Discounted Cash Flow (DCF) Analysis Levered
Avid Bioservices, Inc. (CDMOP)
$25.06
+0.01 (+0.04%)
All numbers are in Millions, Currency in USD
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 | 57.63 | 53.62 | 53.60 | 59.70 | 95.87 | 111.44 | 129.54 | 150.58 | 175.03 | 203.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -39.79 | -26.77 | -11.60 | 5.83 | 31.18 | -21.91 | -25.47 | -29.60 | -34.41 | -40 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.50 | -3.02 | -1.50 | -3.81 | -9.86 | -6.18 | -7.18 | -8.35 | -9.70 | -11.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -41.29 | -29.79 | -13.10 | 2.01 | 21.32 | -28.08 | -32.65 | -37.95 | -44.11 | -51.28 |
Weighted Average Cost Of Capital
| Share price | $ 25.06 |
|---|---|
| Beta | 2.696 |
| Diluted Shares Outstanding | 56.52 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.470 |
| Total Debt | 118.19 |
| Total Equity | 1,416.47 |
| Total Capital | 1,534.66 |
| Debt Weighting | 7.70 |
| Equity Weighting | 92.30 |
| 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 | 57.63 | 53.62 | 53.60 | 59.70 | 95.87 | 111.44 | 129.54 | 150.58 | 175.03 | 203.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -39.79 | -26.77 | -11.60 | 5.83 | 31.18 | -21.91 | -25.47 | -29.60 | -34.41 | -40 |
| Capital Expenditure | -1.50 | -3.02 | -1.50 | -3.81 | -9.86 | -6.18 | -7.18 | -8.35 | -9.70 | -11.28 |
| Free Cash Flow | -41.29 | -29.79 | -13.10 | 2.01 | 21.32 | -28.08 | -32.65 | -37.95 | -44.11 | -51.28 |
| WACC | ||||||||||
| PV LFCF | -24.56 | -24.97 | -25.38 | -25.80 | -26.23 | |||||
| SUM PV LFCF | -126.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.35 |
| Free cash flow (t + 1) | -52.30 |
| Terminal Value | -423.49 |
| Present Value of Terminal Value | -216.60 |
Intrinsic Value
| Enterprise Value | -343.54 |
|---|---|
| Net Debt | -51.72 |
| Equity Value | -291.81 |
| Shares Outstanding | 56.52 |
| Equity Value Per Share | -5.16 |