Discounted Cash Flow (DCF) Analysis Unlevered

Corbus Pharmaceuticals Holdings, In... (CRBP)

$0.1709

-0.01 (-5.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -31,157.00 | 0.1709 | 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 2.444.8236.143.940.882.165.3012.9831.8278
Revenue (%)
EBITDA -32.17-55.18-70.22-109.58-47.47-46.78-114.67-281.05-688.87-1,688.45
EBITDA (%)
EBIT -32.42-55.67-71.45-111.27-47.62-47.15-115.56-283.23-694.21-1,701.55
EBIT (%)
Depreciation 0.260.491.231.690.150.360.892.185.3413.09
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 62.5441.7531.7585.4325.0136.8490.29221.30542.411,329.46
Total Cash (%)
Account Receivables --2.682.580.320.791.934.7311.6028.43
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.136.3511.097.381.782.947.2117.6643.29106.10
Accounts Payable (%)
Capital Expenditure -0.71-2.30-2.74-0.48-0.21-0.52-1.28-3.14-7.68-18.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,709
Beta 1.977
Diluted Shares Outstanding 122.99
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -7.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.028
Total Debt 23.50
Total Equity 21.02
Total Capital 44.52
Debt Weighting 52.78
Equity Weighting 47.22
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 2.444.8236.143.940.882.165.3012.9831.8278
EBITDA -32.17-55.18-70.22-109.58-47.47-46.78-114.67-281.05-688.87-1,688.45
EBIT -32.42-55.67-71.45-111.27-47.62-47.15-115.56-283.23-694.21-1,701.55
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -32.42-55.67-71.45-111.27-47.62-47.15-115.56-283.23-694.21-1,701.55
Depreciation 0.260.491.231.690.150.360.892.185.3413.09
Accounts Receivable ---0.102.26-0.47-1.14-2.80-6.87-16.83
Inventories ----------
Accounts Payable -3.224.75-3.71-5.601.164.2710.4625.6362.81
Capital Expenditure -0.71-2.30-2.74-0.48-0.21-0.52-1.28-3.14-7.68-18.83
UFCF -32.87-54.26-68.22-113.67-51.03-46.61-112.82-276.53-677.79-1,661.31
WACC
PV UFCF -45.68-108.36-260.28-625.20-1,501.75
SUM PV UFCF -2,541.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.04
Free cash flow (t + 1) -1,694.53
Terminal Value -4,236,329.52
Present Value of Terminal Value -3,829,459.53

Intrinsic Value

Enterprise Value -3,832,000.79
Net Debt -1.51
Equity Value -3,831,999.28
Shares Outstanding 122.99
Equity Value Per Share -31,157.00