Discounted Cash Flow (DCF) Analysis Unlevered

Evogene Ltd. (EVGN)

$0.885

+0.01 (+0.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.50 | 0.885 | 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 1.750.751.040.931.671.892.132.402.703.04
Revenue (%)
EBITDA -16.56-15.94-20.50-26.78-23.85-35.25-39.72-44.76-50.44-56.84
EBITDA (%)
EBIT -18.58-18.71-23.22-29.02-26.43-39.56-44.57-50.23-56.60-63.78
EBIT (%)
Depreciation 2.022.772.732.232.584.304.855.466.166.94
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 54.4746.8848.2353.8735.3682.6193.09104.90118.21133.21
Total Cash (%)
Account Receivables 1.022.153.592.931.834.214.745.346.026.78
Account Receivables (%)
Inventories -0.44-0.89-1.380.090.57-0.88-0.99-1.12-1.26-1.42
Inventories (%)
Accounts Payable 1.0110.861.461.041.862.102.362.663
Accounts Payable (%)
Capital Expenditure -0.37-0.90-0.68-0.72-1.17-1.34-1.51-1.70-1.91-2.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.885
Beta 1.174
Diluted Shares Outstanding 41.21
Cost of Debt
Tax Rate -0.30
After-tax Cost of Debt 27.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.863
Total Debt 11.93
Total Equity 36.47
Total Capital 48.40
Debt Weighting 24.65
Equity Weighting 75.35
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 1.750.751.040.931.671.892.132.402.703.04
EBITDA -16.56-15.94-20.50-26.78-23.85-35.25-39.72-44.76-50.44-56.84
EBIT -18.58-18.71-23.22-29.02-26.43-39.56-44.57-50.23-56.60-63.78
Tax Rate -0.14%-0.13%-0.12%-0.04%-0.30%-0.15%-0.15%-0.15%-0.15%-0.15%
EBIAT -18.60-18.73-23.25-29.03-26.50-39.61-44.64-50.30-56.68-63.88
Depreciation 2.022.772.732.232.584.304.855.466.166.94
Accounts Receivable --1.13-1.440.661.10-2.38-0.53-0.60-0.68-0.76
Inventories -0.450.48-1.47-0.471.450.110.130.140.16
Accounts Payable --0.01-0.140.60-0.430.830.240.270.300.34
Capital Expenditure -0.37-0.90-0.68-0.72-1.17-1.34-1.51-1.70-1.91-2.16
UFCF -16.96-17.55-22.30-27.73-24.89-36.75-41.48-46.75-52.68-59.36
WACC
PV UFCF -32.15-31.75-31.30-30.85-30.41
SUM PV UFCF -156.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.31
Free cash flow (t + 1) -60.55
Terminal Value -491.85
Present Value of Terminal Value -252.01

Intrinsic Value

Enterprise Value -408.47
Net Debt -17.05
Equity Value -391.42
Shares Outstanding 41.21
Equity Value Per Share -9.50