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
Stock DCF: -67.06 | 2.7 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.380.540.911.542.463.936.2810.0216
Revenue (%)
EBITDA -14.15-17.398.65-23.76-46.36-74.02-118.19-188.73-301.36
EBITDA (%)
EBIT -14.83-18.697.31-24.95-50.32-80.35-128.31-204.88-327.15
EBIT (%)
Depreciation 0.681.301.331.193.976.3310.1116.1525.79
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 13.026.2531.888.3752.9684.56135.02215.60344.27
Total Cash (%)
Account Receivables 1.130.490.343.634.066.4910.3616.5426.41
Account Receivables (%)
Inventories 0.030.030.040.040.130.210.330.530.84
Inventories (%)
Accounts Payable 0.040.060.100.160.260.410.661.051.68
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 0.380.540.911.542.463.936.2810.0216
EBITDA -14.15-17.398.65-23.76-46.36-74.02-118.19-188.73-301.36
EBIT -14.83-18.697.31-24.95-50.32-80.35-128.31-204.88-327.15
Tax Rate 2.00%7.11%-43.63%7.62%-6.73%-6.73%-6.73%-6.73%-6.73%
EBIAT -14.54-17.3610.50-23.05-53.71-85.76-136.94-218.66-349.15
Depreciation 0.681.301.331.193.976.3310.1116.1525.79
Accounts Receivable -0.650.15-3.29-0.43-2.42-3.87-6.18-9.87
Inventories --0-00-0.09-0.08-0.12-0.20-0.31
Accounts Payable -0.020.040.070.100.150.250.390.63
Capital Expenditure -6.06-0.91-0.16-0.14-10.94-17.47-27.90-44.54-71.13
UFCF -19.92-16.3111.85-25.22-61.11-99.24-158.47-253.04-404.05
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