Discounted Cash Flow (DCF) Analysis Unlevered
ImmuPharma plc (ALIMM.BR)
0.089 €
0.00 (-%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.16 | 0.15 | 0.08 | 0.08 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.19 | -6.86 | -7.82 | -6.65 | -6.84 | -8.15 | -8.23 | -8.30 | -8.38 | -8.46 |
| EBITDA (%) | ||||||||||
| EBIT | -6.31 | -6.99 | -7.95 | -6.74 | -7.02 | -8.30 | -8.38 | -8.45 | -8.53 | -8.61 |
| EBIT (%) | ||||||||||
| Depreciation | 0.12 | 0.14 | 0.13 | 0.09 | 0.17 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 1.88 | 2.73 | 4.91 | 1.31 | 5.86 | 3.92 | 3.95 | 3.99 | 4.03 | 4.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.60 | 0.75 | 0.72 | 0.33 | 0.42 | 0.64 | 0.65 | 0.65 | 0.66 | 0.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0 | -0.03 | -0.10 | -0.11 | -0.36 | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.089 |
|---|---|
| Beta | 1.258 |
| Diluted Shares Outstanding | 200.18 |
| Cost of Debt | |
| Tax Rate | 5.33 |
| After-tax Cost of Debt | 34.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.471 |
| Total Debt | 0.64 |
| Total Equity | 17.82 |
| Total Capital | 18.46 |
| Debt Weighting | 3.48 |
| Equity Weighting | 96.52 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 0.16 | 0.15 | 0.08 | 0.08 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.19 | -6.86 | -7.82 | -6.65 | -6.84 | -8.15 | -8.23 | -8.30 | -8.38 | -8.46 |
| EBIT | -6.31 | -6.99 | -7.95 | -6.74 | -7.02 | -8.30 | -8.38 | -8.45 | -8.53 | -8.61 |
| Tax Rate | 15.69% | 11.06% | 9.41% | 9.20% | 5.33% | 10.14% | 10.14% | 10.14% | 10.14% | 10.14% |
| EBIAT | -5.32 | -6.22 | -7.20 | -6.12 | -6.64 | -7.46 | -7.53 | -7.60 | -7.67 | -7.74 |
| Depreciation | 0.12 | 0.14 | 0.13 | 0.09 | 0.17 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.15 | -0.03 | -0.39 | 0.09 | 0.22 | 0.01 | 0.01 | 0.01 | 0.01 |
| Capital Expenditure | -0 | -0.03 | -0.10 | -0.11 | -0.36 | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 |
| UFCF | -5.21 | -5.95 | -7.21 | -6.53 | -6.74 | -7.23 | -7.52 | -7.59 | -7.66 | -7.73 |
| WACC | ||||||||||
| PV UFCF | -6.55 | -6.18 | -5.65 | -5.17 | -4.73 | |||||
| SUM PV UFCF | -28.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.33 |
| Free cash flow (t + 1) | -7.89 |
| Terminal Value | -94.67 |
| Present Value of Terminal Value | -57.91 |
Intrinsic Value
| Enterprise Value | -86.19 |
|---|---|
| Net Debt | -5.22 |
| Equity Value | -80.97 |
| Shares Outstanding | 200.18 |
| Equity Value Per Share | -0.40 |