Discounted Cash Flow (DCF) Analysis Unlevered

Advaxis, Inc. (ADXS)

$0.788

+0.06 (+8.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.97 | 0.788 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.062.330.253.240.250.842.809.3531.27104.57
Revenue (%)
EBITDA -72.28-17.56-24.39-18.77-19.31-33.26-111.22-371.94-1,243.86-4,159.72
EBITDA (%)
EBIT -73.78-17.71-26.37-19.76-19.60-34.86-116.58-389.86-1,303.77-4,360.07
EBIT (%)
Depreciation 1.500.151.980.990.291.605.3617.9159.91200.35
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 44.1416.7325.1841.6125.2138.06127.29425.701,423.614,760.87
Total Cash (%)
Account Receivables -0.470.470.680.190.632.117.0623.6178.95
Account Receivables (%)
Inventories -0.081.34-0.680.431.434.7715.9553.34178.39
Inventories (%)
Accounts Payable 9.312.921.082.250.021.314.3914.6749.05164.04
Accounts Payable (%)
Capital Expenditure -2.84-1.33-0.75-0.46-0.26-0.86-2.89-9.67-32.34-108.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.788
Beta 1.990
Diluted Shares Outstanding 1,818.64
Cost of Debt
Tax Rate -0.35
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.641
Total Debt 0.01
Total Equity 1,433.09
Total Capital 1,433.10
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.062.330.253.240.250.842.809.3531.27104.57
EBITDA -72.28-17.56-24.39-18.77-19.31-33.26-111.22-371.94-1,243.86-4,159.72
EBIT -73.78-17.71-26.37-19.76-19.60-34.86-116.58-389.86-1,303.77-4,360.07
Tax Rate -0.08%-1.75%-0.19%-0.28%-0.35%-0.53%-0.53%-0.53%-0.53%-0.53%
EBIAT -73.83-18.02-26.42-19.81-19.66-35.04-117.19-391.92-1,310.66-4,383.13
Depreciation 1.500.151.980.990.291.605.3617.9159.91200.35
Accounts Receivable --0-0.210.49-0.44-1.48-4.95-16.55-55.34
Inventories ---1.262.02-1.11-1-3.34-11.18-37.39-125.05
Accounts Payable --6.38-1.841.17-2.231.293.0710.2834.38114.99
Capital Expenditure -2.84-1.33-0.75-0.46-0.26-0.86-2.89-9.67-32.34-108.15
UFCF -75.17-25.58-28.29-16.30-22.49-34.46-116.48-389.52-1,302.65-4,356.33
WACC
PV UFCF -30.32-90.19-265.42-781.09-2,298.61
SUM PV UFCF -3,465.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.64
Free cash flow (t + 1) -4,443.46
Terminal Value -38,174.02
Present Value of Terminal Value -20,142.43

Intrinsic Value

Enterprise Value -23,608.07
Net Debt -25.20
Equity Value -23,582.87
Shares Outstanding 1,818.64
Equity Value Per Share -12.97