Complete PULM Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
PULM DCF Analysis
PULM (Pulmatrix, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1M | $7.3M | $7.8M | $8.3M | $8.8M | $9.2M | $9.7M | $10.1M |
| Revenue Growth % | - | 20.2% | 7.0% | 6.4% | 5.8% | 5.2% | 4.7% | 4.2% |
| EBIT | $-18.9M | $-14.7M | $-9.8M | $415.4K | $439.4K | $462.3K | $484.0K | $504.4K |
| EBIT Margin % | -312.1% | -202.0% | -125.1% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-14.2M | $-11.1M | $-7.3M | $311.5K | $329.6K | $346.7K | $363.0K | $378.3K |
| NOPAT Margin % | -234.1% | -151.5% | -93.8% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $86.0K | $676.0K | $398.0K | $345.4K | $347.1K | $346.9K | $345.0K | $341.6K |
| Capex / Revenue % | 1.4% | 9.3% | 5.1% | 4.2% | 3.9% | 3.8% | 3.6% | 3.4% |
| Depreciation | $1.5M | $1.5M | $435.0K | $1.4M | $1.5M | $1.6M | $1.7M | $1.7M |
| D&A / Revenue % | 25.4% | 20.2% | 5.6% | 17.1% | 17.1% | 17.1% | 17.1% | 17.1% |
| Change in NWC | $-17.2M | $-16.2M | $-7.9M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -283.5% | -221.9% | -101.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $4.5M | $5.9M | $657.8K | $1.4M | $1.5M | $1.6M | $1.7M | $1.8M |
| UFCF % Chg. | - | 33.1% | -88.9% | 110.6% | 7.1% | 6.4% | 5.8% | 5.3% |
| FCF / Revenue % | 73.5% | 81.3% | 8.4% | 16.7% | 16.9% | 17.1% | 17.3% | 17.4% |
| Discount Factor | - | - | - | 0.904 | 0.816 | 0.738 | 0.667 | 0.602 |
| Present Value of FCF | - | - | - | $1.3M | $1.2M | $1.2M | $1.1M | $1.1M |
| Sum of PV of UFCF | - | - | - | $1.3M | $2.5M | $3.6M | $4.7M | $5.8M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.2% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 1.45 |
| Cost of Equity | 10.7% |
| Total Debt | $0 |
| Market Cap | $32.7M |
| Total Capital | $32.7M |
| Debt Weighting | 0.0% |
| Equity Weighting | 100.0% |
| WACC | 10.7% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $1.8M |
| Terminal Value | $22.1M |
| PV of Terminal Value | $13.3M |
| Cumulative PV of UFCF | $5.8M |
| Net Debt | $-9.5M |
| Equity Value | $28.6M |
| Shares Outstanding | 3.7M |
| Implied Share Price | $8 |
| Current Share Price | $9 |
| Implied Upside/(Downside) | -12.5% |
Valuation Summary
$7.83
Implied Price
$8.95
Current Price
-12.5%
Upside/Downside
10.7%
WACC
PULM Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 7 peer companies in Healthcare
P/E Ratio
$-208.23
-2426.6%
Peer Median: 62.4x
EV/EBITDA
$0.00
-100.0%
Peer Median: 45.5x
P/S Ratio
$7.61
-15.0%
Peer Median: 14.5x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for PULM's business model and current situation.
Multiple Comparison
| Multiple | PULM Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -2.7x | 62.4x | 62.4x | -104.3% | Undervalued |
| EV/EBITDA | Infinityx | 45.5x | 45.5x | Infinity% | Overvalued |
| P/S Ratio | 17.0x | 14.5x | 10.0x | 17.6% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.05B | 0.0x | 0.0x | 0.9x | |
| $0.03B | 0.0x | 0.0x | 14.5x | |
| $0.03B | 0.0x | 0.0x | 17.0x | |
| $0.03B | 0.0x | 0.0x | 0.0x | |
| $0.03B | 0.0x | 0.0x | 3.0x | |
| $0.02B | 0.0x | 0.0x | 0.0x | |
| $729.06B | 62.4x | 45.5x | 14.9x |