Discounted Cash Flow (DCF) Analysis Unlevered

AC Immune SA (ACIU)

$2.2

+0.04 (+1.85%)
All numbers are in Millions, Currency in USD
Stock DCF: -209,264.52 | 2.2 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 20.257.19111.0315.4381.92434.952,309.1712,259.6365,087.56345,556.28
Revenue (%)
EBITDA -25.68-49.6949.03-59.77-70.01-1,084.04-5,755.26-30,555.24-162,220.80-861,246.21
EBITDA (%)
EBIT -26.26-50.6547.34-61.74-72.41-1,113.12-5,909.66-31,374.96-166,572.75-884,351.15
EBIT (%)
Depreciation 0.580.961.691.972.4129.08154.40819.724,351.9523,104.95
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 124.38186.46288.59225.89198.224,498.8523,884.85126,807.02673,2313,574,249.73
Total Cash (%)
Account Receivables 3.724.101.401.921.4078.97419.282,22611,818.0662,743.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.091.980.142.18243.17229.191,216.806,460.1334,297.46
Accounts Payable (%)
Capital Expenditure -1.80-1.86-1.89-1.71-2.63-44.10-234.12-1,242.97-6,599.03-35,034.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.2
Beta 0.582
Diluted Shares Outstanding 74.95
Cost of Debt
Tax Rate -0.00
After-tax Cost of Debt 19.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.353
Total Debt 2.91
Total Equity 164.89
Total Capital 167.80
Debt Weighting 1.73
Equity Weighting 98.27
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 20.257.19111.0315.4381.92434.952,309.1712,259.6365,087.56345,556.28
EBITDA -25.68-49.6949.03-59.77-70.01-1,084.04-5,755.26-30,555.24-162,220.80-861,246.21
EBIT -26.26-50.6547.34-61.74-72.41-1,113.12-5,909.66-31,374.96-166,572.75-884,351.15
Tax Rate 0.00%0.00%0.00%0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
EBIAT -26.26-50.6547.34-61.74-72.41-1,113.13-5,909.71-31,375.22-166,574.12-884,358.42
Depreciation 0.580.961.691.972.4129.08154.40819.724,351.9523,104.95
Accounts Receivable --0.392.70-0.520.52-77.57-340.31-1,806.72-9,592.06-50,925.19
Inventories ----------
Accounts Payable -0.89-1.842.04-0.1841.17186.02987.615,243.3327,837.33
Capital Expenditure -1.80-1.86-1.89-1.71-2.63-44.10-234.12-1,242.97-6,599.03-35,034.90
UFCF -27.49-51.0548.01-59.96-72.31-1,164.55-6,143.71-32,617.58-173,169.93-919,376.24
WACC
PV UFCF -72.31-1,092.55-5,407.52-26,934.09-134,154.93-668,206.91
SUM PV UFCF -835,796

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.59
Free cash flow (t + 1) -937,763.76
Terminal Value -20,430,583.08
Present Value of Terminal Value -14,849,042.50

Intrinsic Value

Enterprise Value -15,684,838.50
Net Debt -79.31
Equity Value -15,684,759.20
Shares Outstanding 74.95
Equity Value Per Share -209,264.52