Discounted Cash Flow (DCF) Analysis Unlevered

Altimmune, Inc. (ALT)

$13.23

-0.68 (-4.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.32 | 13.23 | 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 10.7410.335.808.19000000
Revenue (%)
EBITDA -51.76-44.72-20.19-54.15-0.10-0.03-0.02-0.01-0.01-0.01
EBITDA (%)
EBIT -51.90-45.02-20.58-54.45-0.10-0.03-0.02-0.01-0.01-0.01
EBIT (%)
Depreciation 0.140.300.390.30000000
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 8.7733.7237.24215.92190.3027.9520.5115.0511.048.10
Total Cash (%)
Account Receivables 10.174.471.6512.370.430.060.050.030.030.02
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.130.370.020.612.030.300.220.160.120.09
Accounts Payable (%)
Capital Expenditure -0.17-1.02-0.03-0.34-0-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.23
Beta 0.190
Diluted Shares Outstanding 25.64
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.415
Total Debt -
Total Equity 339.18
Total Capital 339.18
Debt Weighting 0.00
Equity Weighting 100.00
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 10.7410.335.808.19000000
EBITDA -51.76-44.72-20.19-54.15-0.10-0.03-0.02-0.01-0.01-0.01
EBIT -51.90-45.02-20.58-54.45-0.10-0.03-0.02-0.01-0.01-0.01
Tax Rate 10.83%13.57%0.28%9.95%0.00%6.93%6.93%6.93%6.93%6.93%
EBIAT -46.28-38.91-20.52-49.04-0.10-0.02-0.02-0.01-0.01-0.01
Depreciation 0.140.300.390.30000000
Accounts Receivable -5.702.82-10.7211.940.360.020.010.010.01
Inventories ----------
Accounts Payable -0.24-0.350.591.42-1.74-0.08-0.06-0.04-0.03
Capital Expenditure -0.17-1.02-0.03-0.34-0-0-0-0-0-0
UFCF -46.31-33.69-17.69-59.2113.27-1.40-0.08-0.06-0.04-0.03
WACC
PV UFCF -1.34-0.07-0.05-0.04-0.03
SUM PV UFCF -1.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.42
Free cash flow (t + 1) -0.03
Terminal Value -1.34
Present Value of Terminal Value -1.08

Intrinsic Value

Enterprise Value -2.61
Net Debt -190.30
Equity Value 187.69
Shares Outstanding 25.64
Equity Value Per Share 7.32