Discounted Cash Flow (DCF) Analysis Levered

ANI Pharmaceuticals, Inc. (ANIP)

$68.24

+0.62 (+0.92%)
All numbers are in Millions, Currency in USD
Stock DCF: -53.72 | 68.24 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 206.55208.48216.14316.38486.82614.43775.51978.801,235.391,559.25
Revenue (%)
Operating Cash Flow 45.6315.273.32-31.20118.9655.9570.6189.12112.49141.97
Operating Cash Flow (%)
Capital Expenditure -27.55-68.32-23.64-16.46-18.51-81.17-102.44-129.30-163.20-205.98
Capital Expenditure (%)
Free Cash Flow 18.08-53.06-20.32-47.66100.45-25.22-31.83-40.18-50.71-64

Weighted Average Cost Of Capital

Share price $ 68.24
Beta 0.800
Diluted Shares Outstanding 18.19
Cost of Debt
Tax Rate 5.50
After-tax Cost of Debt 8.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.096
Total Debt 315.33
Total Equity 1,241.56
Total Capital 1,556.89
Debt Weighting 20.25
Equity Weighting 79.75
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 206.55208.48216.14316.38486.82614.43775.51978.801,235.391,559.25
Operating Cash Flow 45.6315.273.32-31.20118.9655.9570.6189.12112.49141.97
Capital Expenditure -27.55-68.32-23.64-16.46-18.51-81.17-102.44-129.30-163.20-205.98
Free Cash Flow 18.08-53.06-20.32-47.66100.45-25.22-31.83-40.18-50.71-64
WACC
PV LFCF -23.32-27.23-31.78-37.09-43.30
SUM PV LFCF -162.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.13
Free cash flow (t + 1) -65.28
Terminal Value -1,064.99
Present Value of Terminal Value -720.47

Intrinsic Value

Enterprise Value -883.19
Net Debt 94.21
Equity Value -977.40
Shares Outstanding 18.19
Equity Value Per Share -53.72