Discounted Cash Flow (DCF) Analysis Unlevered

Intersect ENT, Inc. (XENT)

$28.24

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -34.26 | 28.24 | 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 96.30108.47109.1480.55106.75111.97117.45123.20129.23135.56
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 1.461.883.902.844.813.333.493.663.844.03
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 102.32100.7790.6488.0361.01100.47105.39110.55115.96121.63
Total Cash (%)
Account Receivables 16.5919.6219.1114.5917.3319.5220.4821.4822.5323.63
Account Receivables (%)
Inventories 8.4711.591712.0518.6015.1015.8416.6217.4318.29
Inventories (%)
Accounts Payable 3.406.204.066.048.896.456.767.097.447.81
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 96.30108.47109.1480.55106.75111.97117.45123.20129.23135.56
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 1.461.883.902.844.813.333.493.663.844.03
Accounts Receivable --3.030.504.52-2.73-2.19-0.96-1-1.05-1.10
Inventories --3.11-5.414.95-6.543.50-0.74-0.78-0.81-0.85
Accounts Payable -2.80-2.151.992.85-2.440.320.330.350.36
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