Discounted Cash Flow (DCF) Analysis Unlevered

Neuronetics Inc (STIM)

$ 13.705
0.655 (+5.02%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.2340.4352.7862.6649.2454.9061.2168.2576.0984.84
Revenue (%)
EBITDA -8.66-13.01-18.95-25.86-21.37-19.55-21.80-24.31-27.10-30.21
EBITDA (%)
EBIT -9.34-13.61-19.83-26.93-22.31-20.51-22.87-25.50-28.43-31.69
EBIT (%)
Depreciation 0.670.600.881.060.940.961.071.191.331.48
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 17.0429.15104.5876.5950.8459.9066.7974.4683.0292.56
Total Cash (%)
Account Receivables 3.584.275.626.577.176.226.947.748.639.62
Account Receivables (%)
Inventories 1.702.472.432.773.723.043.393.774.214.69
Inventories (%)
Accounts Payable 1.482.513.764.633.753.5944.464.975.54
Accounts Payable (%)
Capital Expenditure -0.32-0.59-1.01-0.81-0.73-0.78-0.87-0.97-1.08-1.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.705
Beta 2.678
Diluted Shares Outstanding 19.02
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 23.773
Total Debt 36.51
Total Equity 260.60
Total Capital 297.11
Debt Weighting 12.29
Equity Weighting 87.71
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.2340.4352.7862.6649.2454.9061.2168.2576.0984.84
EBITDA -8.66-13.01-18.95-25.86-21.37-19.55-21.80-24.31-27.10-30.21
EBIT -9.34-13.61-19.83-26.93-22.31-20.51-22.87-25.50-28.43-31.69
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -9.34-13.61-19.83-26.93-22.31-20.51-22.87-25.50-28.43-31.69
Depreciation 0.670.600.881.060.940.961.071.191.331.48
Accounts Receivable --0.69-1.35-0.95-0.600.94-0.72-0.80-0.89-0.99
Inventories --0.770.04-0.34-0.950.68-0.35-0.39-0.43-0.48
Accounts Payable -1.031.240.87-0.88-0.160.410.460.510.57
Capital Expenditure -0.32-0.59-1.01-0.81-0.73-0.78-0.87-0.97-1.08-1.21
UFCF -8.99-14.04-20.04-27.10-24.52-18.87-23.32-26-28.99-32.33
WACC
PV UFCF -22.92-23.32-21.41-19.65-18.04
SUM PV UFCF -71.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 21.47
Free cash flow (t + 1) -33.62
Terminal Value -192.44
Present Value of Terminal Value -72.77

Intrinsic Value

Enterprise Value -144.16
Net Debt -12.45
Equity Value -131.71
Shares Outstanding 19.02
Equity Value Per Share -6.93