Discounted Cash Flow (DCF) Analysis Levered
ADMA Biologics, Inc. (ADMA)
$3.71
-0.06 (-1.59%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.99 | 29.35 | 42.22 | 80.94 | 154.08 | 269.15 | 470.14 | 821.25 | 1,434.55 | 2,505.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -62.68 | -76.19 | -102 | -112.37 | -59.51 | -563.96 | -985.12 | -1,720.80 | -3,005.89 | -5,250.67 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2.10 | -3.81 | -12.73 | -13.51 | -13.91 | -43.70 | -76.34 | -133.35 | -232.94 | -406.91 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -64.77 | -80.01 | -114.73 | -125.88 | -73.42 | -607.66 | -1,061.46 | -1,854.15 | -3,238.83 | -5,657.58 |
Weighted Average Cost Of Capital
| Share price | $ 3.71 |
|---|---|
| Beta | 0.799 |
| Diluted Shares Outstanding | 197.87 |
| Cost of Debt | |
| Tax Rate | -29.25 |
| After-tax Cost of Debt | 12.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.026 |
| Total Debt | 154.44 |
| Total Equity | 734.12 |
| Total Capital | 888.56 |
| Debt Weighting | 17.38 |
| Equity Weighting | 82.62 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.99 | 29.35 | 42.22 | 80.94 | 154.08 | 269.15 | 470.14 | 821.25 | 1,434.55 | 2,505.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -62.68 | -76.19 | -102 | -112.37 | -59.51 | -563.96 | -985.12 | -1,720.80 | -3,005.89 | -5,250.67 |
| Capital Expenditure | -2.10 | -3.81 | -12.73 | -13.51 | -13.91 | -43.70 | -76.34 | -133.35 | -232.94 | -406.91 |
| Free Cash Flow | -64.77 | -80.01 | -114.73 | -125.88 | -73.42 | -607.66 | -1,061.46 | -1,854.15 | -3,238.83 | -5,657.58 |
| WACC | ||||||||||
| PV LFCF | -558.51 | -896.70 | -1,439.66 | -2,311.39 | -3,710.96 | |||||
| SUM PV LFCF | -8,917.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.80 |
| Free cash flow (t + 1) | -5,770.73 |
| Terminal Value | -84,863.69 |
| Present Value of Terminal Value | -55,664.39 |
Intrinsic Value
| Enterprise Value | -64,581.60 |
|---|---|
| Net Debt | 67.92 |
| Equity Value | -64,649.52 |
| Shares Outstanding | 197.87 |
| Equity Value Per Share | -326.72 |