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Discounted Cash Flow (DCF) Analysis Unlevered


Precipio Inc.

Precipio Inc. (PRPO)

Healthcare

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 27.541.241.932.691.722.863.033.213.413.613.83
Revenue (%)
EBITDA -12.65-12.71-31.74-1.60-17.63-14.44-21.76-23.06-24.44-25.90-27.45
EBITDA (%)
EBIT -15.40-13.28-32.23-1.71-18.37-15.70-22.64-23.99-25.42-26.94-28.55
EBIT (%)
Depreciation 2.750.570.490.110.741.270.870.930.981.041.10
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1.631.610.440.050.420.381.001.061.131.191.27
Total Cash (%)
Account Receivables 5.310.470.260.390.730.690.770.810.860.910.97
Account Receivables (%)
Inventories 3.96-0.050.100.160.200.220.240.250.270.28
Inventories (%)
Accounts Payable 2.863.903.781.085.105.175.255.565.896.256.62
Accounts Payable (%)
Capital Expenditure -0.61-0.13-0.20--0.14-0.10-0.21-0.22-0.24-0.25-0.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.91
Diluted Shares Outstanding 1.44
Cost of Debt
Tax Rate 1.75
After-tax Cost of Debt -0.04
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.62
Total Debt 0.41
Total Equity 4.19
Total Capital 4.60
Debt Weighting 8.87
Equity Weighting 91.13
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 27.541.241.932.691.722.863.033.213.413.613.83
EBITDA -12.65-12.71-31.74-1.60-17.63-14.44-21.76-23.06-24.44-25.90-27.45
EBIT -15.40-13.28-32.23-1.71-18.37-15.70-22.64-23.99-25.42-26.94-28.55
Tax Rate 0.34%0.00%0.00%0.00%0.00%1.75%0.35%0.35%0.35%0.35%0.35%
EBIAT -15.35-13.28-32.23-1.71-18.37-15.43-22.56-23.91-25.33-26.85-28.45
Depreciation 2.750.570.490.110.741.270.870.930.981.041.10
Accounts Receivable -4.850.20-0.12-0.340.04-0.08-0.05-0.05-0.05-0.05
Inventories -3.96--0.05-0.06-0.04-0.03-0.01-0.01-0.02-0.02
Accounts Payable -1.04-0.12-2.704.020.070.080.310.330.350.37
Capital Expenditure --0.480.07-0.20--0.050.120.010.010.010.02
UFCF -12.60-3.34-31.58-4.67-14.01-14.14-21.59-22.71-24.07-25.51-27.03
WACC
PV UFCF -18.98-17.55-16.35-15.23-14.19
SUM PV UFCF -89.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.76
Free cash flow (t + 1) -28.11
Terminal Value -288.01
Present Value of Terminal Value -151.17

Intrinsic Value

Enterprise Value -240.92
Net Debt 0.03
Equity Value -240.94
Shares Outstanding 1.44
Equity Value Per Share -167.19