Discounted Cash Flow (DCF) Analysis Unlevered

AcelRx Pharmaceuticals, Inc. (ACRX)

$0.86

+0.06 (+7.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.01 | 0.86 | overvalue

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 2.295.422.821.770.650.630.610.600.580.56
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 1.671.851.971.650.310.400.390.380.370.36
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 66.1442.8951.6315.779.389.919.629.349.078.80
Total Cash (%)
Account Receivables 0.520.640.160.310.090.090.090.090.080.08
Account Receivables (%)
Inventories 3.301.631.111.180.460.440.430.420.400.39
Inventories (%)
Accounts Payable 1.722.742.122.041.340.660.640.620.600.58
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 2.295.422.821.770.650.630.610.600.580.56
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 1.671.851.971.650.310.400.390.380.370.36
Accounts Receivable --0.110.47-0.150.2200000
Inventories -1.670.52-0.070.720.010.010.010.010.01
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