Discounted Cash Flow (DCF) Analysis Unlevered
AVEO Pharmaceuticals, Inc. (AVEO)
$15
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 7.58 | 5.41 | 28.79 | 6.02 | 38.87 | 123.47 | 392.17 | 1,245.61 | 3,956.31 | 12,566.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -62.55 | -3.14 | 11.20 | -33.96 | -57.39 | -384.30 | -1,220.62 | -3,876.92 | -12,313.86 | -39,111.25 |
| EBITDA (%) | ||||||||||
| EBIT | -62.55 | -3.14 | 11.20 | -33.98 | -57.52 | -384.73 | -1,221.98 | -3,881.26 | -12,327.66 | -39,155.10 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | 0.02 | 0.14 | 0.43 | 1.37 | 4.35 | 13.80 | 43.84 |
| 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 | 33.52 | 24.43 | 47.74 | 61.76 | 70.54 | 559.90 | 1,778.35 | 5,648.38 | 17,940.37 | 56,982.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.40 | 3.03 | 1.63 | 1.20 | 9.81 | 27.67 | 87.88 | 279.11 | 886.51 | 2,815.72 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | 1.66 | 5.26 | 16.71 | 53.06 | 168.54 | 535.30 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.44 | 3.50 | 1.47 | 3.38 | 2.71 | 40.76 | 129.46 | 411.18 | 1,306 | 4,148.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | -0.36 | -2.34 | -7.45 | -23.65 | -75.12 | -238.60 | -757.84 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15 |
|---|---|
| Beta | 0.977 |
| Diluted Shares Outstanding | 21.40 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.143 |
| Total Debt | - |
| Total Equity | 321.03 |
| Total Capital | 321.03 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 7.58 | 5.41 | 28.79 | 6.02 | 38.87 | 123.47 | 392.17 | 1,245.61 | 3,956.31 | 12,566.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -62.55 | -3.14 | 11.20 | -33.96 | -57.39 | -384.30 | -1,220.62 | -3,876.92 | -12,313.86 | -39,111.25 |
| EBIT | -62.55 | -3.14 | 11.20 | -33.98 | -57.52 | -384.73 | -1,221.98 | -3,881.26 | -12,327.66 | -39,155.10 |
| Tax Rate | -0.16% | 0.00% | 0.00% | 0.00% | 0.00% | -0.03% | -0.03% | -0.03% | -0.03% | -0.03% |
| EBIAT | -62.65 | -3.14 | 11.20 | -33.98 | -57.52 | -384.85 | -1,222.36 | -3,882.47 | -12,331.49 | -39,167.28 |
| Depreciation | - | - | - | 0.02 | 0.14 | 0.43 | 1.37 | 4.35 | 13.80 | 43.84 |
| Accounts Receivable | - | -2.62 | 1.39 | 0.43 | -8.61 | -17.86 | -60.21 | -191.23 | -607.40 | -1,929.21 |
| Inventories | - | - | - | - | - | -3.60 | -11.45 | -36.36 | -115.47 | -366.77 |
| Accounts Payable | - | 1.06 | -2.03 | 1.91 | -0.67 | 38.05 | 88.70 | 281.73 | 894.82 | 2,842.12 |
| Capital Expenditure | - | - | - | -0.36 | -2.34 | -7.45 | -23.65 | -75.12 | -238.60 | -757.84 |
| UFCF | -62.65 | -4.70 | 10.56 | -31.97 | -69.01 | -375.28 | -1,227.60 | -3,899.11 | -12,384.35 | -39,335.14 |
| WACC | ||||||||||
| PV UFCF | -347.03 | -1,049.75 | -3,083.23 | -9,055.82 | -26,598 | |||||
| SUM PV UFCF | -40,133.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.14 |
| Free cash flow (t + 1) | -40,121.85 |
| Terminal Value | -653,450.26 |
| Present Value of Terminal Value | -441,855.95 |
Intrinsic Value
| Enterprise Value | -481,989.78 |
|---|---|
| Net Debt | -70.54 |
| Equity Value | -481,919.23 |
| Shares Outstanding | 21.40 |
| Equity Value Per Share | -22,517.49 |