Discounted Cash Flow (DCF) Analysis Unlevered

Alterity Therapeutics Limited (ATHE)

$3.92

-0.23 (-5.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.10 | 3.92 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.200.110.060.030.020.010000
Revenue (%)
EBITDA -8.24-12.31-13.34-15.23-12.72-2.96-1.60-0.86-0.47-0.25
EBITDA (%)
EBIT -8.27-12.34-13.46-15.31-12.74-2.97-1.60-0.87-0.47-0.25
EBIT (%)
Depreciation 0.020.030.110.080.020.010.01000
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 15.2514.409.2028.1234.816.063.271.770.950.51
Total Cash (%)
Account Receivables 3.154.830.064.284.730.870.470.250.140.07
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.331.690.951.452.690.450.240.130.070.04
Accounts Payable (%)
Capital Expenditure -0.06-0.01-0.02-0-0.09-0.01-0.01-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.92
Beta 0.898
Diluted Shares Outstanding 282.81
Cost of Debt
Tax Rate -0.55
After-tax Cost of Debt 2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.757
Total Debt 0.12
Total Equity 1,108.63
Total Capital 1,108.74
Debt Weighting 0.01
Equity Weighting 99.99
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.200.110.060.030.020.010000
EBITDA -8.24-12.31-13.34-15.23-12.72-2.96-1.60-0.86-0.47-0.25
EBIT -8.27-12.34-13.46-15.31-12.74-2.97-1.60-0.87-0.47-0.25
Tax Rate 0.00%0.00%0.00%0.00%-0.55%-0.11%-0.11%-0.11%-0.11%-0.11%
EBIAT -8.27-12.34-13.46-15.31-12.81-2.98-1.61-0.87-0.47-0.25
Depreciation 0.020.030.110.080.020.010.01000
Accounts Receivable --1.684.77-4.22-0.453.850.400.220.120.06
Inventories ----------
Accounts Payable -0.36-0.740.491.24-2.24-0.21-0.11-0.06-0.03
Capital Expenditure -0.06-0.01-0.02-0-0.09-0.01-0.01-0-0-0
UFCF -8.31-13.63-9.33-18.96-12.09-1.37-1.41-0.76-0.41-0.22
WACC
PV UFCF -10.84-20.43-12.09-1.27-1.21-0.61-0.30-0.15
SUM PV UFCF -3.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.76
Free cash flow (t + 1) -0.23
Terminal Value -3.92
Present Value of Terminal Value -2.70

Intrinsic Value

Enterprise Value -6.25
Net Debt -34.69
Equity Value 28.44
Shares Outstanding 282.81
Equity Value Per Share 0.10