Discounted Cash Flow (DCF) Analysis Levered
Adamas Pharmaceuticals, Inc. (ADMS)
$8.22
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.57 | 0.57 | 34.05 | 54.64 | 74.46 | 1,183.76 | 18,819.22 | 299,183.70 | 4,756,355.21 | 75,615,466.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -48.07 | -66.83 | -104.22 | -80.78 | -50.71 | -48,839.91 | -776,445.93 | -12,343,762.91 | -196,238,368.86 | -3,119,753,489.50 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.62 | -1.26 | -1.06 | -0.02 | -94.45 | -1,501.57 | -23,871.68 | -379,506.63 | -6,033,311.12 | -95,916,224.31 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -49.69 | -68.08 | -105.29 | -80.80 | -145.16 | -50,341.48 | -800,317.61 | -12,723,269.54 | -202,271,679.98 | -3,215,669,713.82 |
Weighted Average Cost Of Capital
| Share price | $ 8.22 |
|---|---|
| Beta | 2.816 |
| Diluted Shares Outstanding | 35.17 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 10.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.863 |
| Total Debt | 129.96 |
| Total Equity | 289.07 |
| Total Capital | 419.04 |
| Debt Weighting | 31.01 |
| Equity Weighting | 68.99 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.57 | 0.57 | 34.05 | 54.64 | 74.46 | 1,183.76 | 18,819.22 | 299,183.70 | 4,756,355.21 | 75,615,466.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -48.07 | -66.83 | -104.22 | -80.78 | -50.71 | -48,839.91 | -776,445.93 | -12,343,762.91 | -196,238,368.86 | -3,119,753,489.50 |
| Capital Expenditure | -1.62 | -1.26 | -1.06 | -0.02 | -94.45 | -1,501.57 | -23,871.68 | -379,506.63 | -6,033,311.12 | -95,916,224.31 |
| Free Cash Flow | -49.69 | -68.08 | -105.29 | -80.80 | -145.16 | -50,341.48 | -800,317.61 | -12,723,269.54 | -202,271,679.98 | -3,215,669,713.82 |
| WACC | ||||||||||
| PV LFCF | -28,307.33 | -389,698.29 | -5,364,856.09 | -73,856,318.40 | -1,016,757,146.62 | |||||
| SUM PV LFCF | -1,688,448,806.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.48 |
| Free cash flow (t + 1) | -3,279,983,108.09 |
| Terminal Value | -24,332,218,902.77 |
| Present Value of Terminal Value | -11,848,076,205.59 |
Intrinsic Value
| Enterprise Value | -13,536,525,012.24 |
|---|---|
| Net Debt | 58.30 |
| Equity Value | -13,536,525,070.54 |
| Shares Outstanding | 35.17 |
| Equity Value Per Share | -384,921,234.98 |