Discounted Cash Flow (DCF) Analysis Unlevered

Vapotherm, Inc. (VAPO)

$2

-0.03 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,378.52 | 2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 42.3848.10125.73113.29175.60272.18421.88653.911,013.55
Revenue (%)
EBITDA -37.24-43.03-42.02-51.63-112.53-174.41-270.34-419.03-649.49
EBITDA (%)
EBIT -39.40-46.11-46.79-57.28-121.43-188.22-291.74-452.20-700.90
EBIT (%)
Depreciation 2.173.084.775.658.9113.8121.4033.1751.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 58.2271.65113.6857.07187.52290.65450.50698.281,082.32
Total Cash (%)
Account Receivables 7.118.2423.4910.9127.3142.3465.62101.71157.65
Account Receivables (%)
Inventories 13.719.1419.8736.5643.6567.65104.86162.54251.93
Inventories (%)
Accounts Payable 3.152.754.975.929.8015.1923.5536.5056.58
Accounts Payable (%)
Capital Expenditure -5.18-4.75-9.80-5.89-15.40-23.88-37.01-57.36-88.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2
Beta -0.167
Diluted Shares Outstanding 23.82
Cost of Debt
Tax Rate 0.13
After-tax Cost of Debt 5.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.038
Total Debt 46.33
Total Equity 47.64
Total Capital 93.97
Debt Weighting 49.31
Equity Weighting 50.69
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 42.3848.10125.73113.29175.60272.18421.88653.911,013.55
EBITDA -37.24-43.03-42.02-51.63-112.53-174.41-270.34-419.03-649.49
EBIT -39.40-46.11-46.79-57.28-121.43-188.22-291.74-452.20-700.90
Tax Rate 0.00%0.29%0.00%0.13%0.10%0.10%0.10%0.10%0.10%
EBIAT -39.40-45.98-46.79-57.21-121.31-188.03-291.44-451.73-700.18
Depreciation 2.173.084.775.658.9113.8121.4033.1751.41
Accounts Receivable --1.14-15.2512.58-16.40-15.02-23.28-36.09-55.94
Inventories -4.57-10.74-16.69-7.09-24.01-37.21-57.67-89.39
Accounts Payable --0.392.210.963.885.398.3612.9520.08
Capital Expenditure -5.18-4.75-9.80-5.89-15.40-23.88-37.01-57.36-88.91
UFCF -42.42-44.60-75.59-60.61-147.41-231.73-359.18-556.73-862.92
WACC
PV UFCF -147.41-222.18-330.18-490.67-729.18
SUM PV UFCF -1,840.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.30
Free cash flow (t + 1) -880.18
Terminal Value -38,268.84
Present Value of Terminal Value -31,004.43

Intrinsic Value

Enterprise Value -32,844.91
Net Debt -10.74
Equity Value -32,834.17
Shares Outstanding 23.82
Equity Value Per Share -1,378.52