Discounted Cash Flow (DCF) Analysis Unlevered
Altimmune, Inc. (ALT)
$13.23
-0.68 (-4.89%)
All numbers are in Millions, Currency in USD
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 | 10.74 | 10.33 | 5.80 | 8.19 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.14 | 0.30 | 0.39 | 0.30 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 8.77 | 33.72 | 37.24 | 215.92 | 190.30 | 27.95 | 20.51 | 15.05 | 11.04 | 8.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.17 | 4.47 | 1.65 | 12.37 | 0.43 | 0.06 | 0.05 | 0.03 | 0.03 | 0.02 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.13 | 0.37 | 0.02 | 0.61 | 2.03 | 0.30 | 0.22 | 0.16 | 0.12 | 0.09 |
| 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 | 10.74 | 10.33 | 5.80 | 8.19 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.14 | 0.30 | 0.39 | 0.30 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | 5.70 | 2.82 | -10.72 | 11.94 | 0.36 | 0.02 | 0.01 | 0.01 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.24 | -0.35 | 0.59 | 1.42 | -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 | -59.21 | 13.27 | -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 |