Discounted Cash Flow (DCF) Analysis Unlevered
AB Science S.A. (AB.PA)
7.9 €
-0.05 (-0.63%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1.74 | 1.70 | 1.57 | 1.58 | 1.61 | 1.58 | 1.55 | 1.52 | 1.49 | 1.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -26.78 | -25.13 | -20.65 | -13.77 | -11.14 | -18.59 | -18.24 | -17.89 | -17.56 | -17.23 |
| EBITDA (%) | ||||||||||
| EBIT | -27.12 | -26.06 | -21.73 | -14.92 | -12.87 | -19.61 | -19.24 | -18.87 | -18.52 | -18.17 |
| EBIT (%) | ||||||||||
| Depreciation | 0.34 | 0.92 | 1.07 | 1.15 | 1.73 | 1.02 | 1 | 0.98 | 0.96 | 0.94 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 38.79 | 11.56 | 5.69 | 20.66 | 8.72 | 16.15 | 15.84 | 15.54 | 15.25 | 14.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.16 | 0.15 | 0.23 | 0.08 | 0.14 | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 |
| Inventories (%) | ||||||||||
| Accounts Payable | 15.48 | 15.04 | 15 | 13.29 | 11.37 | 13.48 | 13.23 | 12.98 | 12.73 | 12.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.50 | -0.48 | -0.39 | -0.37 | -0.56 | -0.44 | -0.44 | -0.43 | -0.42 | -0.41 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.9 |
|---|---|
| Beta | 0.981 |
| Diluted Shares Outstanding | 47.52 |
| Cost of Debt | |
| Tax Rate | 1.65 |
| After-tax Cost of Debt | 15.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.427 |
| Total Debt | 8.35 |
| Total Equity | 375.41 |
| Total Capital | 383.77 |
| Debt Weighting | 2.18 |
| Equity Weighting | 97.82 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1.74 | 1.70 | 1.57 | 1.58 | 1.61 | 1.58 | 1.55 | 1.52 | 1.49 | 1.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -26.78 | -25.13 | -20.65 | -13.77 | -11.14 | -18.59 | -18.24 | -17.89 | -17.56 | -17.23 |
| EBIT | -27.12 | -26.06 | -21.73 | -14.92 | -12.87 | -19.61 | -19.24 | -18.87 | -18.52 | -18.17 |
| Tax Rate | -0.03% | -0.02% | -0.01% | -0.05% | 1.65% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
| EBIAT | -27.12 | -26.06 | -21.73 | -14.93 | -12.66 | -19.55 | -19.18 | -18.81 | -18.46 | -18.11 |
| Depreciation | 0.34 | 0.92 | 1.07 | 1.15 | 1.73 | 1.02 | 1 | 0.98 | 0.96 | 0.94 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.01 | -0.08 | 0.15 | -0.06 | -0.01 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | -0.45 | -0.03 | -1.72 | -1.92 | 2.12 | -0.25 | -0.25 | -0.24 | -0.24 |
| Capital Expenditure | -0.50 | -0.48 | -0.39 | -0.37 | -0.56 | -0.44 | -0.44 | -0.43 | -0.42 | -0.41 |
| UFCF | -27.29 | -26.06 | -21.15 | -15.72 | -13.47 | -16.86 | -18.87 | -18.51 | -18.16 | -17.82 |
| WACC | ||||||||||
| PV UFCF | -15.67 | -16.30 | -14.86 | -13.55 | -12.36 | |||||
| SUM PV UFCF | -72.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.59 |
| Free cash flow (t + 1) | -18.17 |
| Terminal Value | -325.13 |
| Present Value of Terminal Value | -225.52 |
Intrinsic Value
| Enterprise Value | -298.27 |
|---|---|
| Net Debt | -0.37 |
| Equity Value | -297.90 |
| Shares Outstanding | 47.52 |
| Equity Value Per Share | -6.27 |