Discounted Cash Flow (DCF) Analysis Unlevered

Benitec Biopharma Inc. (BNTC)

$5.16

-0.32 (-5.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -31.00 | 5.16 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 11.320.100.060.070.080.050.040.030.020.01
Revenue (%)
EBITDA 2.16-7.82-13.28-17.93-18.73-8.65-6.23-4.49-3.24-2.33
EBITDA (%)
EBIT 2-8.19-13.70-18.33-19.11-8.89-6.40-4.61-3.32-2.39
EBIT (%)
Depreciation 0.160.370.420.390.380.230.170.120.090.06
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 15.829.8019.774.062.485.694.102.952.131.53
Total Cash (%)
Account Receivables 2.530.060.0300.060.020.020.010.010.01
Account Receivables (%)
Inventories 00.950.290.360.370.260.190.140.100.07
Inventories (%)
Accounts Payable 2.490.280.881.881.140.640.460.330.240.17
Accounts Payable (%)
Capital Expenditure -0.40-0.09-0.22-0.01-0-0.05-0.04-0.03-0.02-0.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.16
Beta 1.021
Diluted Shares Outstanding 1.39
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.008
Total Debt 0.56
Total Equity 7.15
Total Capital 7.71
Debt Weighting 7.25
Equity Weighting 92.75
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 11.320.100.060.070.080.050.040.030.020.01
EBITDA 2.16-7.82-13.28-17.93-18.73-8.65-6.23-4.49-3.24-2.33
EBIT 2-8.19-13.70-18.33-19.11-8.89-6.40-4.61-3.32-2.39
Tax Rate 0.00%-0.33%0.73%-1.94%0.00%-0.31%-0.31%-0.31%-0.31%-0.31%
EBIAT 2-8.22-13.60-18.68-19.11-8.91-6.42-4.63-3.33-2.40
Depreciation 0.160.370.420.390.380.230.170.120.090.06
Accounts Receivable -2.470.030.02-0.050.030.01000
Inventories --0.950.66-0.07-0.010.100.070.050.040.03
Accounts Payable --2.210.601-0.74-0.50-0.18-0.13-0.09-0.07
Capital Expenditure -0.40-0.10-0.22-0.01-0-0.05-0.04-0.03-0.02-0.01
UFCF 1.75-8.62-12.11-17.35-19.53-9.10-6.39-4.60-3.32-2.39
WACC
PV UFCF -8.37-5.40-3.58-2.37-1.57
SUM PV UFCF -21.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.78
Free cash flow (t + 1) -2.44
Terminal Value -35.94
Present Value of Terminal Value -23.60

Intrinsic Value

Enterprise Value -44.88
Net Debt -1.92
Equity Value -42.96
Shares Outstanding 1.39
Equity Value Per Share -31.00