Discounted Cash Flow (DCF) Analysis Unlevered
ANI Pharmaceuticals, Inc. (ANIP)
$67.62
+1.62 (+2.45%)
All numbers are in Millions, Currency in USD
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 | 206.55 | 208.48 | 216.14 | 316.38 | 486.82 | 614.43 | 775.51 | 978.80 | 1,235.39 | 1,559.25 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 60.81 | 28.57 | 14.74 | 31.91 | 109.32 | 101.39 | 127.97 | 161.52 | 203.86 | 257.30 |
EBITDA (%) | ||||||||||
EBIT | 16.20 | -16.06 | -32.51 | -27.74 | 49.53 | -16.59 | -20.94 | -26.43 | -33.36 | -42.10 |
EBIT (%) | ||||||||||
Depreciation | 44.61 | 44.64 | 47.25 | 59.65 | 59.79 | 117.98 | 148.91 | 187.95 | 237.22 | 299.40 |
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 | 62.33 | 7.86 | 100.30 | 48.23 | 221.12 | 173.30 | 218.73 | 276.06 | 348.43 | 439.77 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 72.13 | 95.79 | 128.53 | 165.44 | 162.08 | 277.63 | 350.40 | 442.26 | 558.20 | 704.53 |
Account Receivables (%) | ||||||||||
Inventories | 48.16 | 60.80 | 81.69 | 105.35 | 111.20 | 179.93 | 227.10 | 286.64 | 361.78 | 456.62 |
Inventories (%) | ||||||||||
Accounts Payable | 14.61 | 11.26 | 22.97 | 29.30 | 36.68 | 49.03 | 61.88 | 78.10 | 98.58 | 124.42 |
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 | 206.55 | 208.48 | 216.14 | 316.38 | 486.82 | 614.43 | 775.51 | 978.80 | 1,235.39 | 1,559.25 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 60.81 | 28.57 | 14.74 | 31.91 | 109.32 | 101.39 | 127.97 | 161.52 | 203.86 | 257.30 |
EBIT | 16.20 | -16.06 | -32.51 | -27.74 | 49.53 | -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 | -21.21 | 46.80 | -17.48 | -22.06 | -27.85 | -35.15 | -44.36 |
Depreciation | 44.61 | 44.64 | 47.25 | 59.65 | 59.79 | 117.98 | 148.91 | 187.95 | 237.22 | 299.40 |
Accounts Receivable | - | -23.66 | -32.73 | -36.91 | 3.36 | -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 | - | -3.34 | 11.71 | 6.34 | 7.38 | 12.35 | 12.85 | 16.22 | 20.47 | 25.84 |
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 | -32.24 | 92.98 | -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 |