Discounted Cash Flow (DCF) Analysis Unlevered
ABIVAX Société Anonyme (ABVX.PA)
7.9 €
-0.10 (-1.25%)
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 | 0.01 | 0.02 | 0.02 | 0.06 | 0.04 | 0.06 | 0.09 | 0.15 | 0.24 | 0.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -13.79 | -19.05 | -33.23 | -38 | -42.25 | -66.67 | -106.74 | -170.90 | -273.62 | -438.08 |
| EBITDA (%) | ||||||||||
| EBIT | -13.88 | -19.12 | -33.30 | -38.06 | -42.41 | -66.93 | -107.16 | -171.57 | -274.69 | -439.79 |
| EBIT (%) | ||||||||||
| Depreciation | 0.09 | 0.07 | 0.08 | 0.07 | 0.16 | 0.26 | 0.42 | 0.67 | 1.07 | 1.71 |
| 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 | 32.18 | 18.01 | 9.77 | 29.30 | 60.70 | 79.96 | 128.03 | 204.98 | 328.18 | 525.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | 4 | 6.40 | 10.25 | 16.42 | 26.28 | 42.08 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.22 | 6.65 | 10.54 | 17.41 | 18.55 | 24.02 | 38.46 | 61.58 | 98.60 | 157.86 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.98 | -0.76 | -0.94 | -0.90 | -1.64 | -2.84 | -4.55 | -7.28 | -11.66 | -18.67 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.9 |
|---|---|
| Beta | 1.339 |
| Diluted Shares Outstanding | 12.20 |
| Cost of Debt | |
| Tax Rate | 9.23 |
| After-tax Cost of Debt | 5.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.012 |
| Total Debt | 53.45 |
| Total Equity | 96.42 |
| Total Capital | 149.87 |
| Debt Weighting | 35.67 |
| Equity Weighting | 64.33 |
| 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 | 0.01 | 0.02 | 0.02 | 0.06 | 0.04 | 0.06 | 0.09 | 0.15 | 0.24 | 0.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -13.79 | -19.05 | -33.23 | -38 | -42.25 | -66.67 | -106.74 | -170.90 | -273.62 | -438.08 |
| EBIT | -13.88 | -19.12 | -33.30 | -38.06 | -42.41 | -66.93 | -107.16 | -171.57 | -274.69 | -439.79 |
| Tax Rate | 20.25% | 19.14% | 12.20% | 6.42% | 9.23% | 13.45% | 13.45% | 13.45% | 13.45% | 13.45% |
| EBIAT | -11.07 | -15.46 | -29.24 | -35.62 | -38.50 | -57.93 | -92.75 | -148.50 | -237.75 | -380.65 |
| Depreciation | 0.09 | 0.07 | 0.08 | 0.07 | 0.16 | 0.26 | 0.42 | 0.67 | 1.07 | 1.71 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | -2.40 | -3.85 | -6.16 | -9.87 | -15.80 |
| Accounts Payable | - | 2.44 | 3.89 | 6.86 | 1.14 | 5.47 | 14.44 | 23.12 | 37.01 | 59.26 |
| Capital Expenditure | -0.98 | -0.76 | -0.94 | -0.90 | -1.64 | -2.84 | -4.55 | -7.28 | -11.66 | -18.67 |
| UFCF | -11.96 | -13.72 | -26.21 | -29.59 | -38.84 | -57.44 | -86.29 | -138.16 | -221.20 | -354.15 |
| WACC | ||||||||||
| PV UFCF | -53.02 | -73.50 | -108.61 | -160.50 | -237.16 | |||||
| SUM PV UFCF | -632.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.35 |
| Free cash flow (t + 1) | -361.23 |
| Terminal Value | -5,688.71 |
| Present Value of Terminal Value | -3,809.51 |
Intrinsic Value
| Enterprise Value | -4,442.30 |
|---|---|
| Net Debt | -7.24 |
| Equity Value | -4,435.06 |
| Shares Outstanding | 12.20 |
| Equity Value Per Share | -363.39 |