Discounted Cash Flow (DCF) Analysis Unlevered

Hybrigenics SA (ALHYG.PA)

0.1368 €

+0.00 (+1.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -41.72 | 0.1368 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.880.080.230.360.570.881.362.113.275.08
Revenue (%)
EBITDA -7.81-7.09-0.47-0.27-0.06-17.44-27.05-41.97-65.10-100.99
EBITDA (%)
EBIT -7.96-7.10-0.49-0.30-0.11-17.51-27.16-42.13-65.36-101.39
EBIT (%)
Depreciation 0.150.010.020.030.050.070.110.170.260.41
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 7.021.910.063.515.458.4513.1120.3331.5448.92
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.410.990.300.350.182.944.577.0910.9917.05
Accounts Payable (%)
Capital Expenditure -0.14-0.01-0.02-0.03-0.04-0.06-0.10-0.15-0.24-0.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,368
Beta 1.763
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 123.31
After-tax Cost of Debt -0.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.171
Total Debt 3.48
Total Equity 4.30
Total Capital 7.78
Debt Weighting 44.72
Equity Weighting 55.28
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.880.080.230.360.570.881.362.113.275.08
EBITDA -7.81-7.09-0.47-0.27-0.06-17.44-27.05-41.97-65.10-100.99
EBIT -7.96-7.10-0.49-0.30-0.11-17.51-27.16-42.13-65.36-101.39
Tax Rate -9.07%3.81%51.98%-16.17%123.31%30.77%30.77%30.77%30.77%30.77%
EBIAT -8.68-6.83-0.24-0.350.02-12.12-18.80-29.17-45.25-70.19
Depreciation 0.150.010.020.030.050.070.110.170.260.41
Accounts Receivable ----------
Inventories ----------
Accounts Payable --1.41-0.700.06-0.172.761.622.523.916.06
Capital Expenditure -0.14-0.01-0.02-0.03-0.04-0.06-0.10-0.15-0.24-0.37
UFCF -8.67-8.24-0.93-0.29-0.14-9.35-17.17-26.64-41.32-64.10
WACC
PV UFCF -0.30-0.14-8.81-15.25-22.29-32.59-47.65
SUM PV UFCF -126.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.11
Free cash flow (t + 1) -65.38
Terminal Value -1,590.72
Present Value of Terminal Value -1,182.53

Intrinsic Value

Enterprise Value -1,309.13
Net Debt 1.94
Equity Value -1,311.07
Shares Outstanding 31.43
Equity Value Per Share -41.72