Discounted Cash Flow (DCF) Analysis Unlevered

Alterity Therapeutics Limited (ATHE)

$0.3639

+0.00 (+1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.96 | 0.3639 | undervalue

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 -8.24-12.31-13.70-14.43-17.81-3.48-1.88-1.01-0.55-0.29
EBITDA (%)
EBIT -8.27-12.34-13.81-14.51-17.83-3.49-1.88-1.01-0.55-0.30
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 $ 0.3,639
Beta 0.974
Diluted Shares Outstanding 28.28
Cost of Debt
Tax Rate -0.55
After-tax Cost of Debt 2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.105
Total Debt 0.12
Total Equity 10.29
Total Capital 10.41
Debt Weighting 1.13
Equity Weighting 98.87
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 -8.24-12.31-13.70-14.43-17.81-3.48-1.88-1.01-0.55-0.29
EBIT -8.27-12.34-13.81-14.51-17.83-3.49-1.88-1.01-0.55-0.30
Tax Rate 0.00%0.00%0.00%0.00%-0.55%-0.11%-0.11%-0.11%-0.11%-0.11%
EBIAT -8.27-12.34-13.81-14.51-17.92-3.49-1.88-1.02-0.55-0.30
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 -8.31-13.63-9.69-18.16-17.20-1.88-1.69-0.91-0.49-0.26
WACC
PV UFCF -11.31-19.62-17.20-1.74-1.45-0.72-0.36-0.18
SUM PV UFCF -4.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.04
Free cash flow (t + 1) -0.27
Terminal Value -4.47
Present Value of Terminal Value -3.04

Intrinsic Value

Enterprise Value -7.49
Net Debt -34.69
Equity Value 27.20
Shares Outstanding 28.28
Equity Value Per Share 0.96