Discounted Cash Flow (DCF) Analysis Unlevered

Yield10 Bioscience, Inc. (YTEN)

$2.8

+0.04 (+1.45%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.70 | 2.8 | overvalue

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 0.560.810.800.610.450.440.440.430.420.42
Revenue (%)
EBITDA -8.970.01-9.97-10.78-13.15-6.69-6.59-6.49-6.40-6.31
EBITDA (%)
EBIT -9.17-0.19-10.15-11-13.41-6.84-6.74-6.65-6.55-6.46
EBIT (%)
Depreciation 0.200.200.180.220.260.160.160.150.150.15
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 5.7711.129.7015.994.356.396.306.206.126.03
Total Cash (%)
Account Receivables 0.160.090.110.200.100.100.090.090.090.09
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.120.280.060.080.110.090.090.090.090.08
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 0.560.810.800.610.450.440.440.430.420.42
EBITDA -8.970.01-9.97-10.78-13.15-6.69-6.59-6.49-6.40-6.31
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 0.200.200.180.220.260.160.160.150.150.15
Accounts Receivable -0.07-0.02-0.090.1000000
Inventories ----------
Accounts Payable -0.16-0.220.020.03-0.02-0-0-0-0
Capital Expenditure -0.04-0.06-0.08-0.19-0.15-0.08-0.08-0.08-0.08-0.08
UFCF -9.020.18-10.34-11.06-13.33-6.78-6.67-6.57-6.48-6.38
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