Discounted Cash Flow (DCF) Analysis Unlevered
Aridis Pharmaceuticals, Inc. (ARDS)
$2.24
+0.04 (+1.82%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.86 | 2.76 | 8.84 | 28.33 | 90.83 | 291.20 | 933.53 | 2,992.72 | 9,594.12 | 30,756.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -24.59 | -21.40 | -160.68 | -515.13 | -1,651.40 | -5,294.07 | -16,971.79 | -54,408.41 | -174,423.24 | -559,168.44 |
| EBITDA (%) | ||||||||||
| EBIT | -24.66 | -21.69 | -161.02 | -515.46 | -1,651.40 | -5,307.16 | -17,013.78 | -54,543.01 | -174,854.73 | -560,551.75 |
| EBIT (%) | ||||||||||
| Depreciation | 0.06 | 0.28 | 0.34 | 0.34 | - | 13.10 | 41.99 | 134.60 | 431.50 | 1,383.30 |
| 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 | 25.10 | 24.24 | 20.90 | 8.23 | 19.99 | 2,378.94 | 7,626.45 | 24,448.98 | 78,378.87 | 251,268.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 1.66 | 1.95 | 11.66 | 37.37 | 119.79 | 384.02 | 1,231.10 | 3,946.69 | 12,652.35 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.93 | 2.33 | 1.76 | 1.89 | 5.24 | 131.22 | 420.68 | 1,348.63 | 4,323.46 | 13,860.20 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.70 | -0.68 | -0.17 | -0.37 | -0 | -63.47 | -203.48 | -652.31 | -2,091.18 | -6,703.93 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.24 |
|---|---|
| Beta | 0.399 |
| Diluted Shares Outstanding | 9.17 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.725 |
| Total Debt | - |
| Total Equity | 20.54 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.86 | 2.76 | 8.84 | 28.33 | 90.83 | 291.20 | 933.53 | 2,992.72 | 9,594.12 | 30,756.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -24.59 | -21.40 | -160.68 | -515.13 | -1,651.40 | -5,294.07 | -16,971.79 | -54,408.41 | -174,423.24 | -559,168.44 |
| EBIT | -24.66 | -21.69 | -161.02 | -515.46 | -1,651.40 | -5,307.16 | -17,013.78 | -54,543.01 | -174,854.73 | -560,551.75 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -24.66 | -21.69 | -161.02 | -515.46 | -1,651.40 | -5,307.16 | -17,013.78 | -54,543.01 | -174,854.73 | -560,551.75 |
| Depreciation | 0.06 | 0.28 | 0.34 | 0.34 | - | 13.10 | 41.99 | 134.60 | 431.50 | 1,383.30 |
| Accounts Receivable | - | - | -0.29 | -9.71 | -25.71 | -82.42 | -264.23 | -847.08 | -2,715.59 | -8,705.66 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.40 | -0.58 | 0.13 | 3.35 | 125.98 | 289.46 | 927.95 | 2,974.83 | 9,536.74 |
| Capital Expenditure | -0.70 | -0.68 | -0.17 | -0.37 | -0 | -63.47 | -203.48 | -652.31 | -2,091.18 | -6,703.93 |
| UFCF | -25.29 | -20.68 | -161.72 | -525.07 | -1,673.75 | -5,313.98 | -17,150.04 | -54,979.85 | -176,255.17 | -565,041.29 |
| WACC | ||||||||||
| PV UFCF | - | - | -1,673.75 | - | - | - | - | - | ||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -576,342.12 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -19.99 |
| Equity Value | - |
| Shares Outstanding | 9.17 |
| Equity Value Per Share | - |