Discounted Cash Flow (DCF) Analysis Unlevered
Genfit S.A. (GNFT)
$4.68
-0.05 (-0.95%)
All numbers are in Millions, Currency in USD
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 | 0.12 | 0.07 | 30.84 | 0.76 | 80.07 | 11,053.86 | 1,526,032.70 | 210,675,276.70 | 29,084,614,183.01 | 4,015,254,164,795.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -55.42 | -67.08 | -51.02 | -86.31 | 79.34 | -3,438,415.94 | -474,687,882.84 | -65,532,672,586.14 | -9,047,062,989,248.46 | -1,248,985,361,063,157.25 |
| EBITDA (%) | ||||||||||
| EBIT | -56.83 | -68.90 | -54.28 | -89.87 | 76.60 | -3,533,746.15 | -487,848,621.28 | -67,349,568,264.53 | -9,297,893,132,422.03 | -1,283,613,524,624,023.75 |
| EBIT (%) | ||||||||||
| Depreciation | 1.41 | 1.82 | 3.26 | 3.56 | 2.74 | 95,330.20 | 13,160,738.44 | 1,816,895,678.39 | 250,830,143,173.56 | 34,628,163,560,866.46 |
| 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 | 273.82 | 207.24 | 276.75 | 171.03 | 258.76 | 12,291,365.20 | 1,696,875,021.04 | 234,260,783,123.43 | 32,340,693,232,717.57 | 4,464,769,667,493,384 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.96 | 8.79 | 12.03 | 11.92 | 7.24 | 466,295.08 | 64,374,009.95 | 8,887,104,705.61 | 1,226,902,442,564.94 | 169,379,078,275,162.81 |
| Account Receivables (%) | ||||||||||
| Inventories | 0 | 0 | 0 | 0 | 0 | 215.06 | 29,689.81 | 4,098,803.38 | 565,857,165.47 | 78,118,978,165.89 |
| Inventories (%) | ||||||||||
| Accounts Payable | 19.05 | 32.65 | 32.75 | 20.34 | 40.99 | 1,465,296.42 | 202,290,377.10 | 27,927,043,283.13 | 3,855,446,599,615.02 | 532,260,731,355,855.94 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.80 | -2.94 | -2.03 | -0.90 | -0.54 | -149,354.34 | -20,618,999.04 | -2,846,540,140.84 | -392,976,921,881.51 | -54,252,128,370,164.35 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.68 |
|---|---|
| Beta | 1.321 |
| Diluted Shares Outstanding | 54.68 |
| Cost of Debt | |
| Tax Rate | 3.19 |
| After-tax Cost of Debt | 9.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.085 |
| Total Debt | 74.23 |
| Total Equity | 255.91 |
| Total Capital | 330.15 |
| Debt Weighting | 22.49 |
| Equity Weighting | 77.51 |
| 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 | 0.12 | 0.07 | 30.84 | 0.76 | 80.07 | 11,053.86 | 1,526,032.70 | 210,675,276.70 | 29,084,614,183.01 | 4,015,254,164,795.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -55.42 | -67.08 | -51.02 | -86.31 | 79.34 | -3,438,415.94 | -474,687,882.84 | -65,532,672,586.14 | -9,047,062,989,248.46 | -1,248,985,361,063,157.25 |
| EBIT | -56.83 | -68.90 | -54.28 | -89.87 | 76.60 | -3,533,746.15 | -487,848,621.28 | -67,349,568,264.53 | -9,297,893,132,422.03 | -1,283,613,524,624,023.75 |
| Tax Rate | -0.66% | 0.44% | 0.88% | 0.42% | 3.19% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| EBIAT | -57.20 | -68.59 | -53.81 | -89.49 | 74.15 | -3,503,573.96 | -483,683,223.41 | -66,774,517,448.56 | -9,218,504,931,867.71 | -1,272,653,647,318,945 |
| Depreciation | 1.41 | 1.82 | 3.26 | 3.56 | 2.74 | 95,330.20 | 13,160,738.44 | 1,816,895,678.39 | 250,830,143,173.56 | 34,628,163,560,866.46 |
| Accounts Receivable | - | -0.84 | -3.24 | 0.12 | 4.68 | -466,287.84 | -63,907,714.88 | -8,822,730,695.66 | -1,218,015,337,859.33 | -168,152,175,832,597.84 |
| Inventories | - | 0 | -0 | 0 | -0 | -215.05 | -29,474.75 | -4,069,113.57 | -561,758,362.09 | -77,553,121,000.43 |
| Accounts Payable | - | 13.60 | 0.10 | -12.42 | 20.65 | 1,465,255.44 | 200,825,080.68 | 27,724,752,906.02 | 3,827,519,556,331.89 | 528,405,284,756,240.94 |
| Capital Expenditure | -2.80 | -2.94 | -2.03 | -0.90 | -0.54 | -149,354.34 | -20,618,999.04 | -2,846,540,140.84 | -392,976,921,881.51 | -54,252,128,370,164.35 |
| UFCF | -58.59 | -56.95 | -55.71 | -99.14 | 101.69 | -2,558,845.55 | -354,253,592.96 | -48,906,208,814.21 | -6,751,709,250,465.19 | -932,102,056,325,600.13 |
| WACC | ||||||||||
| PV UFCF | -2,344,768.22 | -297,458,205.28 | -37,629,767,259.95 | -4,760,330,556,964.50 | -602,202,688,500,044.25 | |||||
| SUM PV UFCF | -607,000,948,627,242.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.13 |
| Free cash flow (t + 1) | -950,744,097,452,112.13 |
| Terminal Value | -13,334,419,319,103,956 |
| Present Value of Terminal Value | -8,614,961,322,160,519 |
Intrinsic Value
| Enterprise Value | -9,221,962,270,787,762 |
|---|---|
| Net Debt | -184.52 |
| Equity Value | -9,221,962,270,787,578 |
| Shares Outstanding | 54.68 |
| Equity Value Per Share | -168,646,776,728,265.81 |