Discounted Cash Flow (DCF) Analysis Unlevered
AIM ImmunoTech Inc. (AIM)
$0.4501
+0.01 (+1.15%)
All numbers are in Millions, Currency in USD
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 | 0.44 | 0.37 | 0.14 | 0.16 | 0.13 | 0.11 | 0.09 | 0.07 | 0.06 | 0.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.11 | -8.43 | -8.31 | -13 | -18.28 | -6.81 | -5.47 | -4.39 | -3.53 | -2.84 |
| EBITDA (%) | ||||||||||
| EBIT | -8.12 | -9.31 | -9.11 | -13.73 | -19.06 | -7.25 | -5.83 | -4.68 | -3.76 | -3.02 |
| EBIT (%) | ||||||||||
| Depreciation | 1.01 | 0.88 | 0.79 | 0.73 | 0.77 | 0.45 | 0.36 | 0.29 | 0.23 | 0.19 |
| 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 | 2.11 | 1.83 | 8.78 | 39 | 48.27 | 14.52 | 11.67 | 9.37 | 7.53 | 6.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.02 | 1.09 | 0.82 | 1.12 | 1.64 | 0.61 | 0.49 | 0.39 | 0.31 | 0.25 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.74 | 0.68 | 0.47 | 0.38 | 0.20 | 0.23 | 0.19 | 0.15 | 0.12 | 0.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.07 | -0.13 | -0.37 | -0.59 | -0.63 | -0.25 | -0.20 | -0.16 | -0.13 | -0.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.4,501 |
|---|---|
| Beta | -0.295 |
| Diluted Shares Outstanding | 47.34 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 44.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 2.303 |
| Total Debt | 0.15 |
| Total Equity | 21.31 |
| Total Capital | 21.46 |
| Debt Weighting | 0.69 |
| Equity Weighting | 99.31 |
| 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 | 0.44 | 0.37 | 0.14 | 0.16 | 0.13 | 0.11 | 0.09 | 0.07 | 0.06 | 0.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.11 | -8.43 | -8.31 | -13 | -18.28 | -6.81 | -5.47 | -4.39 | -3.53 | -2.84 |
| EBIT | -8.12 | -9.31 | -9.11 | -13.73 | -19.06 | -7.25 | -5.83 | -4.68 | -3.76 | -3.02 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -8.12 | -9.31 | -9.11 | -13.73 | -19.06 | -7.25 | -5.83 | -4.68 | -3.76 | -3.02 |
| Depreciation | 1.01 | 0.88 | 0.79 | 0.73 | 0.77 | 0.45 | 0.36 | 0.29 | 0.23 | 0.19 |
| Accounts Receivable | - | -1.07 | 0.27 | -0.30 | -0.52 | 1.03 | 0.12 | 0.10 | 0.08 | 0.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.06 | -0.21 | -0.09 | -0.18 | 0.03 | -0.05 | -0.04 | -0.03 | -0.02 |
| Capital Expenditure | -0.07 | -0.13 | -0.36 | -0.59 | -0.63 | -0.25 | -0.20 | -0.16 | -0.13 | -0.10 |
| UFCF | -7.18 | -9.69 | -8.61 | -13.98 | -19.62 | -5.99 | -5.60 | -4.50 | -3.61 | -2.90 |
| WACC | ||||||||||
| PV UFCF | -5.83 | -5.32 | -4.16 | -3.26 | -2.55 | |||||
| SUM PV UFCF | -21.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.60 |
| Free cash flow (t + 1) | -2.96 |
| Terminal Value | -493.36 |
| Present Value of Terminal Value | -433.94 |
Intrinsic Value
| Enterprise Value | -455.06 |
|---|---|
| Net Debt | -31.94 |
| Equity Value | -423.12 |
| Shares Outstanding | 47.34 |
| Equity Value Per Share | -8.94 |