Discounted Cash Flow (DCF) Analysis Unlevered

Aridis Pharmaceuticals, Inc. (ARDS)

$2.24

+0.04 (+1.82%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 2.24 | undervalue

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 0.862.768.8428.3390.83291.20933.532,992.729,594.1230,756.95
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 0.060.280.340.34-13.1041.99134.60431.501,383.30
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 25.1024.2420.908.2319.992,378.947,626.4524,448.9878,378.87251,268.07
Total Cash (%)
Account Receivables -1.661.9511.6637.37119.79384.021,231.103,946.6912,652.35
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.932.331.761.895.24131.22420.681,348.634,323.4613,860.20
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 0.862.768.8428.3390.83291.20933.532,992.729,594.1230,756.95
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 0.060.280.340.34-13.1041.99134.60431.501,383.30
Accounts Receivable ---0.29-9.71-25.71-82.42-264.23-847.08-2,715.59-8,705.66
Inventories ----------
Accounts Payable -1.40-0.580.133.35125.98289.46927.952,974.839,536.74
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 -