Discounted Cash Flow (DCF) Analysis Unlevered

Fortress Biotech, Inc. (FBIO)

$0.8981

+0.02 (+2.05%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.62 | 0.8981 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 187.5826.8836.6345.6063.1365.2767.4869.7672.1274.56
Revenue (%)
EBITDA -56.15-71.75-23.46-31.36-44.61-65.31-67.52-69.80-72.16-74.61
EBITDA (%)
EBIT -59.50-73.81-28.11-36.69-48.92-70.62-73.01-75.48-78.03-80.67
EBIT (%)
Depreciation 3.352.064.655.324.325.315.495.675.876.06
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 152.9483.11136.86250.92305.74234.83242.77250.98259.48268.25
Total Cash (%)
Account Receivables 17.397.5914.4020.0923.1120.5621.2621.9822.7223.49
Account Receivables (%)
Inventories 0.170.680.861.409.863.093.193.303.413.53
Inventories (%)
Accounts Payable 36.3534.2235.4540.6752.5054.2856.1258.0159.9862.01
Accounts Payable (%)
Capital Expenditure -5.45-9.36-9.39-7.16-4.57-11.27-11.65-12.04-12.45-12.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.8,981
Beta 1.986
Diluted Shares Outstanding 72.01
Cost of Debt
Tax Rate 60.63
After-tax Cost of Debt 5.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.131
Total Debt 109.78
Total Equity 64.67
Total Capital 174.44
Debt Weighting 62.93
Equity Weighting 37.07
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 187.5826.8836.6345.6063.1365.2767.4869.7672.1274.56
EBITDA -56.15-71.75-23.46-31.36-44.61-65.31-67.52-69.80-72.16-74.61
EBIT -59.50-73.81-28.11-36.69-48.92-70.62-73.01-75.48-78.03-80.67
Tax Rate 31.98%35.67%60.69%54.76%60.63%48.75%48.75%48.75%48.75%48.75%
EBIAT -40.47-47.48-11.05-16.60-19.26-36.19-37.42-38.68-39.99-41.35
Depreciation 3.352.064.655.324.325.315.495.675.876.06
Accounts Receivable -9.79-6.81-5.69-3.022.55-0.70-0.72-0.74-0.77
Inventories --0.51-0.18-0.55-8.466.77-0.10-0.11-0.11-0.12
Accounts Payable --2.131.245.2211.831.781.841.901.962.03
Capital Expenditure -5.45-9.36-9.39-7.16-4.57-11.27-11.65-12.04-12.45-12.87
UFCF -42.57-47.62-21.55-19.45-19.16-31.05-42.54-43.98-45.47-47.01
WACC
PV UFCF -28.66-36.26-34.60-33.03-31.52
SUM PV UFCF -164.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.32
Free cash flow (t + 1) -47.95
Terminal Value -758.63
Present Value of Terminal Value -508.73

Intrinsic Value

Enterprise Value -672.80
Net Debt -195.97
Equity Value -476.83
Shares Outstanding 72.01
Equity Value Per Share -6.62