Discounted Cash Flow (DCF) Analysis Levered

ADMA Biologics, Inc. (ADMA)

$2.745

+0.04 (+1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 11,068.51 | 2.745 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 22.7616.9929.3542.2280.94117.97171.94250.60365.24532.32
Revenue (%)
Operating Cash Flow -37.27-62.68-76.19-102-112.37-276.72-403.31-587.81-856.71-1,248.63
Operating Cash Flow (%)
Capital Expenditure -2.68-2.10-3.81-12.73-13.51-19.80-28.86-42.06-61.30-89.35
Capital Expenditure (%)
Free Cash Flow -39.95-64.77-80.01-114.73-125.88-296.52-432.16-629.87-918.01-1,337.98

Weighted Average Cost Of Capital

Share price $ 2.745
Beta 0.919
Diluted Shares Outstanding 86.15
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -13.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.144
Total Debt 94.87
Total Equity 236.47
Total Capital 331.33
Debt Weighting 28.63
Equity Weighting 71.37
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 22.7616.9929.3542.2280.94117.97171.94250.60365.24532.32
Operating Cash Flow -37.27-62.68-76.19-102-112.37-276.72-403.31-587.81-856.71-1,248.63
Capital Expenditure -2.68-2.10-3.81-12.73-13.51-19.80-28.86-42.06-61.30-89.35
Free Cash Flow -39.95-64.77-80.01-114.73-125.88-296.52-432.16-629.87-918.01-1,337.98
WACC
PV LFCF -291.07-416.44-595.81-852.44-1,219.60
SUM PV LFCF -3,375.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.87
Free cash flow (t + 1) -1,364.74
Terminal Value 1,049,797.32
Present Value of Terminal Value 956,916.24

Intrinsic Value

Enterprise Value 953,540.88
Net Debt 43.78
Equity Value 953,497.10
Shares Outstanding 86.15
Equity Value Per Share 11,068.51