Discounted Cash Flow (DCF) Analysis Unlevered
Yield10 Bioscience, Inc. (YTEN)
$0.29
-0.03 (-9.40%)
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 | -9.12 | -4.92 | -8.80 | -12.17 | -13.19 | -7.33 | -7.23 | -7.12 | -7.02 | -6.92 |
| EBITDA (%) | ||||||||||
| EBIT | -9.32 | -5.12 | -8.99 | -12.39 | -13.45 | -7.49 | -7.38 | -7.27 | -7.17 | -7.07 |
| 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 | 0.03 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| 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 | $ 0.29 |
|---|---|
| Beta | 1.817 |
| Diluted Shares Outstanding | 4.91 |
| Cost of Debt | |
| Tax Rate | -1.16 |
| After-tax Cost of Debt | -1.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.119 |
| Total Debt | 2.65 |
| Total Equity | 1.43 |
| Total Capital | 4.08 |
| Debt Weighting | 65.03 |
| Equity Weighting | 34.97 |
| 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 | -9.12 | -4.92 | -8.80 | -12.17 | -13.19 | -7.33 | -7.23 | -7.12 | -7.02 | -6.92 |
| EBIT | -9.32 | -5.12 | -8.99 | -12.39 | -13.45 | -7.49 | -7.38 | -7.27 | -7.17 | -7.07 |
| Tax Rate | 0.00% | 1.92% | -0.55% | -0.33% | -1.16% | -0.02% | -0.02% | -0.02% | -0.02% | -0.02% |
| EBIAT | -9.32 | -5.02 | -9.03 | -12.43 | -13.61 | -7.49 | -7.38 | -7.28 | -7.17 | -7.07 |
| 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 | 0.17 | -0.05 | 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 | -9.17 | -4.65 | -9.17 | -12.46 | -13.30 | -7.49 | -7.31 | -7.20 | -7.10 | -6.99 |
| WACC | ||||||||||
| PV UFCF | -7.23 | -6.81 | -6.48 | -6.17 | -5.87 | |||||
| SUM PV UFCF | -32.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.58 |
| Free cash flow (t + 1) | -7.13 |
| Terminal Value | -451.56 |
| Present Value of Terminal Value | -378.73 |
Intrinsic Value
| Enterprise Value | -411.28 |
|---|---|
| Net Debt | 0.29 |
| Equity Value | -411.57 |
| Shares Outstanding | 4.91 |
| Equity Value Per Share | -83.75 |