Discounted Cash Flow (DCF) Analysis Unlevered

Theraclion SA (ALTHE.PA)

0.93 €

-0.02 (-1.90%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.32 | 0.93 | 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 2.431.932.780.741.481.661.872.102.362.65
Revenue (%)
EBITDA -6.69-6.51-4.38-3.93-4.48-5.33-5.99-6.73-7.56-8.49
EBITDA (%)
EBIT -7.14-7.06-4.80-4.37-4.57-5.75-6.46-7.26-8.16-9.16
EBIT (%)
Depreciation 0.450.550.420.440.090.420.480.530.600.67
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 4.890.941.462.352.492.622.943.303.714.17
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 2.201.831.532.192.642.372.6733.373.78
Inventories (%)
Accounts Payable 1.391.491.3910.981.281.441.621.822.05
Accounts Payable (%)
Capital Expenditure -0.18-0.16-0.13-0.13-0.15-0.16-0.18-0.20-0.23-0.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.93
Beta 0.726
Diluted Shares Outstanding 22.77
Cost of Debt
Tax Rate 19.01
After-tax Cost of Debt 2.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.119
Total Debt 2.94
Total Equity 21.18
Total Capital 24.11
Debt Weighting 12.18
Equity Weighting 87.82
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 2.431.932.780.741.481.661.872.102.362.65
EBITDA -6.69-6.51-4.38-3.93-4.48-5.33-5.99-6.73-7.56-8.49
EBIT -7.14-7.06-4.80-4.37-4.57-5.75-6.46-7.26-8.16-9.16
Tax Rate 15.57%16.10%25.07%15.61%19.01%18.27%18.27%18.27%18.27%18.27%
EBIAT -6.03-5.93-3.60-3.68-3.70-4.70-5.28-5.93-6.67-7.49
Depreciation 0.450.550.420.440.090.420.480.530.600.67
Accounts Receivable ----------
Inventories -0.360.31-0.67-0.440.26-0.29-0.33-0.37-0.42
Accounts Payable -0.10-0.10-0.39-0.030.310.160.180.200.22
Capital Expenditure -0.18-0.16-0.13-0.13-0.15-0.16-0.18-0.20-0.23-0.26
UFCF -5.76-5.07-3.11-4.44-4.23-3.87-5.12-5.75-6.47-7.26
WACC
PV UFCF -3.63-4.52-4.76-5.03-5.30
SUM PV UFCF -23.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.50
Free cash flow (t + 1) -7.41
Terminal Value -164.65
Present Value of Terminal Value -120.18

Intrinsic Value

Enterprise Value -143.41
Net Debt 0.48
Equity Value -143.89
Shares Outstanding 22.77
Equity Value Per Share -6.32