Discounted Cash Flow (DCF) Analysis Unlevered

Amryt Pharma plc (AMYT)

$7.66

-0.18 (-2.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -7,378.21 | 7.66 | 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 15.3316.5358.12182.61222.54498.181,115.232,496.535,588.7112,510.84
Revenue (%)
EBITDA -30.03-27.52-45.62-29.8248.84-433.67-970.80-2,173.22-4,864.95-10,890.63
EBITDA (%)
EBIT -30.34-27.88-58.28-74.29-1.90-506.50-1,133.84-2,538.20-5,681.98-12,719.62
EBIT (%)
Depreciation 0.310.3512.6644.4650.7472.83163.04364.97817.031,828.99
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 23.969.8665.20118.57112.77442.12989.742,215.614,959.8511,103.07
Total Cash (%)
Account Receivables 5.675.9236.3982.44100.47224.92503.501,127.122,523.165,648.32
Account Receivables (%)
Inventories 1.302.1443.6240.99115.77170.30381.23853.421,910.454,276.71
Inventories (%)
Accounts Payable 5.645.3423.4290.2441.06176.56395.24884.781,980.664,433.90
Accounts Payable (%)
Capital Expenditure -0.40-0.23-0.65-2.47-1.55-7.10-15.89-35.58-79.65-178.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.66
Beta 0.414
Diluted Shares Outstanding 31.72
Cost of Debt
Tax Rate 39.05
After-tax Cost of Debt 8.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.801
Total Debt 199.18
Total Equity 242.96
Total Capital 442.14
Debt Weighting 45.05
Equity Weighting 54.95
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 15.3316.5358.12182.61222.54498.181,115.232,496.535,588.7112,510.84
EBITDA -30.03-27.52-45.62-29.8248.84-433.67-970.80-2,173.22-4,864.95-10,890.63
EBIT -30.34-27.88-58.28-74.29-1.90-506.50-1,133.84-2,538.20-5,681.98-12,719.62
Tax Rate 0.00%-0.14%1.84%1.26%39.05%8.40%8.40%8.40%8.40%8.40%
EBIAT -30.34-27.91-57.21-73.35-1.16-463.95-1,038.59-2,324.98-5,204.68-11,651.15
Depreciation 0.310.3512.6644.4650.7472.83163.04364.97817.031,828.99
Accounts Receivable --0.25-30.46-46.06-18.03-124.44-278.58-623.62-1,396.04-3,125.16
Inventories --0.84-41.492.63-74.78-54.53-210.93-472.19-1,057.03-2,366.26
Accounts Payable --0.3018.0866.82-49.18135.50218.68489.541,095.882,453.23
Capital Expenditure -0.40-0.23-0.65-2.47-1.54-7.10-15.89-35.58-79.65-178.30
UFCF -30.43-29.17-99.08-7.96-93.95-441.69-1,162.28-2,601.86-5,824.49-13,038.65
WACC
PV UFCF -414.77-1,024.92-2,154.55-4,529.21-9,521.13
SUM PV UFCF -17,644.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.49
Free cash flow (t + 1) -13,299.42
Terminal Value -296,200.92
Present Value of Terminal Value -216,292.90

Intrinsic Value

Enterprise Value -233,937.49
Net Debt 86.41
Equity Value -234,023.91
Shares Outstanding 31.72
Equity Value Per Share -7,378.21