Discounted Cash Flow (DCF) Analysis Unlevered

Abeona Therapeutics Inc. (ABEO)

$3.04

+0.08 (+2.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -628,587.99 | 3.04 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.84310.7438.46137.77493.461,767.516,330.9522,676.4481,223.37
Revenue (%)
EBITDA -26.57-54.30-67.21-74.52-76.80-5,784.36-20,718.66-74,210.94-265,811.69-952,094.92
EBITDA (%)
EBIT -27.31-56.66-75.88-80.12-81.27-6,046.74-21,658.47-77,577.17-277,869.01-995,282.30
EBIT (%)
Depreciation 0.742.368.685.604.46262.38939.813,366.2412,057.3243,187.38
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 137.7584.97129.2695.0345.0220,503.6773,440.87263,053.44942,215.303,374,864.35
Total Cash (%)
Account Receivables 0.110.080.832.9810.6738.21136.85490.191,755.796,288.94
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.396.123.764.694.33533.431,910.666,843.6724,512.9287,801.37
Accounts Payable (%)
Capital Expenditure -0.86-19.49-6.51-1.34-4.15-809.35-2,898.98-10,383.68-37,192.67-133,218.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.04
Beta 1.079
Diluted Shares Outstanding 3.94
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 39.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.895
Total Debt 9.38
Total Equity 11.97
Total Capital 21.35
Debt Weighting 43.93
Equity Weighting 56.07
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.84310.7438.46137.77493.461,767.516,330.9522,676.4481,223.37
EBITDA -26.57-54.30-67.21-74.52-76.80-5,784.36-20,718.66-74,210.94-265,811.69-952,094.92
EBIT -27.31-56.66-75.88-80.12-81.27-6,046.74-21,658.47-77,577.17-277,869.01-995,282.30
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -27.31-56.66-75.88-80.12-81.27-6,046.74-21,658.47-77,577.17-277,869.01-995,282.30
Depreciation 0.742.368.685.604.46262.38939.813,366.2412,057.3243,187.38
Accounts Receivable -0.03-0.75-2.15-7.69-27.54-98.65-353.34-1,265.59-4,533.16
Inventories ----------
Accounts Payable -3.73-2.360.93-0.37529.101,377.234,933.0117,669.2663,288.44
Capital Expenditure -0.86-19.49-6.51-1.34-4.15-809.35-2,898.98-10,383.68-37,192.67-133,218.19
UFCF -27.43-70.04-76.82-77.07-89.01-6,092.15-22,339.06-80,014.94-286,600.70-1,026,557.82
WACC
PV UFCF -114.68-94.16-89.01-4,986.21-14,964.58-43,870.31-128,610.60-377,035.99
SUM PV UFCF -569,467.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 22.18
Free cash flow (t + 1) -1,047,088.98
Terminal Value -5,188,746.19
Present Value of Terminal Value -1,905,731.99

Intrinsic Value

Enterprise Value -2,475,199.69
Net Debt -23.56
Equity Value -2,475,176.13
Shares Outstanding 3.94
Equity Value Per Share -628,587.99