Discounted Cash Flow (DCF) Analysis Unlevered

ANI Pharmaceuticals, Inc. (ANIP)

$59.13

+0.98 (+1.69%)
All numbers are in Millions, Currency in USD
Stock DCF: -26.90 | 59.13 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 201.58206.55208.47216.14316.38358.67406.60460.94522.54592.37
Revenue (%)
EBITDA 68.5560.8128.5714.7431.9167.4776.4986.7198.30111.44
EBITDA (%)
EBIT 34.8116.20-16.06-32.51-27.74-4.60-5.21-5.91-6.70-7.59
EBIT (%)
Depreciation 33.7444.6144.6447.2559.6572.0781.7092.62105119.03
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 43.0162.337.86100.3048.2383.8895.09107.80122.21138.54
Total Cash (%)
Account Receivables 64.8472.1395.79128.53165.44161.25182.80207.23234.93266.32
Account Receivables (%)
Inventories 40.5048.1660.8081.69105.35103.06116.84132.45150.15170.22
Inventories (%)
Accounts Payable 8.8814.6111.2622.9729.3026.3829.9033.9038.4343.56
Accounts Payable (%)
Capital Expenditure -10.91-27.55-68.32-23.64-16.46-48.54-55.02-62.38-70.71-80.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 59.13
Beta 0.780
Diluted Shares Outstanding 16.26
Cost of Debt
Tax Rate 23.57
After-tax Cost of Debt 7.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.967
Total Debt 286.52
Total Equity 961.45
Total Capital 1,247.97
Debt Weighting 22.96
Equity Weighting 77.04
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 201.58206.55208.47216.14316.38358.67406.60460.94522.54592.37
EBITDA 68.5560.8128.5714.7431.9167.4776.4986.7198.30111.44
EBIT 34.8116.20-16.06-32.51-27.74-4.60-5.21-5.91-6.70-7.59
Tax Rate 22.73%-93.03%13.15%24.00%23.57%-1.92%-1.92%-1.92%-1.92%-1.92%
EBIAT 26.9031.27-13.95-24.71-21.21-4.68-5.31-6.02-6.82-7.74
Depreciation 33.7444.6144.6447.2559.6572.0781.7092.62105119.03
Accounts Receivable --7.29-23.66-32.73-36.914.19-21.55-24.43-27.69-31.40
Inventories --7.66-12.64-20.89-23.662.29-13.77-15.61-17.70-20.07
Accounts Payable -5.72-3.3411.716.34-2.933.5244.535.14
Capital Expenditure -10.91-27.55-68.32-23.64-16.45-48.54-55.02-62.38-70.71-80.16
UFCF 49.7339.11-77.28-43.01-32.2422.40-10.43-11.82-13.41-15.20
WACC
PV UFCF 20.77-8.97-9.42-9.90-10.41
SUM PV UFCF -17.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.86
Free cash flow (t + 1) -15.50
Terminal Value -264.51
Present Value of Terminal Value -181.20

Intrinsic Value

Enterprise Value -199.13
Net Debt 238.29
Equity Value -437.42
Shares Outstanding 16.26
Equity Value Per Share -26.90