Discounted Cash Flow (DCF) Analysis Unlevered

22nd Century Group, Inc. (XXII)

$1.82

+0.02 (+1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.72 | 1.82 | 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 16.6026.4325.8328.1130.9536.8243.8052.1161.9973.74
Revenue (%)
EBITDA -12.05-6.61-25.08-18.07-31-26.45-31.46-37.43-44.53-52.97
EBITDA (%)
EBIT -13-7.96-26.50-19.60-32.54-28.41-33.80-40.21-47.84-56.91
EBIT (%)
Depreciation 0.951.341.431.531.541.972.342.783.313.94
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 62.6456.3538.9622.3448.7472.0485.70101.95121.29144.29
Total Cash (%)
Account Receivables 0.960.870.872.160.591.621.932.292.733.24
Account Receivables (%)
Inventories 3.283.042.272.032.884.174.965.907.028.35
Inventories (%)
Accounts Payable 2.082.5721.122.173.023.594.275.086.05
Accounts Payable (%)
Capital Expenditure -1.61-1.11-1.09-0.52-1.07-1.72-2.05-2.44-2.90-3.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.82
Beta 1.603
Diluted Shares Outstanding 156.21
Cost of Debt
Tax Rate -0.04
After-tax Cost of Debt 2.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.416
Total Debt 2.34
Total Equity 284.30
Total Capital 286.63
Debt Weighting 0.81
Equity Weighting 99.19
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 16.6026.4325.8328.1130.9536.8243.8052.1161.9973.74
EBITDA -12.05-6.61-25.08-18.07-31-26.45-31.46-37.43-44.53-52.97
EBIT -13-7.96-26.50-19.60-32.54-28.41-33.80-40.21-47.84-56.91
Tax Rate 0.00%0.00%0.00%-0.19%-0.04%-0.05%-0.05%-0.05%-0.05%-0.05%
EBIAT -13-7.96-26.50-19.64-32.55-28.43-33.82-40.23-47.86-56.94
Depreciation 0.951.341.431.531.541.972.342.783.313.94
Accounts Receivable -0.090-1.291.57-1.03-0.31-0.37-0.43-0.52
Inventories -0.240.780.23-0.85-1.29-0.79-0.94-1.12-1.33
Accounts Payable -0.49-0.58-0.881.060.850.570.680.810.96
Capital Expenditure -1.61-1.11-1.09-0.52-1.07-1.72-2.05-2.44-2.90-3.45
UFCF -13.66-6.90-25.96-20.58-30.30-29.66-34.06-40.51-48.20-57.34
WACC
PV UFCF -26.88-27.97-30.15-32.50-35.04
SUM PV UFCF -152.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.35
Free cash flow (t + 1) -58.48
Terminal Value -700.40
Present Value of Terminal Value -428.04

Intrinsic Value

Enterprise Value -580.58
Net Debt 1
Equity Value -581.58
Shares Outstanding 156.21
Equity Value Per Share -3.72