Discounted Cash Flow (DCF) Analysis Unlevered
AcelRx Pharmaceuticals, Inc. (ACRX)
$0.86
+0.06 (+7.50%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 2.29 | 5.42 | 2.82 | 1.77 | 0.65 | 0.63 | 0.61 | 0.60 | 0.58 | 0.56 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -52.04 | -37.07 | -30.83 | -30.18 | -16.89 | -10.55 | -10.24 | -9.94 | -9.65 | -9.37 |
EBITDA (%) | ||||||||||
EBIT | -53.71 | -38.92 | -32.80 | -31.83 | -17.20 | -10.95 | -10.63 | -10.32 | -10.02 | -9.72 |
EBIT (%) | ||||||||||
Depreciation | 1.67 | 1.85 | 1.97 | 1.65 | 0.31 | 0.40 | 0.39 | 0.38 | 0.37 | 0.36 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 66.14 | 42.89 | 51.63 | 15.77 | 9.38 | 9.91 | 9.62 | 9.34 | 9.07 | 8.80 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.52 | 0.64 | 0.16 | 0.31 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.08 |
Account Receivables (%) | ||||||||||
Inventories | 3.30 | 1.63 | 1.11 | 1.18 | 0.46 | 0.44 | 0.43 | 0.42 | 0.40 | 0.39 |
Inventories (%) | ||||||||||
Accounts Payable | 1.72 | 2.74 | 2.12 | 2.04 | 1.34 | 0.66 | 0.64 | 0.62 | 0.60 | 0.58 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3.47 | -1.85 | -1.83 | -0.36 | -0.10 | -0.36 | -0.35 | -0.34 | -0.33 | -0.32 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 0.86 |
---|---|
Beta | 0.517 |
Diluted Shares Outstanding | 14,263.74 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.796 |
Total Debt | - |
Total Equity | 12,266.82 |
Total Capital | 12,266.82 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 2.29 | 5.42 | 2.82 | 1.77 | 0.65 | 0.63 | 0.61 | 0.60 | 0.58 | 0.56 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -52.04 | -37.07 | -30.83 | -30.18 | -16.89 | -10.55 | -10.24 | -9.94 | -9.65 | -9.37 |
EBIT | -53.71 | -38.92 | -32.80 | -31.83 | -17.20 | -10.95 | -10.63 | -10.32 | -10.02 | -9.72 |
Tax Rate | -0.01% | -0.01% | -0.01% | 0.03% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
EBIAT | -53.71 | -38.93 | -32.81 | -31.82 | -17.20 | -10.95 | -10.63 | -10.32 | -10.02 | -9.72 |
Depreciation | 1.67 | 1.85 | 1.97 | 1.65 | 0.31 | 0.40 | 0.39 | 0.38 | 0.37 | 0.36 |
Accounts Receivable | - | -0.11 | 0.47 | -0.15 | 0.22 | 0 | 0 | 0 | 0 | 0 |
Inventories | - | 1.67 | 0.52 | -0.07 | 0.72 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Accounts Payable | - | 1.02 | -0.62 | -0.08 | -0.70 | -0.68 | -0.02 | -0.02 | -0.02 | -0.02 |
Capital Expenditure | -3.47 | -1.85 | -1.83 | -0.36 | -0.10 | -0.36 | -0.35 | -0.34 | -0.33 | -0.32 |
UFCF | -55.51 | -36.36 | -32.29 | -30.84 | -16.76 | -11.58 | -10.60 | -10.29 | -9.98 | -9.69 |
WACC | ||||||||||
PV UFCF | -10.84 | -9.29 | -8.44 | -7.67 | -6.97 | |||||
SUM PV UFCF | -43.22 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.80 |
Free cash flow (t + 1) | -9.88 |
Terminal Value | -205.93 |
Present Value of Terminal Value | -148.21 |
Intrinsic Value
Enterprise Value | -191.43 |
---|---|
Net Debt | -5.72 |
Equity Value | -185.71 |
Shares Outstanding | 14,263.74 |
Equity Value Per Share | -0.01 |