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	104.71	81.17	76.02	117.73	107.07	111.62	116.36	121.30	126.45	131.82
Revenue (%)
EBITDA	104.71	81.17	-15.03	12.53	-10.96	40.32	42.04	43.82	45.68	47.62
EBITDA (%)
EBIT	101.58	78.13	-17.81	9.88	-13.79	36.91	38.48	40.11	41.82	43.59
EBIT (%)
Depreciation	3.13	3.04	2.78	2.65	2.83	3.41	3.56	3.71	3.86	4.03
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	60.04	60.15	47.87	43.50	21.60	56.15	58.53	61.02	63.61	66.31
Total Cash (%)
Account Receivables	13.15	10.74	9.14	10.20	11.52	12.77	13.32	13.88	14.47	15.09
Account Receivables (%)
Inventories	7.28	7.84	7.78	12.65	15.41	11.61	12.10	12.61	13.15	13.71
Inventories (%)
Accounts Payable	9.52	7.26	8.50	8.12	8.51	9.84	10.25	10.69	11.14	11.62
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	104.71	81.17	76.02	117.73	107.07	111.62	116.36	121.30	126.45	131.82
EBITDA	104.71	81.17	-15.03	12.53	-10.96	40.32	42.04	43.82	45.68	47.62
EBIT	101.58	78.13	-17.81	9.88	-13.79	36.91	38.48	40.11	41.82	43.59
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	-21.17	4.30	-17.04	-265.21	-276.47	-288.21	-300.45	-313.20
Depreciation	3.13	3.04	2.78	2.65	2.83	3.41	3.56	3.71	3.86	4.03
Accounts Receivable	-	2.41	1.60	-1.06	-1.32	-1.26	-0.54	-0.57	-0.59	-0.61
Inventories	-	-0.56	0.06	-4.87	-2.76	3.80	-0.49	-0.51	-0.54	-0.56
Accounts Payable	-	-2.26	1.25	-0.38	0.38	1.33	0.42	0.44	0.45	0.47
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