Discounted Cash Flow (DCF) Analysis Unlevered

Catalyst Pharmaceuticals, Inc. (CPRX)

$13.71

-0.08 (-0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: -129,446,903,401.12 | 13.71 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.50102.31119.07140.83214.2011,164.28581,882.8030,327,772.011,580,685,581.6182,385,442,197.03
Revenue (%)
EBITDA -35.3031.8241.3052.39101.84-154,256.80-8,039,875.28-419,038,857.71-21,840,334,340.76-1,138,319,741,341.07
EBITDA (%)
EBIT -35.3331.5340.4252.19100.60-154,465.46-8,050,750.53-419,605,676.49-21,869,876,974.91-1,139,859,505,483.23
EBIT (%)
Depreciation 0.040.300.890.191.24208.6610,875.25566,818.7829,542,634.161,539,764,142.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 53.4894.52140.28191.27298.39249,669.6913,012,801.74678,228,129.7035,349,297,181.991,842,407,822,013.21
Total Cash (%)
Account Receivables -10.545.996.6210.44695.0136,223.861,887,990.2498,402,182.415,128,728,575.28
Account Receivables (%)
Inventories 0.061.964.657.876.81575.7630,008.661,564,053.5581,518,579.384,248,754,013.93
Inventories (%)
Accounts Payable 2.344.124.262.773.9710,693557,319.7729,047,545.161,513,960,069.5478,907,703,877.86
Accounts Payable (%)
Capital Expenditure -0.09-0.02-0.01-1.02-0.03-428.05-22,310.10-1,162,804.08-60,605,429.44-3,158,759,187.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.71
Beta 0.928
Diluted Shares Outstanding 111.38
Cost of Debt
Tax Rate 20.66
After-tax Cost of Debt 3.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.683
Total Debt 3.89
Total Equity 1,526.96
Total Capital 1,530.85
Debt Weighting 0.25
Equity Weighting 99.75
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 0.50102.31119.07140.83214.2011,164.28581,882.8030,327,772.011,580,685,581.6182,385,442,197.03
EBITDA -35.3031.8241.3052.39101.84-154,256.80-8,039,875.28-419,038,857.71-21,840,334,340.76-1,138,319,741,341.07
EBIT -35.3331.5340.4252.19100.60-154,465.46-8,050,750.53-419,605,676.49-21,869,876,974.91-1,139,859,505,483.23
Tax Rate 0.00%4.59%-79.00%25.03%20.66%-5.74%-5.74%-5.74%-5.74%-5.74%
EBIAT -35.3330.0872.3539.1379.81-163,334.65-8,513,013.42-443,698,850.27-23,125,614,864.39-1,205,308,651,418.30
Depreciation 0.040.300.890.191.24208.6610,875.25566,818.7829,542,634.161,539,764,142.16
Accounts Receivable --4.55-0.63-3.82-684.57-35,528.85-1,851,766.38-96,514,192.17-5,030,326,392.87
Inventories --1.90-2.69-3.221.07-568.96-29,432.90-1,534,044.88-79,954,525.83-4,167,235,434.55
Accounts Payable -1.780.14-1.491.2110,689.02546,626.7728,490,225.391,484,912,524.3777,393,743,808.32
Capital Expenditure -0.09-0.02-0.01-1.02-0.03-428.05-22,310.10-1,162,804.08-60,605,429.44-3,158,759,187.93
UFCF -35.3930.2475.2232.9679.47-154,118.55-8,042,783.26-419,190,421.44-21,848,233,853.30-1,138,731,464,483.17
WACC
PV UFCF -141,822.53-6,810,625.98-326,649,764.35-15,666,705,055.90-751,403,105,388.98
SUM PV UFCF -767,403,412,657.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.67
Free cash flow (t + 1) -1,172,893,408,417.67
Terminal Value -20,685,950,765,743.68
Present Value of Terminal Value -13,649,827,134,932

Intrinsic Value

Enterprise Value -14,417,230,547,589.75
Net Debt -294.50
Equity Value -14,417,230,547,295.25
Shares Outstanding 111.38
Equity Value Per Share -129,446,903,401.12