Discounted Cash Flow (DCF) Analysis Unlevered

Anixa Biosciences, Inc. (ANIX)

$4.89

-0.05 (-1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -68.54 | 4.89 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.361.110.250.410.681.121.843.034.998.21
Revenue (%)
EBITDA -4.14-13.65-11.18-9.94-12.89-24.92-41.03-67.58-111.29-183.28
EBITDA (%)
EBIT -4.51-14-11.65-9.98-12.95-25.67-42.27-69.62-114.65-188.82
EBIT (%)
Depreciation 0.370.340.470.040.060.751.242.043.365.54
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 6.845.065.849.0635.7327.1344.6773.57121.16199.53
Total Cash (%)
Account Receivables --0.070.110.180.300.490.811.332.19
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.480.580.590.230.141.111.8234.948.14
Accounts Payable (%)
Capital Expenditure -0.03-0.04-0.18-0.02-0.15-0.24-0.39-0.65-1.07-1.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.89
Beta 1.142
Diluted Shares Outstanding 28.58
Cost of Debt
Tax Rate 1.32
After-tax Cost of Debt 4.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.094
Total Debt 0.26
Total Equity 139.75
Total Capital 140.01
Debt Weighting 0.19
Equity Weighting 99.81
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.361.110.250.410.681.121.843.034.998.21
EBITDA -4.14-13.65-11.18-9.94-12.89-24.92-41.03-67.58-111.29-183.28
EBIT -4.51-14-11.65-9.98-12.95-25.67-42.27-69.62-114.65-188.82
Tax Rate 0.00%1.73%1.45%0.00%1.32%0.90%0.90%0.90%0.90%0.90%
EBIAT -4.51-13.75-11.48-9.98-12.78-25.44-41.89-68.99-113.62-187.11
Depreciation 0.370.340.470.040.060.751.242.043.365.54
Accounts Receivable ----0.04-0.07-0.12-0.19-0.32-0.52-0.86
Inventories ----------
Accounts Payable -0.100-0.35-0.100.970.721.181.943.20
Capital Expenditure -0.03-0.04-0.18-0.02-0.15-0.24-0.39-0.65-1.07-1.76
UFCF -4.17-13.35-11.18-10.35-13.04-24.07-40.52-66.74-109.90-181
WACC
PV UFCF -11.29-13.04-22.07-34.05-51.41-77.60-117.15
SUM PV UFCF -302.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.09
Free cash flow (t + 1) -184.62
Terminal Value -2,603.89
Present Value of Terminal Value -1,685.38

Intrinsic Value

Enterprise Value -1,987.66
Net Debt -28.87
Equity Value -1,958.79
Shares Outstanding 28.58
Equity Value Per Share -68.54