Discounted Cash Flow (DCF) Analysis Unlevered

Enzo Biochem, Inc. (ENZ)

$1.38

+0.01 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -115.27 | 1.38 | 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 104.7181.1776.02117.73107.07111.62116.36121.30126.45131.82
Revenue (%)
EBITDA 104.7181.17-15.0312.53-10.9640.3242.0443.8245.6847.62
EBITDA (%)
EBIT 101.5878.13-17.819.88-13.7936.9138.4840.1141.8243.59
EBIT (%)
Depreciation 3.133.042.782.652.833.413.563.713.864.03
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 60.0460.1547.8743.5021.6056.1558.5361.0263.6166.31
Total Cash (%)
Account Receivables 13.1510.749.1410.2011.5212.7713.3213.8814.4715.09
Account Receivables (%)
Inventories 7.287.847.7812.6515.4111.6112.1012.6113.1513.71
Inventories (%)
Accounts Payable 9.527.268.508.128.519.8410.2510.6911.1411.62
Accounts Payable (%)
Capital Expenditure -1.89-8.13-2.17-4.44-3.47-4.84-5.05-5.26-5.48-5.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.38
Beta 0.950
Diluted Shares Outstanding 48.59
Cost of Debt
Tax Rate -23.64
After-tax Cost of Debt 0.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.108
Total Debt 20.59
Total Equity 67.06
Total Capital 87.65
Debt Weighting 23.49
Equity Weighting 76.51
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 104.7181.1776.02117.73107.07111.62116.36121.30126.45131.82
EBITDA 104.7181.17-15.0312.53-10.9640.3242.0443.8245.6847.62
EBIT 101.5878.13-17.819.88-13.7936.9138.4840.1141.8243.59
Tax Rate 9.61%4,068.70%-18.83%56.51%-23.64%818.47%818.47%818.47%818.47%818.47%
EBIAT 91.82-3,100.91-21.174.30-17.04-265.21-276.47-288.21-300.45-313.20
Depreciation 3.133.042.782.652.833.413.563.713.864.03
Accounts Receivable -2.411.60-1.06-1.32-1.26-0.54-0.57-0.59-0.61
Inventories --0.560.06-4.87-2.763.80-0.49-0.51-0.54-0.56
Accounts Payable --2.261.25-0.380.381.330.420.440.450.47
Capital Expenditure -1.89-8.13-2.17-4.44-3.47-4.84-5.05-5.26-5.48-5.72
UFCF 93.07-3,106.41-17.66-3.79-21.38-262.76-278.57-290.40-302.73-315.59
WACC
PV UFCF -245.23-242.64-236.06-229.66-223.44
SUM PV UFCF -1,177.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.15
Free cash flow (t + 1) -321.90
Terminal Value -6,250.51
Present Value of Terminal Value -4,425.42

Intrinsic Value

Enterprise Value -5,602.45
Net Debt -1.02
Equity Value -5,601.44
Shares Outstanding 48.59
Equity Value Per Share -115.27