Discounted Cash Flow (DCF) Analysis Unlevered

Cellectis S.A. (ALCLS.PA)

2.498 €

-0.01 (-0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,062.43 | 2.498 | overvalue

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 25.1912.7315.1973.9557.29105.16193354.24650.181,193.35
Revenue (%)
EBITDA -95.99-76.27-92.61-67.66-92.29-387.49-711.21-1,305.36-2,395.86-4,397.39
EBITDA (%)
EBIT -99.36-78.65-99.48-77.47-108.86-412.63-757.34-1,390.03-2,551.28-4,682.64
EBIT (%)
Depreciation 3.372.386.889.8216.5725.1446.1384.67155.41285.25
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 296.98451.89360.91268.24186.131,638.793,007.865,520.6610,132.6818,597.62
Total Cash (%)
Account Receivables 14.6922.0715.2919.1931.0786.76159.25292.29536.46984.63
Account Receivables (%)
Inventories 0.250.282.901.613.496.4111.7721.6139.6572.78
Inventories (%)
Accounts Payable 9.4615.8829.2624.6123.7690.38165.88304.45558.801,025.62
Accounts Payable (%)
Capital Expenditure -2.66-4.89-12.96-46.26-19.74-48.63-89.26-163.83-300.70-551.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.498
Beta 2.115
Diluted Shares Outstanding 42.45
Cost of Debt
Tax Rate 8.72
After-tax Cost of Debt 4.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.945
Total Debt 100.87
Total Equity 106.03
Total Capital 206.90
Debt Weighting 48.75
Equity Weighting 51.25
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 25.1912.7315.1973.9557.29105.16193354.24650.181,193.35
EBITDA -95.99-76.27-92.61-67.66-92.29-387.49-711.21-1,305.36-2,395.86-4,397.39
EBIT -99.36-78.65-99.48-77.47-108.86-412.63-757.34-1,390.03-2,551.28-4,682.64
Tax Rate 4.16%10.91%11.39%16.83%8.72%10.40%10.40%10.40%10.40%10.40%
EBIAT -95.23-70.07-88.16-64.43-99.36-369.70-678.55-1,245.42-2,285.86-4,195.49
Depreciation 3.372.386.889.8216.5725.1446.1384.67155.41285.25
Accounts Receivable --7.376.77-3.90-11.88-55.69-72.48-133.04-244.18-448.17
Inventories --0.02-2.621.29-1.89-2.92-5.36-9.83-18.05-33.13
Accounts Payable -6.4213.38-4.66-0.8566.6175.50138.58254.34466.82
Capital Expenditure -2.66-4.89-12.96-46.26-19.74-48.63-89.26-163.83-300.70-551.92
UFCF -94.51-73.55-76.70-108.14-117.15-385.20-724.02-1,328.88-2,439.04-4,476.63
WACC
PV UFCF -351.78-603.84-1,012.15-1,696.53-2,843.68
SUM PV UFCF -6,507.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.50
Free cash flow (t + 1) -4,566.17
Terminal Value -60,882.23
Present Value of Terminal Value -38,674.08

Intrinsic Value

Enterprise Value -45,182.06
Net Debt -84.77
Equity Value -45,097.29
Shares Outstanding 42.45
Equity Value Per Share -1,062.43