Discounted Cash Flow (DCF) Analysis Unlevered

Calyxt Inc

Calyxt Inc (CLXT)

$3.62
-0.09 (-2.43%)

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 1.270.400.510.247.3060.13495.584,084.4233,662.46277,434.94
Revenue (%)
EBITDA -5.82-11.72-25.62-25.56-36.51-2,377.35-19,593.35-161,481.92-1,330,880.81-10,968,681.60
EBITDA (%)
EBIT -5.96-12.06-26.17-26.64-38.12-2,459.92-20,273.84-167,090.35-1,377,103.68-11,349,635.26
EBIT (%)
Depreciation 0.150.340.551.081.6182.57680.505,608.4346,222.87380,953.66
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 24.695.0356.6693.7958.616,602.5754,416.19448,480.333,696,227.2230,463,088.13
Total Cash (%)
Account Receivables 0.330.160.170.051.1216.04132.171,089.328,977.7873,991.93
Account Receivables (%)
Inventories ----2.5921.38176.201,452.1611,968.2698,638.46
Inventories (%)
Accounts Payable 0.300.361.020.821.0881.31670.155,523.1445,519.91375,160.12
Accounts Payable (%)
Capital Expenditure -0.66-10.42-0.78-1.85-2.97-437.93-3,609.30-29,746.67-245,162.26-2,020,546.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.62
Beta 2.255
Diluted Shares Outstanding 32.81
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 20.406
Total Debt 18.60
Total Equity 118.76
Total Capital 137.36
Debt Weighting 13.54
Equity Weighting 86.46
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 1.270.400.510.247.3060.13495.584,084.4233,662.46277,434.94
EBITDA -5.82-11.72-25.62-25.56-36.51-2,377.35-19,593.35-161,481.92-1,330,880.81-10,968,681.60
EBIT -5.96-12.06-26.17-26.64-38.12-2,459.92-20,273.84-167,090.35-1,377,103.68-11,349,635.26
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -5.96-12.06-26.17-26.64-38.12-2,459.92-20,273.84-167,090.35-1,377,103.68-11,349,635.26
Depreciation 0.150.340.551.081.6182.57680.505,608.4346,222.87380,953.66
Accounts Receivable -0.18-0.010.12-1.08-14.92-116.13-957.14-7,888.47-65,014.15
Inventories ------18.78-154.82-1,275.97-10,516.10-86,670.20
Accounts Payable -0.050.67-0.200.2680.24588.844,852.9939,996.77329,640.21
Capital Expenditure -0.67-10.42-0.78-1.85-2.97-437.93-3,609.30-29,746.67-245,162.26-2,020,546.63
UFCF -6.48-21.91-25.74-27.49-40.30-2,768.75-22,884.77-188,608.71-1,554,450.87-12,811,272.38
WACC
PV UFCF -3,275.98-22,884.77-159,405.60-1,110,352.00-7,734,242.44
SUM PV UFCF -6,450,288.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.32
Free cash flow (t + 1) -13,323,723.27
Terminal Value -93,042,760.28
Present Value of Terminal Value -40,122,850.64

Intrinsic Value

Enterprise Value -46,573,139.46
Net Debt -40.01
Equity Value -46,573,099.45
Shares Outstanding 32.81
Equity Value Per Share -1,419,665.72