Discounted Cash Flow (DCF) Analysis Unlevered

BELLUS Health Inc. (BLU.TO)

$14.45

+0.30 (+2.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.35 | 14.45 | 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 0.130.030.030.010.020.010.010.0100
Revenue (%)
EBITDA -1.43-6.67-26.24-31.54-71.18-17.88-12.81-9.17-6.57-4.71
EBITDA (%)
EBIT -1.43-6.67-26.36-31.72-71.37-17.99-12.88-9.23-6.61-4.73
EBIT (%)
Depreciation --0.120.180.190.110.080.060.040.03
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 1935.9189.4898.26248.8161.8444.3031.7322.7316.28
Total Cash (%)
Account Receivables 1.350.591.271.051.370.540.390.280.200.14
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.380.413.950.652.860.890.640.460.330.23
Accounts Payable (%)
Capital Expenditure -1.06-0.21-0.22-0.12-0.13-0.09-0.07-0.05-0.03-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.45
Beta -0.584
Diluted Shares Outstanding 47.43
Cost of Debt
Tax Rate 0.28
After-tax Cost of Debt 6.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.207
Total Debt 0.87
Total Equity 685.37
Total Capital 686.24
Debt Weighting 0.13
Equity Weighting 99.87
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 0.130.030.030.010.020.010.010.0100
EBITDA -1.43-6.67-26.24-31.54-71.18-17.88-12.81-9.17-6.57-4.71
EBIT -1.43-6.67-26.36-31.72-71.37-17.99-12.88-9.23-6.61-4.73
Tax Rate -3.36%0.00%0.00%0.00%0.28%-0.62%-0.62%-0.62%-0.62%-0.62%
EBIAT -1.48-6.67-26.36-31.72-71.17-18.10-12.96-9.29-6.65-4.76
Depreciation --0.120.180.190.110.080.060.040.03
Accounts Receivable -0.76-0.680.22-0.320.830.150.110.080.06
Inventories ----------
Accounts Payable -0.033.55-3.312.21-1.97-0.25-0.18-0.13-0.09
Capital Expenditure -1.06-0.21-0.22-0.54-0.13-0.09-0.07-0.05-0.03-0.02
UFCF -2.54-6.09-23.59-34.74-69.22-19.22-13.05-9.35-6.70-4.80
WACC
PV UFCF -18.99-12.74-9.02-6.38-4.52
SUM PV UFCF -51.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.21
Free cash flow (t + 1) -4.89
Terminal Value 619.18
Present Value of Terminal Value 583.04

Intrinsic Value

Enterprise Value 531.39
Net Debt -149.21
Equity Value 680.60
Shares Outstanding 47.43
Equity Value Per Share 14.35