Discounted Cash Flow (DCF) Analysis Unlevered

Emmaus Life Sciences, Inc. (EMMA)

$0.39

+0.01 (+2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -928,813.24 | 0.39 | 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 0.131.3222.7523.1720.61151.691,116.488,217.4260,481.35445,151.03
Revenue (%)
EBITDA -7.05-9.39-27.214.46-12.76-1,931.48-14,215.96-104,631.38-770,101.26-5,668,050.54
EBITDA (%)
EBIT -7.10-9.51-27.284.41-12.82-1,945.96-14,322.53-105,415.77-775,874.49-5,710,542.26
EBIT (%)
Depreciation 0.050.120.070.060.0614.48106.57784.395,773.2342,491.73
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 5.453.2529.702.492.281,407.7710,361.3576,260.98561,291.234,131,180.16
Total Cash (%)
Account Receivables 0.170.062.150.201.0445.31333.482,454.4718,065.20132,962.35
Account Receivables (%)
Inventories --7.977.094.3943.96323.542,381.2817,526.54128,997.73
Inventories (%)
Accounts Payable 0.740.357.282.022.58198.141,458.3010,733.3178,998.60581,440.46
Accounts Payable (%)
Capital Expenditure -0.13-0.06-0.06-26.17-0.07-66.43-488.94-3,598.66-26,486.64-194,945.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.39
Beta 1.766
Diluted Shares Outstanding 49.25
Cost of Debt
Tax Rate -0.16
After-tax Cost of Debt 10.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.852
Total Debt 29.91
Total Equity 19.21
Total Capital 49.12
Debt Weighting 60.90
Equity Weighting 39.10
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 0.131.3222.7523.1720.61151.691,116.488,217.4260,481.35445,151.03
EBITDA -7.05-9.39-27.214.46-12.76-1,931.48-14,215.96-104,631.38-770,101.26-5,668,050.54
EBIT -7.10-9.51-27.284.41-12.82-1,945.96-14,322.53-105,415.77-775,874.49-5,710,542.26
Tax Rate -0.04%7.09%-0.30%-52.99%-0.16%-9.28%-9.28%-9.28%-9.28%-9.28%
EBIAT -7.11-8.84-27.376.74-12.84-2,126.52-15,651.48-115,197.01-847,865.74-6,240,407.73
Depreciation 0.050.120.070.060.0614.48106.57784.395,773.2342,491.73
Accounts Receivable -0.10-2.091.95-0.84-44.27-288.17-2,120.98-15,610.74-114,897.15
Inventories ---0.882.69-39.57-279.58-2,057.74-15,145.26-111,471.19
Accounts Payable --0.396.93-5.250.56195.551,260.179,27568,265.29502,441.87
Capital Expenditure -0.13-0.06-0.06-26.18-0.07-66.43-488.94-3,598.66-26,486.64-194,945.29
UFCF -7.19-9.06-22.51-21.79-10.44-2,066.75-15,341.43-112,915-831,069.86-6,116,787.77
WACC
PV UFCF -1,862.78-12,462.67-82,674.15-548,438.97-3,638,202.60
SUM PV UFCF -4,283,641.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.95
Free cash flow (t + 1) -6,239,123.52
Terminal Value -69,710,877.35
Present Value of Terminal Value -41,463,314.49

Intrinsic Value

Enterprise Value -45,746,955.66
Net Debt 27.64
Equity Value -45,746,983.30
Shares Outstanding 49.25
Equity Value Per Share -928,813.24