Discounted Cash Flow (DCF) Analysis Unlevered

ANI Pharmaceuticals, Inc. (ANIP)

$67.62

+1.62 (+2.45%)
All numbers are in Millions, Currency in USD
Stock DCF: -135.04 | 67.62 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 206.55208.48216.14316.38486.82614.43775.51978.801,235.391,559.25
Revenue (%)
EBITDA 60.8128.5714.7431.91109.32101.39127.97161.52203.86257.30
EBITDA (%)
EBIT 16.20-16.06-32.51-27.7449.53-16.59-20.94-26.43-33.36-42.10
EBIT (%)
Depreciation 44.6144.6447.2559.6559.79117.98148.91187.95237.22299.40
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 62.337.86100.3048.23221.12173.30218.73276.06348.43439.77
Total Cash (%)
Account Receivables 72.1395.79128.53165.44162.08277.63350.40442.26558.20704.53
Account Receivables (%)
Inventories 48.1660.8081.69105.35111.20179.93227.10286.64361.78456.62
Inventories (%)
Accounts Payable 14.6111.2622.9729.3036.6849.0361.8878.1098.58124.42
Accounts Payable (%)
Capital Expenditure -27.55-68.32-23.64-16.46-18.51-81.17-102.44-129.30-163.20-205.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 67.62
Beta 0.800
Diluted Shares Outstanding 18.19
Cost of Debt
Tax Rate 5.50
After-tax Cost of Debt 8.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.132
Total Debt 315.33
Total Equity 1,230.28
Total Capital 1,545.61
Debt Weighting 20.40
Equity Weighting 79.60
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 206.55208.48216.14316.38486.82614.43775.51978.801,235.391,559.25
EBITDA 60.8128.5714.7431.91109.32101.39127.97161.52203.86257.30
EBIT 16.20-16.06-32.51-27.7449.53-16.59-20.94-26.43-33.36-42.10
Tax Rate -93.03%13.15%24.00%23.57%5.50%-5.36%-5.36%-5.36%-5.36%-5.36%
EBIAT 31.27-13.95-24.71-21.2146.80-17.48-22.06-27.85-35.15-44.36
Depreciation 44.6144.6447.2559.6559.79117.98148.91187.95237.22299.40
Accounts Receivable --23.66-32.73-36.913.36-115.55-72.78-91.86-115.94-146.33
Inventories --12.64-20.89-23.66-5.84-68.74-47.17-59.53-75.14-94.84
Accounts Payable --3.3411.716.347.3812.3512.8516.2220.4725.84
Capital Expenditure -27.55-68.32-23.64-16.45-18.51-81.17-102.44-129.30-163.20-205.98
UFCF 48.33-77.28-43.01-32.2492.98-152.60-82.69-104.37-131.73-166.26
WACC
PV UFCF -141.09-70.68-82.48-96.25-112.32
SUM PV UFCF -502.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.16
Free cash flow (t + 1) -169.58
Terminal Value -2,753
Present Value of Terminal Value -1,859.83

Intrinsic Value

Enterprise Value -2,362.66
Net Debt 94.21
Equity Value -2,456.87
Shares Outstanding 18.19
Equity Value Per Share -135.04