Discounted Cash Flow (DCF) Analysis Unlevered

Fortress Biotech, Inc. (FBIO)

$1.74

-0.01 (-0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,072.13 | 1.74 | 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 26.8836.6345.6068.7975.7498.79128.85168.06219.20285.89
Revenue (%)
EBITDA -116.77-103.61-93.05-178.35-200.86-285.65-372.57-485.93-633.80-826.65
EBITDA (%)
EBIT -118.83-108.26-98.37-185.14-210.21-296.37-386.55-504.17-657.59-857.68
EBIT (%)
Depreciation 2.064.655.336.799.3510.7213.9818.2423.7931.03
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 83.11136.86233.35305.74178.27370.34483.03630821.711,071.74
Total Cash (%)
Account Receivables 7.5914.4020.0923.7928.3536.2847.3261.7280.51105
Account Receivables (%)
Inventories 0.680.861.409.8614.168.0910.5613.7717.9623.43
Inventories (%)
Accounts Payable 34.2235.4540.6790.6697.45113.35147.85192.83251.51328.04
Accounts Payable (%)
Capital Expenditure -9.36-9.40-7.16-16.35-3.05-20.54-26.79-34.94-45.57-59.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.74
Beta 1.513
Diluted Shares Outstanding 5.92
Cost of Debt
Tax Rate -0.21
After-tax Cost of Debt 10.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.426
Total Debt 127.34
Total Equity 10.31
Total Capital 137.65
Debt Weighting 92.51
Equity Weighting 7.49
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 26.8836.6345.6068.7975.7498.79128.85168.06219.20285.89
EBITDA -116.77-103.61-93.05-178.35-200.86-285.65-372.57-485.93-633.80-826.65
EBIT -118.83-108.26-98.37-185.14-210.21-296.37-386.55-504.17-657.59-857.68
Tax Rate 35.67%49.04%-0.13%-0.29%-0.21%16.81%16.81%16.81%16.81%16.81%
EBIAT -76.44-55.17-98.50-185.68-210.66-246.54-321.55-419.40-547.01-713.46
Depreciation 2.064.655.336.799.3510.7213.9818.2423.7931.03
Accounts Receivable --6.81-5.69-3.70-4.56-7.94-11.04-14.40-18.78-24.50
Inventories --0.18-0.55-8.46-4.306.06-2.46-3.21-4.19-5.47
Accounts Payable -1.245.2249.996.7915.9134.4944.9958.6876.53
Capital Expenditure -9.36-9.39-7.16-16.35-3.06-20.54-26.79-34.94-45.57-59.44
UFCF -83.74-65.67-101.36-157.40-206.43-242.32-313.37-408.73-533.10-695.31
WACC
PV UFCF -218.78-255.44-300.80-354.22-417.12
SUM PV UFCF -1,546.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.76
Free cash flow (t + 1) -709.22
Terminal Value -8,096.07
Present Value of Terminal Value -4,856.90

Intrinsic Value

Enterprise Value -6,403.27
Net Debt -50.92
Equity Value -6,352.35
Shares Outstanding 5.92
Equity Value Per Share -1,072.13