Discounted Cash Flow (DCF) Analysis Unlevered
Aptorum Group Limited (APM.PA)
2.7 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.38 | 0.54 | 0.91 | 1.54 | 2.46 | 3.93 | 6.28 | 10.02 | 16 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -14.15 | -17.39 | 8.65 | -23.76 | -46.36 | -74.02 | -118.19 | -188.73 | -301.36 |
| EBITDA (%) | |||||||||
| EBIT | -14.83 | -18.69 | 7.31 | -24.95 | -50.32 | -80.35 | -128.31 | -204.88 | -327.15 |
| EBIT (%) | |||||||||
| Depreciation | 0.68 | 1.30 | 1.33 | 1.19 | 3.97 | 6.33 | 10.11 | 16.15 | 25.79 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 13.02 | 6.25 | 31.88 | 8.37 | 52.96 | 84.56 | 135.02 | 215.60 | 344.27 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 1.13 | 0.49 | 0.34 | 3.63 | 4.06 | 6.49 | 10.36 | 16.54 | 26.41 |
| Account Receivables (%) | |||||||||
| Inventories | 0.03 | 0.03 | 0.04 | 0.04 | 0.13 | 0.21 | 0.33 | 0.53 | 0.84 |
| Inventories (%) | |||||||||
| Accounts Payable | 0.04 | 0.06 | 0.10 | 0.16 | 0.26 | 0.41 | 0.66 | 1.05 | 1.68 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -6.06 | -0.91 | -0.16 | -0.14 | -10.94 | -17.47 | -27.90 | -44.54 | -71.13 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.7 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 350.34 |
| Cost of Debt | |
| Tax Rate | 7.62 |
| After-tax Cost of Debt | 39.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.518 |
| Total Debt | 0.22 |
| Total Equity | 945.92 |
| Total Capital | 946.13 |
| Debt Weighting | 0.02 |
| Equity Weighting | 99.98 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.38 | 0.54 | 0.91 | 1.54 | 2.46 | 3.93 | 6.28 | 10.02 | 16 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -14.15 | -17.39 | 8.65 | -23.76 | -46.36 | -74.02 | -118.19 | -188.73 | -301.36 |
| EBIT | -14.83 | -18.69 | 7.31 | -24.95 | -50.32 | -80.35 | -128.31 | -204.88 | -327.15 |
| Tax Rate | 2.00% | 7.11% | -43.63% | 7.62% | -6.73% | -6.73% | -6.73% | -6.73% | -6.73% |
| EBIAT | -14.54 | -17.36 | 10.50 | -23.05 | -53.71 | -85.76 | -136.94 | -218.66 | -349.15 |
| Depreciation | 0.68 | 1.30 | 1.33 | 1.19 | 3.97 | 6.33 | 10.11 | 16.15 | 25.79 |
| Accounts Receivable | - | 0.65 | 0.15 | -3.29 | -0.43 | -2.42 | -3.87 | -6.18 | -9.87 |
| Inventories | - | -0 | -0 | 0 | -0.09 | -0.08 | -0.12 | -0.20 | -0.31 |
| Accounts Payable | - | 0.02 | 0.04 | 0.07 | 0.10 | 0.15 | 0.25 | 0.39 | 0.63 |
| Capital Expenditure | -6.06 | -0.91 | -0.16 | -0.14 | -10.94 | -17.47 | -27.90 | -44.54 | -71.13 |
| UFCF | -19.92 | -16.31 | 11.85 | -25.22 | -61.11 | -99.24 | -158.47 | -253.04 | -404.05 |
| WACC | |||||||||
| PV UFCF | -61.11 | -95.86 | -147.85 | -228.03 | -351.70 | ||||
| SUM PV UFCF | -854.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.53 |
| Free cash flow (t + 1) | -412.13 |
| Terminal Value | -26,936.42 |
| Present Value of Terminal Value | -22,646.90 |
Intrinsic Value
| Enterprise Value | -23,501.28 |
|---|---|
| Net Debt | -7.91 |
| Equity Value | -23,493.36 |
| Shares Outstanding | 350.34 |
| Equity Value Per Share | -67.06 |