Discounted Cash Flow (DCF) Analysis Unlevered
Enzo Biochem, Inc. (ENZ)
$1.3932
+0.00 (+0.23%)
All numbers are in Millions, Currency in USD
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 | $ 1.3,932 |
|---|---|
| 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 | 8.960 |
| Total Debt | 20.59 |
| Total Equity | 67.70 |
| Total Capital | 88.29 |
| Debt Weighting | 23.32 |
| Equity Weighting | 76.68 |
| 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 | -245.46 | -243.09 | -236.72 | -230.52 | -224.49 | |||||
| SUM PV UFCF | -1,180.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.05 |
| Free cash flow (t + 1) | -321.90 |
| Terminal Value | -6,374.28 |
| Present Value of Terminal Value | -4,534.17 |
Intrinsic Value
| Enterprise Value | -5,714.45 |
|---|---|
| Net Debt | -1.02 |
| Equity Value | -5,713.44 |
| Shares Outstanding | 48.59 |
| Equity Value Per Share | -117.57 |