Discounted Cash Flow (DCF) Analysis Unlevered
Enzo Biochem, Inc. (ENZ)
$2.2
+0.01 (+0.46%)
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 | -8.29 | 5.53 | -25.29 | 10.54 | -15.28 | -8.86 | -9.24 | -9.63 | -10.04 | -10.46 |
| EBITDA (%) | ||||||||||
| EBIT | -11.42 | 2.49 | -28.07 | 7.88 | -18.10 | -12.27 | -12.79 | -13.33 | -13.90 | -14.49 |
| 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 | $ 2.2 |
|---|---|
| Beta | 1.039 |
| Diluted Shares Outstanding | 48.59 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.617 |
| Total Debt | 20.59 |
| Total Equity | 106.91 |
| Total Capital | 127.49 |
| Debt Weighting | 16.15 |
| Equity Weighting | 83.85 |
| 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 | -8.29 | 5.53 | -25.29 | 10.54 | -15.28 | -8.86 | -9.24 | -9.63 | -10.04 | -10.46 |
| EBIT | -11.42 | 2.49 | -28.07 | 7.88 | -18.10 | -12.27 | -12.79 | -13.33 | -13.90 | -14.49 |
| Tax Rate | 9.61% | 0.00% | 0.00% | 0.00% | 0.00% | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
| EBIAT | -10.32 | 2.49 | -28.07 | 7.88 | -18.10 | -12.03 | -12.55 | -13.08 | -13.63 | -14.21 |
| 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 | -9.08 | -3.02 | -24.55 | -0.21 | -22.44 | -9.59 | -14.65 | -15.27 | -15.92 | -16.60 |
| WACC | ||||||||||
| PV UFCF | -8.93 | -12.71 | -12.35 | -11.99 | -11.64 | |||||
| SUM PV UFCF | -57.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.35 |
| Free cash flow (t + 1) | -16.93 |
| Terminal Value | -316.48 |
| Present Value of Terminal Value | -221.99 |
Intrinsic Value
| Enterprise Value | -279.62 |
|---|---|
| Net Debt | -1.02 |
| Equity Value | -278.60 |
| Shares Outstanding | 48.59 |
| Equity Value Per Share | -5.73 |