Discounted Cash Flow (DCF) Analysis Unlevered
Yield10 Bioscience, Inc. (YTEN)
$2.8
+0.04 (+1.45%)
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 | 0.56 | 0.81 | 0.80 | 0.61 | 0.45 | 0.44 | 0.44 | 0.43 | 0.42 | 0.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -8.97 | 0.01 | -9.97 | -10.78 | -13.15 | -6.69 | -6.59 | -6.49 | -6.40 | -6.31 |
| EBITDA (%) | ||||||||||
| EBIT | -9.17 | -0.19 | -10.15 | -11 | -13.41 | -6.84 | -6.74 | -6.65 | -6.55 | -6.46 |
| EBIT (%) | ||||||||||
| Depreciation | 0.20 | 0.20 | 0.18 | 0.22 | 0.26 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 |
| 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 | 5.77 | 11.12 | 9.70 | 15.99 | 4.35 | 6.39 | 6.30 | 6.20 | 6.12 | 6.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.16 | 0.09 | 0.11 | 0.20 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.12 | 0.28 | 0.06 | 0.08 | 0.11 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.04 | -0.06 | -0.08 | -0.19 | -0.15 | -0.08 | -0.08 | -0.08 | -0.08 | -0.08 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.8 |
|---|---|
| Beta | 1.814 |
| Diluted Shares Outstanding | 4.91 |
| Cost of Debt | |
| Tax Rate | -1.16 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.200 |
| Total Debt | 2.65 |
| Total Equity | 13.76 |
| Total Capital | 16.41 |
| Debt Weighting | 16.15 |
| Equity Weighting | 83.85 |
| 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 | 0.56 | 0.81 | 0.80 | 0.61 | 0.45 | 0.44 | 0.44 | 0.43 | 0.42 | 0.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -8.97 | 0.01 | -9.97 | -10.78 | -13.15 | -6.69 | -6.59 | -6.49 | -6.40 | -6.31 |
| EBIT | -9.17 | -0.19 | -10.15 | -11 | -13.41 | -6.84 | -6.74 | -6.65 | -6.55 | -6.46 |
| Tax Rate | 0.00% | 1.92% | -0.55% | -0.33% | -1.16% | -0.02% | -0.02% | -0.02% | -0.02% | -0.02% |
| EBIAT | -9.17 | -0.19 | -10.21 | -11.03 | -13.57 | -6.84 | -6.75 | -6.65 | -6.55 | -6.46 |
| Depreciation | 0.20 | 0.20 | 0.18 | 0.22 | 0.26 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 |
| Accounts Receivable | - | 0.07 | -0.02 | -0.09 | 0.10 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.16 | -0.22 | 0.02 | 0.03 | -0.02 | -0 | -0 | -0 | -0 |
| Capital Expenditure | -0.04 | -0.06 | -0.08 | -0.19 | -0.15 | -0.08 | -0.08 | -0.08 | -0.08 | -0.08 |
| UFCF | -9.02 | 0.18 | -10.34 | -11.06 | -13.33 | -6.78 | -6.67 | -6.57 | -6.48 | -6.38 |
| WACC | ||||||||||
| PV UFCF | -6.11 | -5.41 | -4.80 | -4.26 | -3.78 | |||||
| SUM PV UFCF | -24.36 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.04 |
| Free cash flow (t + 1) | -6.51 |
| Terminal Value | -72.04 |
| Present Value of Terminal Value | -42.67 |
Intrinsic Value
| Enterprise Value | -67.03 |
|---|---|
| Net Debt | 0.29 |
| Equity Value | -67.33 |
| Shares Outstanding | 4.91 |
| Equity Value Per Share | -13.70 |