Discounted Cash Flow (DCF) Analysis Unlevered

Plus Therapeutics Inc

Plus Therapeutics Inc (PSTV)

$2.54
0.05 (+2.01%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 12.207.6011.6611.386.416.657.006.756.516.286.055.84
Revenue (%)
EBITDA -21.15-32.22-14.27-18.27-18.49-8.71-8.14-13.65-13.16-12.70-12.24-11.81
EBITDA (%)
EBIT -22.78-33.00-15.37-19.45-20.64-10.71-9.03-14.81-14.28-13.77-13.28-12.81
EBIT (%)
Depreciation 1.630.781.091.182.152.000.901.161.111.071.041.00
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 15.5114.6214.3412.569.555.2617.559.959.599.258.928.60
Total Cash (%)
Account Receivables 4.261.361.311.240.150.181.310.950.920.880.850.82
Account Receivables (%)
Inventories 3.694.834.303.723.180.110.112.082.011.941.871.80
Inventories (%)
Accounts Payable 0.970.600.930.900.510.530.560.540.520.500.480.46
Accounts Payable (%)
Capital Expenditure -0.52-1.02-0.62-0.07-1.50-0.13-0.07-0.48-0.46-0.45-0.43-0.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.54
Beta 0.410
Diluted Shares Outstanding 1.38
Cost of Debt
Tax Rate -231.62
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.723
Total Debt 11.19
Total Equity 3.52
Total Capital 14.70
Debt Weighting 76.09
Equity Weighting 23.91
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 12.207.6011.6611.386.416.657.006.756.516.286.055.84
EBITDA -21.15-32.22-14.27-18.27-18.49-8.71-8.14-13.65-13.16-12.70-12.24-11.81
EBIT -22.78-33.00-15.37-19.45-20.64-10.71-9.03-14.81-14.28-13.77-13.28-12.81
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%-231.62%-33.09%-33.09%-33.09%-33.09%-33.09%
EBIAT -22.78-33.00-15.37-19.45-20.64-10.71-29.95-19.71-19.00-18.33-17.67-17.04
Depreciation 1.630.781.091.182.152.000.901.161.111.071.041.00
Accounts Receivable -2.900.050.071.10-0.03-1.130.360.030.030.030.03
Inventories --1.140.530.570.543.08-0.00-1.980.070.070.070.07
Accounts Payable --0.370.32-0.02-0.400.020.03-0.02-0.02-0.02-0.02-0.02
Capital Expenditure -0.52-1.02-0.62-0.07-1.50-0.13-0.07-0.48-0.46-0.45-0.43-0.42
UFCF -21.67-31.84-13.99-17.72-18.74-5.78-30.23-20.67-18.26-17.61-16.99-16.38
WACC
PV UFCF -19.65-16.51-15.14-13.88-12.73
SUM PV UFCF -77.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.17
Free cash flow (t + 1) -17.04
Terminal Value -1,456.10
Present Value of Terminal Value -1,131.70

Intrinsic Value

Enterprise Value -1,209.62
Net Debt -6.36
Equity Value -1,203.26
Shares Outstanding 1.38
Equity Value Per Share -869.40