Complete QBTS Stock Valuation Analysis
Comprehensive intrinsic value analysis using 1 different methodologies
QBTS DCF Analysis
QBTS (D-Wave Quantum 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 | $7.2M | $8.8M | $8.8M | $9.9M | $10.9M | $12.0M | $13.1M | $14.1M |
| Revenue Growth % | - | 22.1% | 0.8% | 12.0% | 10.8% | 9.7% | 8.7% | 7.8% |
| EBIT | $-59.5M | $-80.5M | $-77.2M | $494.1K | $547.3K | $600.4K | $652.7K | $703.9K |
| EBIT Margin % | -828.9% | -919.7% | -874.8% | 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 | $-44.6M | $-60.4M | $-57.9M | $370.6K | $410.5K | $450.3K | $489.5K | $527.9K |
| NOPAT Margin % | -621.7% | -689.8% | -656.1% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $498.0K | $630.0K | $2.1M | $969.4K | $1.0M | $1.1M | $1.1M | $1.1M |
| Capex / Revenue % | 6.9% | 7.2% | 23.9% | 9.8% | 9.3% | 8.9% | 8.4% | 8.0% |
| Depreciation | $2.3M | $1.8M | $1.9M | $2.5M | $2.8M | $3.0M | $3.3M | $3.5M |
| D&A / Revenue % | 32.5% | 21.1% | 21.9% | 25.2% | 25.2% | 25.2% | 25.2% | 25.2% |
| Change in NWC | $-10.8M | $37.7M | $119.1M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -150.4% | 430.7% | 1349.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $-32.0M | $-96.9M | $-177.2M | $1.9M | $2.1M | $2.4M | $2.7M | $2.9M |
| UFCF % Chg. | - | -203.1% | -82.8% | 101.1% | 13.6% | 12.3% | 11.1% | 10.1% |
| FCF / Revenue % | -445.7% | -1106.6% | -2007.4% | 19.1% | 19.6% | 20.1% | 20.5% | 20.9% |
| Discount Factor | - | - | - | 0.924 | 0.854 | 0.789 | 0.729 | 0.673 |
| Present Value of FCF | - | - | - | $1.7M | $1.8M | $1.9M | $1.9M | $2.0M |
| Sum of PV of UFCF | - | - | - | $1.7M | $3.6M | $5.5M | $7.4M | $9.4M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 5.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 4.4% |
| Risk Free Rate | 4.43% |
| Market Risk Premium | 4.3% |
| Beta | 0.89 |
| Cost of Equity | 8.3% |
| Total Debt | $38.4M |
| Market Cap | $4.6B |
| Total Capital | $4.7B |
| Debt Weighting | 0.8% |
| Equity Weighting | 99.2% |
| WACC | 8.2% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $2.9M |
| Terminal Value | $52.6M |
| PV of Terminal Value | $35.4M |
| Cumulative PV of UFCF | $9.4M |
| Net Debt | $-139.6M |
| Equity Value | $184.4M |
| Shares Outstanding | 192.1M |
| Implied Share Price | $1 |
| Current Share Price | $16 |
| Implied Upside/(Downside) | -94.0% |
Valuation Summary
$0.96
Implied Price
$16.09
Current Price
-94.0%
Upside/Downside
8.2%
WACC