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
Stock DCF: -363.39 | 7.9 | overvalue

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 0.010.020.020.060.040.060.090.150.240.39
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 0.090.070.080.070.160.260.420.671.071.71
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 32.1818.019.7729.3060.7079.96128.03204.98328.18525.43
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----46.4010.2516.4226.2842.08
Inventories (%)
Accounts Payable 4.226.6510.5417.4118.5524.0238.4661.5898.60157.86
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 0.010.020.020.060.040.060.090.150.240.39
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 0.090.070.080.070.160.260.420.671.071.71
Accounts Receivable ----------
Inventories ------2.40-3.85-6.16-9.87-15.80
Accounts Payable -2.443.896.861.145.4714.4423.1237.0159.26
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