Intrinsic value of Ekso Bionics Holdings, Inc. - EKSO

Previous Close

$1.27

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.27

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of EKSO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.40
  31.46
  28.81
  26.43
  24.29
  22.36
  20.62
  19.06
  17.66
  16.39
  15.25
  14.23
  13.30
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.38
Revenue, $m
  15
  19
  25
  32
  39
  48
  58
  69
  81
  95
  109
  125
  141
  159
  177
  197
  218
  239
  262
  285
  310
  335
  362
  389
  418
  447
  478
  510
  544
  578
Variable operating expenses, $m
  79
  104
  134
  169
  211
  258
  311
  370
  435
  506
  583
  666
  755
  849
  949
  1,053
  1,164
  1,279
  1,399
  1,525
  1,655
  1,791
  1,933
  2,080
  2,233
  2,391
  2,556
  2,728
  2,906
  3,092
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  79
  104
  134
  169
  211
  258
  311
  370
  435
  506
  583
  666
  755
  849
  949
  1,053
  1,164
  1,279
  1,399
  1,525
  1,655
  1,791
  1,933
  2,080
  2,233
  2,391
  2,556
  2,728
  2,906
  3,092
Operating income, $m
  -64
  -85
  -109
  -138
  -171
  -209
  -253
  -301
  -354
  -412
  -474
  -542
  -614
  -690
  -771
  -856
  -946
  -1,040
  -1,137
  -1,239
  -1,346
  -1,456
  -1,571
  -1,691
  -1,815
  -1,944
  -2,078
  -2,218
  -2,363
  -2,513
EBITDA, $m
  -64
  -84
  -108
  -136
  -169
  -207
  -250
  -297
  -350
  -407
  -469
  -536
  -607
  -683
  -763
  -847
  -936
  -1,029
  -1,125
  -1,226
  -1,332
  -1,441
  -1,555
  -1,673
  -1,796
  -1,924
  -2,056
  -2,194
  -2,338
  -2,487
Interest expense (income), $m
  0
  0
  1
  2
  2
  3
  4
  6
  7
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  31
  35
  38
  41
  44
  48
  52
  56
  60
  64
  68
  73
Earnings before tax, $m
  -65
  -86
  -111
  -140
  -174
  -214
  -258
  -308
  -362
  -422
  -486
  -555
  -630
  -708
  -792
  -879
  -972
  -1,068
  -1,169
  -1,274
  -1,383
  -1,497
  -1,616
  -1,739
  -1,867
  -2,000
  -2,138
  -2,281
  -2,431
  -2,586
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -65
  -86
  -111
  -140
  -174
  -214
  -258
  -308
  -362
  -422
  -486
  -555
  -630
  -708
  -792
  -879
  -972
  -1,068
  -1,169
  -1,274
  -1,383
  -1,497
  -1,616
  -1,739
  -1,867
  -2,000
  -2,138
  -2,281
  -2,431
  -2,586

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  24
  31
  40
  51
  63
  77
  93
  111
  131
  152
  175
  200
  227
  255
  285
  316
  349
  384
  420
  458
  497
  538
  580
  624
  670
  718
  768
  819
  873
  928
Adjusted assets (=assets-cash), $m
  24
  31
  40
  51
  63
  77
  93
  111
  131
  152
  175
  200
  227
  255
  285
  316
  349
  384
  420
  458
  497
  538
  580
  624
  670
  718
  768
  819
  873
  928
Revenue / Adjusted assets
  0.625
  0.613
  0.625
  0.627
  0.619
  0.623
  0.624
  0.622
  0.618
  0.625
  0.623
  0.625
  0.621
  0.624
  0.621
  0.623
  0.625
  0.622
  0.624
  0.622
  0.624
  0.623
  0.624
  0.623
  0.624
  0.623
  0.622
  0.623
  0.623
  0.623
Average production assets, $m
  3
  4
  6
  7
  9
  11
  13
  16
  19
  22
  25
  29
  32
  36
  41
  45
  50
  55
  60
  65
  71
  77
  83
  89
  96
  102
  110
  117
  124
  132
Working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
Total debt, $m
  10
  16
  24
  33
  43
  55
  69
  84
  100
  118
  138
  159
  182
  205
  231
  257
  285
  314
  345
  377
  410
  445
  480
  518
  557
  597
  639
  682
  727
  775
Total liabilities, $m
  20
  26
  34
  43
  53
  65
  79
  94
  110
  128
  148
  169
  192
  215
  241
  267
  295
  324
  355
  387
  420
  455
  490
  528
  566
  607
  649
  692
  737
  784
Total equity, $m
  4
  5
  6
  8
  10
  12
  14
  17
  20
  24
  27
  31
  35
  40
  44
  49
  54
  60
  65
  71
  77
  83
  90
  97
  104
  111
  119
  127
  135
  144
Total liabilities and equity, $m
  24
  31
  40
  51
  63
  77
  93
  111
  130
  152
  175
  200
  227
  255
  285
  316
  349
  384
  420
  458
  497
  538
  580
  625
  670
  718
  768
  819
  872
  928
Debt-to-equity ratio
  2.750
  3.390
  3.850
  4.190
  4.440
  4.620
  4.760
  4.870
  4.960
  5.030
  5.090
  5.130
  5.170
  5.200
  5.230
  5.250
  5.270
  5.280
  5.300
  5.310
  5.320
  5.330
  5.340
  5.350
  5.360
  5.360
  5.370
  5.370
  5.380
  5.380
Adjusted equity ratio
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  -86
  -111
  -140
  -174
  -214
  -258
  -308
  -362
  -422
  -486
  -555
  -630
  -708
  -792
  -879
  -972
  -1,068
  -1,169
  -1,274
  -1,383
  -1,497
  -1,616
  -1,739
  -1,867
  -2,000
  -2,138
  -2,281
  -2,431
  -2,586
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  2
  2
  3
  3
  4
  5
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
Funds from operations, $m
  -64
  -85
  -109
  -139
  -172
  -211
  -255
  -304
  -358
  -417
  -481
  -550
  -623
  -701
  -784
  -870
  -962
  -1,057
  -1,157
  -1,261
  -1,369
  -1,482
  -1,599
  -1,721
  -1,848
  -1,979
  -2,116
  -2,258
  -2,406
  -2,560
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from operations, $m
  -64
  -84
  -109
  -138
  -172
  -211
  -255
  -304
  -358
  -417
  -480
  -549
  -622
  -700
  -783
  -870
  -961
  -1,056
  -1,156
  -1,260
  -1,368
  -1,481
  -1,598
  -1,720
  -1,846
  -1,978
  -2,115
  -2,257
  -2,404
  -2,558
Maintenance CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -25
New CAPEX, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
Cash from investing activities, $m
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -6
  -6
  -7
  -7
  -9
  -10
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -25
  -26
  -27
  -29
  -31
  -33
Free cash flow, $m
  -65
  -86
  -111
  -141
  -175
  -215
  -259
  -309
  -364
  -423
  -488
  -558
  -632
  -711
  -794
  -882
  -974
  -1,071
  -1,172
  -1,277
  -1,387
  -1,501
  -1,619
  -1,743
  -1,871
  -2,004
  -2,142
  -2,286
  -2,435
  -2,591
Issuance/(repayment) of debt, $m
  5
  6
  8
  9
  10
  12
  13
  15
  17
  18
  20
  21
  22
  24
  25
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
Issuance/(repurchase) of shares, $m
  66
  87
  112
  142
  176
  216
  261
  310
  365
  425
  490
  559
  634
  713
  796
  884
  977
  1,073
  1,174
  1,280
  1,389
  1,504
  1,622
  1,746
  1,874
  2,007
  2,146
  2,289
  2,439
  2,595
Cash from financing (excl. dividends), $m  
  71
  93
  120
  151
  186
  228
  274
  325
  382
  443
  510
  580
  656
  737
  821
  911
  1,005
  1,102
  1,205
  1,312
  1,422
  1,539
  1,658
  1,783
  1,913
  2,047
  2,188
  2,333
  2,484
  2,642
Total cash flow (excl. dividends), $m
  6
  7
  8
  10
  11
  13
  15
  16
  18
  20
  21
  23
  24
  26
  27
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
Retained Cash Flow (-), $m
  -66
  -87
  -112
  -142
  -176
  -216
  -261
  -310
  -365
  -425
  -490
  -559
  -634
  -713
  -796
  -884
  -977
  -1,073
  -1,174
  -1,280
  -1,389
  -1,504
  -1,622
  -1,746
  -1,874
  -2,007
  -2,146
  -2,289
  -2,439
  -2,595
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -60
  -80
  -104
  -132
  -165
  -203
  -246
  -294
  -347
  -405
  -468
  -537
  -609
  -687
  -769
  -856
  -947
  -1,042
  -1,141
  -1,245
  -1,354
  -1,466
  -1,584
  -1,705
  -1,832
  -1,964
  -2,100
  -2,242
  -2,390
  -2,544
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -58
  -73
  -90
  -109
  -128
  -147
  -166
  -184
  -199
  -212
  -222
  -229
  -232
  -231
  -226
  -217
  -206
  -192
  -176
  -158
  -140
  -122
  -104
  -87
  -71
  -57
  -45
  -35
  -26
  -19
Current shareholders' claim on cash, %
  29.3
  8.7
  2.6
  0.8
  0.2
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Ekso Bionics Holdings, Inc. designs, develops, and sells exoskeletons for use in the healthcare, industrial, military, and consumer markets in North America, Europe, the Middle East, and Asia. The company operates through Engineering Services and Medical segments. It primarily offers Ekso GT, a bionic suit that provides the ability to stand and walk over ground with a reciprocal gait using a cane, crutches, or a walker to individuals with spinal cord injuries, stroke, and other lower limb paralysis or weakness. The company’s Ekso device is primarily used in a clinic or rehabilitation setting. It also performs research and development work on human exoskeletons and related technologies. The company has a collaborative partnership with Lockheed Martin Corporation to develop products for military applications, as well as a license agreement with OttoBock Healthcare Products Gmbh. Ekso Bionics Holdings, Inc. was founded in 2005 and is headquartered in Richmond, California. Ekso Bionics Holdings, Inc. operates as a subsidiary of Magee Rehabilitation Hospital.

FINANCIAL RATIOS  of  Ekso Bionics Holdings, Inc. (EKSO)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EKSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EKSO stock intrinsic value calculation we used $11 million for the last fiscal year's total revenue generated by Ekso Bionics Holdings, Inc.. The default revenue input number comes from 0001 income statement of Ekso Bionics Holdings, Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EKSO stock valuation model: a) initial revenue growth rate of 34.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EKSO is calculated based on our internal credit rating of Ekso Bionics Holdings, Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ekso Bionics Holdings, Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EKSO stock the variable cost ratio is equal to 536.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EKSO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10% for Ekso Bionics Holdings, Inc..

Corporate tax rate of 27% is the nominal tax rate for Ekso Bionics Holdings, Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EKSO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EKSO are equal to 22.9%.

Life of production assets of 1.8 years is the average useful life of capital assets used in Ekso Bionics Holdings, Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EKSO is equal to -4.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2.728 million for Ekso Bionics Holdings, Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 64.258 million for Ekso Bionics Holdings, Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ekso Bionics Holdings, Inc. at the current share price and the inputted number of shares is $0.1 billion.

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