Discounted Cash Flow (DCF) Analysis Unlevered

BioDelivery Sciences International,... (BDSI)

$5.59

-0.00 (-0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -10.59 | 5.59 | 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 61.9855.64111.39156.47166.70223.79300.42403.29541.39726.77
Revenue (%)
EBITDA 4.01-17.7712.5740.4922.1311.181520.1427.0436.30
EBITDA (%)
EBIT -2.11-23.663.7432.988.29-7.40-9.93-13.33-17.89-24.02
EBIT (%)
Depreciation 6.125.908.837.5213.8418.5724.9333.4744.9360.32
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 21.2043.8263.89111.58114.31138.83186.37250.19335.87450.88
Total Cash (%)
Account Receivables 8.8513.6338.7948.1556.8761.9883.20111.70149.94201.29
Account Receivables (%)
Inventories 6.095.4111.3117.4423.7124.6533.0944.4259.6380.05
Inventories (%)
Accounts Payable 12.243.1711.704.2116.1021.6129.0138.9552.2870.19
Accounts Payable (%)
Capital Expenditure -5.86-2.06-0.08-0.01-5.52-7.41-9.95-13.36-17.93-24.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.59
Beta 0.555
Diluted Shares Outstanding 103.29
Cost of Debt
Tax Rate -186.48
After-tax Cost of Debt -162.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.446
Total Debt 4.62
Total Equity 577.41
Total Capital 582.02
Debt Weighting 0.79
Equity Weighting 99.21
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 61.9855.64111.39156.47166.70223.79300.42403.29541.39726.77
EBITDA 4.01-17.7712.5740.4922.1311.181520.1427.0436.30
EBIT -2.11-23.663.7432.988.29-7.40-9.93-13.33-17.89-24.02
Tax Rate 149.45%-0.04%-0.03%0.97%-186.48%-7.22%-7.22%-7.22%-7.22%-7.22%
EBIAT 1.04-23.673.7432.6623.75-7.93-10.65-14.29-19.19-25.76
Depreciation 6.125.908.837.5213.8418.5724.9333.4744.9360.32
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 --9.078.54-7.4911.895.517.409.9313.3417.90
Capital Expenditure -5.86-2.06-0.08-0.01-5.52-7.41-9.95-13.36-17.93-24.07
UFCF 1.30-33-10.0417.1828.972.69-17.93-24.06-32.30-43.37
WACC
PV UFCF 2.56-16.22-20.72-26.47-33.80
SUM PV UFCF -94.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.11
Free cash flow (t + 1) -44.23
Terminal Value -1,422.28
Present Value of Terminal Value -1,108.58

Intrinsic Value

Enterprise Value -1,203.23
Net Debt -109.69
Equity Value -1,093.53
Shares Outstanding 103.29
Equity Value Per Share -10.59