) | -243.54 |
| Terminal Value | -5,424.03 |
| Present Value of Terminal Value | -3,960.75 |
Intrinsic Value
| Enterprise Value | -4,549.83 |
|---|---|
| Net Debt | 83.57 |
| Equity Value | -4,633.40 |
| Shares Outstanding | 26.73 |
| Equity Value Per Share | -173.32 |