Discounted Cash Flow (DCF) Analysis Unlevered

ABIVAX Société Anonyme (ABVX.PA)

12.92 €

+0.26 (+2.05%)
All numbers are in Millions, Currency in USD
Stock DCF: -151.60 | 12.92 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.020.020.060.040.060.090.130.210.320.48
Revenue (%)
EBITDA -19-33.29-38.20-42.38-56.45-91.49-140.41-215.50-330.73-507.58
EBITDA (%)
EBIT -19.07-33.37-38.27-42.53-56.76-91.81-140.90-216.24-331.87-509.33
EBIT (%)
Depreciation 0.070.080.070.160.310.320.480.741.141.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 139.7729.3060.7026.9564.9799.71153.03234.86360.45
Total Cash (%)
Account Receivables 7.776.986.929.318.8221.8333.5051.4178.90121.09
Account Receivables (%)
Inventories -1.151.1240.013.845.899.0413.8821.30
Inventories (%)
Accounts Payable 6.6510.5417.4118.5515.4732.7450.2477.11118.34181.63
Accounts Payable (%)
Capital Expenditure -0.76-0.94-0.90-1.64-0.04-2.49-3.82-5.86-8.99-13.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.92
Beta 1.462
Diluted Shares Outstanding 26.66
Cost of Debt
Tax Rate 6.02
After-tax Cost of Debt 7.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.060
Total Debt 46.07
Total Equity 344.43
Total Capital 390.50
Debt Weighting 11.80
Equity Weighting 88.20
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.020.020.060.040.060.090.130.210.320.48
EBITDA -19-33.29-38.20-42.38-56.45-91.49-140.41-215.50-330.73-507.58
EBIT -19.07-33.37-38.27-42.53-56.76-91.81-140.90-216.24-331.87-509.33
Tax Rate 19.14%12.20%6.42%9.23%6.02%10.60%10.60%10.60%10.60%10.60%
EBIAT -15.42-29.30-35.81-38.61-53.34-82.07-125.96-193.32-296.69-455.34
Depreciation 0.070.080.070.160.310.320.480.741.141.75
Accounts Receivable -0.800.06-2.400.49-13-11.67-17.91-27.49-42.19
Inventories --0.03-2.883.99-3.83-2.05-3.15-4.84-7.42
Accounts Payable -3.896.861.14-3.0817.2717.5126.8741.2363.28
Capital Expenditure -0.76-0.94-0.90-1.64-0.04-2.49-3.82-5.86-8.99-13.80
UFCF -16.11-25.48-29.69-44.23-51.68-83.80-125.51-192.63-295.63-453.71
WACC
PV UFCF -51.68-75.75-102.53-142.23-197.29-273.67
SUM PV UFCF -791.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.64
Free cash flow (t + 1) -462.79
Terminal Value -5,356.34
Present Value of Terminal Value -3,230.78

Intrinsic Value

Enterprise Value -4,022.23
Net Debt 19.12
Equity Value -4,041.35
Shares Outstanding 26.66
Equity Value Per Share -151.60