Discounted Cash Flow (DCF) Analysis Unlevered

AVEO Pharmaceuticals, Inc. (AVEO)

$15

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -22,517.49 | 15 | overvalue

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 7.585.4128.796.0238.87123.47392.171,245.613,956.3112,566.01
Revenue (%)
EBITDA -62.55-3.1411.20-33.96-57.39-384.30-1,220.62-3,876.92-12,313.86-39,111.25
EBITDA (%)
EBIT -62.55-3.1411.20-33.98-57.52-384.73-1,221.98-3,881.26-12,327.66-39,155.10
EBIT (%)
Depreciation ---0.020.140.431.374.3513.8043.84
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 33.5224.4347.7461.7670.54559.901,778.355,648.3817,940.3756,982.19
Total Cash (%)
Account Receivables 0.403.031.631.209.8127.6787.88279.11886.512,815.72
Account Receivables (%)
Inventories ----1.665.2616.7153.06168.54535.30
Inventories (%)
Accounts Payable 2.443.501.473.382.7140.76129.46411.181,3064,148.12
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 7.585.4128.796.0238.87123.47392.171,245.613,956.3112,566.01
EBITDA -62.55-3.1411.20-33.96-57.39-384.30-1,220.62-3,876.92-12,313.86-39,111.25
EBIT -62.55-3.1411.20-33.98-57.52-384.73-1,221.98-3,881.26-12,327.66-39,155.10
Tax Rate -0.16%0.00%0.00%0.00%0.00%-0.03%-0.03%-0.03%-0.03%-0.03%
EBIAT -62.65-3.1411.20-33.98-57.52-384.85-1,222.36-3,882.47-12,331.49-39,167.28
Depreciation ---0.020.140.431.374.3513.8043.84
Accounts Receivable --2.621.390.43-8.61-17.86-60.21-191.23-607.40-1,929.21
Inventories ------3.60-11.45-36.36-115.47-366.77
Accounts Payable -1.06-2.031.91-0.6738.0588.70281.73894.822,842.12
Capital Expenditure ----0.36-2.34-7.45-23.65-75.12-238.60-757.84
UFCF -62.65-4.7010.56-31.97-69.01-375.28-1,227.60-3,899.11-12,384.35-39,335.14
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