Discounted Cash Flow (DCF) Analysis Unlevered
BioDelivery Sciences International,... (BDSI)
$5.59
-0.01 (-0.09%)
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 | 61.98 | 55.64 | 111.39 | 156.47 | 166.70 | 223.79 | 300.42 | 403.29 | 541.39 | 726.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.01 | -17.77 | 12.57 | 40.49 | 44.54 | 17.20 | 23.08 | 30.99 | 41.60 | 55.84 |
| EBITDA (%) | ||||||||||
| EBIT | -2.11 | -23.66 | 3.74 | 32.98 | 37.12 | 0.34 | 0.46 | 0.62 | 0.83 | 1.12 |
| EBIT (%) | ||||||||||
| Depreciation | 6.12 | 5.90 | 8.83 | 7.52 | 7.42 | 16.85 | 22.62 | 30.37 | 40.77 | 54.73 |
| 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 | 21.20 | 43.82 | 63.89 | 111.58 | 114.31 | 138.83 | 186.37 | 250.19 | 335.87 | 450.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.85 | 13.63 | 38.79 | 48.15 | 56.87 | 61.98 | 83.20 | 111.70 | 149.94 | 201.29 |
| Account Receivables (%) | ||||||||||
| Inventories | 6.09 | 5.41 | 11.31 | 17.44 | 23.71 | 24.65 | 33.09 | 44.42 | 59.63 | 80.05 |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.24 | 3.17 | 11.70 | 4.21 | 8.11 | 19.47 | 26.13 | 35.08 | 47.10 | 63.23 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.86 | -2.06 | -0.08 | -0.01 | -0.42 | -6.04 | -8.11 | -10.89 | -14.61 | -19.62 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.59 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 103.29 |
| Cost of Debt | |
| Tax Rate | -186.48 |
| After-tax Cost of Debt | 12.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.255 |
| Total Debt | 58.79 |
| Total Equity | 577.41 |
| Total Capital | 636.20 |
| Debt Weighting | 9.24 |
| Equity Weighting | 90.76 |
| 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 | 61.98 | 55.64 | 111.39 | 156.47 | 166.70 | 223.79 | 300.42 | 403.29 | 541.39 | 726.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.01 | -17.77 | 12.57 | 40.49 | 44.54 | 17.20 | 23.08 | 30.99 | 41.60 | 55.84 |
| EBIT | -2.11 | -23.66 | 3.74 | 32.98 | 37.12 | 0.34 | 0.46 | 0.62 | 0.83 | 1.12 |
| Tax Rate | 149.45% | -0.04% | -0.03% | 0.97% | -186.48% | -7.22% | -7.22% | -7.22% | -7.22% | -7.22% |
| EBIAT | 1.04 | -23.67 | 3.74 | 32.66 | 106.33 | 0.37 | 0.49 | 0.66 | 0.89 | 1.20 |
| Depreciation | 6.12 | 5.90 | 8.83 | 7.52 | 7.42 | 16.85 | 22.62 | 30.37 | 40.77 | 54.73 |
| Accounts Receivable | - | -4.78 | -25.16 | -9.36 | -8.72 | -5.11 | -21.22 | -28.49 | -38.25 | -51.35 |
| Inventories | - | 0.68 | -5.91 | -6.13 | -6.27 | -0.94 | -8.44 | -11.33 | -15.21 | -20.42 |
| Accounts Payable | - | -9.07 | 8.54 | -7.49 | 3.90 | 11.35 | 6.67 | 8.95 | 12.01 | 16.13 |
| Capital Expenditure | -5.86 | -2.06 | -0.08 | -0.01 | -0.41 | -6.04 | -8.11 | -10.89 | -14.61 | -19.62 |
| UFCF | 1.30 | -33 | -10.04 | 17.18 | 102.26 | 16.48 | -7.99 | -10.73 | -14.40 | -19.33 |
| WACC | ||||||||||
| PV UFCF | 15.69 | -7.24 | -9.25 | -11.83 | -15.12 | |||||
| SUM PV UFCF | -27.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.04 |
| Free cash flow (t + 1) | -19.71 |
| Terminal Value | -648.51 |
| Present Value of Terminal Value | -507.16 |
Intrinsic Value
| Enterprise Value | -534.91 |
|---|---|
| Net Debt | -55.52 |
| Equity Value | -479.39 |
| Shares Outstanding | 103.29 |
| Equity Value Per Share | -4.64 |