Discounted Cash Flow (DCF) Analysis Levered

Alimera Sciences, Inc. (ALIM)

$3.3

-0.21 (-5.98%)
All numbers are in Millions, Currency in USD
Stock DCF: -37.02 | 3.3 | overvalue

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 35.9146.9753.9450.8259.0367.2976.7187.4599.70113.66
Revenue (%)
Operating Cash Flow -12.87-11.55-4.15-2.19-3.22-10.49-11.96-13.63-15.54-17.71
Operating Cash Flow (%)
Capital Expenditure -0.24-0.17-0.17-0.62-0.62-0.49-0.56-0.63-0.72-0.83
Capital Expenditure (%)
Free Cash Flow -13.11-11.73-4.33-2.81-3.84-10.98-12.51-14.26-16.26-18.54

Weighted Average Cost Of Capital

Share price $ 3.3
Beta 1.377
Diluted Shares Outstanding 5.12
Cost of Debt
Tax Rate -11.13
After-tax Cost of Debt 12.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.013
Total Debt 43.57
Total Equity 16.89
Total Capital 60.46
Debt Weighting 72.07
Equity Weighting 27.93
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 35.9146.9753.9450.8259.0367.2976.7187.4599.70113.66
Operating Cash Flow -12.87-11.55-4.15-2.19-3.22-10.49-11.96-13.63-15.54-17.71
Capital Expenditure -0.24-0.17-0.17-0.62-0.62-0.49-0.56-0.63-0.72-0.83
Free Cash Flow -13.11-11.73-4.33-2.81-3.84-10.98-12.51-14.26-16.26-18.54
WACC
PV LFCF -9.82-10.02-10.22-10.43-10.64
SUM PV LFCF -51.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.75
Free cash flow (t + 1) -18.91
Terminal Value -193.93
Present Value of Terminal Value -111.28

Intrinsic Value

Enterprise Value -162.40
Net Debt 27.06
Equity Value -189.46
Shares Outstanding 5.12
Equity Value Per Share -37.02