Discounted Cash Flow (DCF) Analysis Unlevered

Neolife SA (ALNLF.PA)

0.039 €

+0.00 (+1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.40 | 0.039 | 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 6.476.628.317.8310.7212.3114.1216.2118.6021.34
Revenue (%)
EBITDA -1.20-1.04-0.060.330.57-0.62-0.72-0.82-0.94-1.08
EBITDA (%)
EBIT -1.83-1.63-0.76-0.35-0.03-1.65-1.89-2.17-2.49-2.86
EBIT (%)
Depreciation 0.640.590.690.680.611.021.171.351.551.77
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 0.690.360.913.341.842.142.452.813.233.70
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.730.620.570.520.921.051.201.381.591.82
Inventories (%)
Accounts Payable 1.261.230.750.810.741.581.822.092.392.75
Accounts Payable (%)
Capital Expenditure -0.96-0.52-0.46-0.45-0.84-1.03-1.18-1.36-1.56-1.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.039
Beta 2.335
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate -114.60
After-tax Cost of Debt 1.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.577
Total Debt 2.70
Total Equity 4.19
Total Capital 6.89
Debt Weighting 39.18
Equity Weighting 60.82
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 6.476.628.317.8310.7212.3114.1216.2118.6021.34
EBITDA -1.20-1.04-0.060.330.57-0.62-0.72-0.82-0.94-1.08
EBIT -1.83-1.63-0.76-0.35-0.03-1.65-1.89-2.17-2.49-2.86
Tax Rate -8.51%-8.39%-14.41%-26.67%-114.60%-34.52%-34.52%-34.52%-34.52%-34.52%
EBIAT -1.99-1.77-0.87-0.45-0.07-2.22-2.54-2.92-3.35-3.84
Depreciation 0.640.590.690.680.611.021.171.351.551.77
Accounts Receivable ----------
Inventories -0.110.050.04-0.39-0.13-0.15-0.18-0.20-0.23
Accounts Payable --0.04-0.470.06-0.070.840.230.270.310.35
Capital Expenditure -0.96-0.52-0.46-0.45-0.84-1.03-1.18-1.36-1.56-1.79
UFCF -2.31-1.62-1.06-0.12-0.77-1.51-2.48-2.84-3.26-3.74
WACC
PV UFCF -1.38-2.06-2.16-2.26-2.37
SUM PV UFCF -10.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.53
Free cash flow (t + 1) -3.82
Terminal Value -50.67
Present Value of Terminal Value -32.14

Intrinsic Value

Enterprise Value -42.39
Net Debt 0.86
Equity Value -43.25
Shares Outstanding 107.49
Equity Value Per Share -0.40