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 |