Discounted Cash Flow (DCF) Analysis Unlevered
Intersect ENT, Inc. (XENT)
$28.24
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 96.30 | 108.47 | 109.14 | 80.55 | 106.75 | 111.97 | 117.45 | 123.20 | 129.23 | 135.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -14.90 | -21.04 | -39.09 | -67.14 | -150.08 | -65.98 | -69.21 | -72.60 | -76.15 | -79.88 |
| EBITDA (%) | ||||||||||
| EBIT | -16.36 | -22.92 | -42.99 | -69.98 | -154.89 | -69.31 | -72.70 | -76.26 | -79.99 | -83.91 |
| EBIT (%) | ||||||||||
| Depreciation | 1.46 | 1.88 | 3.90 | 2.84 | 4.81 | 3.33 | 3.49 | 3.66 | 3.84 | 4.03 |
| 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 | 102.32 | 100.77 | 90.64 | 88.03 | 61.01 | 100.47 | 105.39 | 110.55 | 115.96 | 121.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 16.59 | 19.62 | 19.11 | 14.59 | 17.33 | 19.52 | 20.48 | 21.48 | 22.53 | 23.63 |
| Account Receivables (%) | ||||||||||
| Inventories | 8.47 | 11.59 | 17 | 12.05 | 18.60 | 15.10 | 15.84 | 16.62 | 17.43 | 18.29 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.40 | 6.20 | 4.06 | 6.04 | 8.89 | 6.45 | 6.76 | 7.09 | 7.44 | 7.81 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.28 | -2.12 | -3.73 | -0.87 | -2.02 | -2.40 | -2.52 | -2.64 | -2.77 | -2.90 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 28.24 |
|---|---|
| Beta | 1.529 |
| Diluted Shares Outstanding | 33.27 |
| Cost of Debt | |
| Tax Rate | 1.05 |
| After-tax Cost of Debt | 4.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.110 |
| Total Debt | 142.06 |
| Total Equity | 939.60 |
| Total Capital | 1,081.66 |
| Debt Weighting | 13.13 |
| Equity Weighting | 86.87 |
| 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 | 96.30 | 108.47 | 109.14 | 80.55 | 106.75 | 111.97 | 117.45 | 123.20 | 129.23 | 135.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -14.90 | -21.04 | -39.09 | -67.14 | -150.08 | -65.98 | -69.21 | -72.60 | -76.15 | -79.88 |
| EBIT | -16.36 | -22.92 | -42.99 | -69.98 | -154.89 | -69.31 | -72.70 | -76.26 | -79.99 | -83.91 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.57% | 1.05% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| EBIAT | -16.36 | -22.92 | -42.99 | -69.58 | -153.27 | -69.08 | -72.47 | -76.01 | -79.73 | -83.64 |
| Depreciation | 1.46 | 1.88 | 3.90 | 2.84 | 4.81 | 3.33 | 3.49 | 3.66 | 3.84 | 4.03 |
| Accounts Receivable | - | -3.03 | 0.50 | 4.52 | -2.73 | -2.19 | -0.96 | -1 | -1.05 | -1.10 |
| Inventories | - | -3.11 | -5.41 | 4.95 | -6.54 | 3.50 | -0.74 | -0.78 | -0.81 | -0.85 |
| Accounts Payable | - | 2.80 | -2.15 | 1.99 | 2.85 | -2.44 | 0.32 | 0.33 | 0.35 | 0.36 |
| Capital Expenditure | -2.28 | -2.12 | -3.73 | -0.87 | -2.02 | -2.40 | -2.52 | -2.64 | -2.77 | -2.90 |
| UFCF | -17.18 | -26.49 | -49.88 | -56.16 | -156.91 | -69.29 | -72.87 | -76.44 | -80.18 | -84.10 |
| WACC | ||||||||||
| PV UFCF | -63.36 | -60.92 | -58.43 | -56.04 | -53.74 | |||||
| SUM PV UFCF | -292.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.37 |
| Free cash flow (t + 1) | -85.79 |
| Terminal Value | -1,163.99 |
| Present Value of Terminal Value | -743.80 |
Intrinsic Value
| Enterprise Value | -1,036.29 |
|---|---|
| Net Debt | 103.66 |
| Equity Value | -1,139.94 |
| Shares Outstanding | 33.27 |
| Equity Value Per Share | -34.26 |