Discounted Cash Flow (DCF) Analysis Unlevered
GeNeuro SA (GNRO.PA)
2.47 €
+0.18 (+7.86%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 14.95 | 7.46 | 3.73 | 1.86 | 0.93 | 0.46 | 0.23 | 0.12 | 0.06 | 0.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.76 | -8.26 | -8.66 | -8.53 | -7.02 | -1.48 | -0.74 | -0.37 | -0.18 | -0.09 |
| EBITDA (%) | ||||||||||
| EBIT | -5.84 | -8.33 | -9.02 | -8.89 | -7.32 | -1.54 | -0.77 | -0.38 | -0.19 | -0.10 |
| EBIT (%) | ||||||||||
| Depreciation | 0.07 | 0.07 | 0.35 | 0.36 | 0.30 | 0.06 | 0.03 | 0.01 | 0.01 | 0 |
| 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 | 26.60 | 8.96 | 5.93 | 6.84 | 5.48 | 1.31 | 0.66 | 0.33 | 0.16 | 0.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.47 | 5.43 | 1.25 | 0.54 | 0.58 | 0.21 | 0.10 | 0.05 | 0.03 | 0.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.07 | -0.08 | -0.05 | -0.02 | -0.04 | -0.01 | -0 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.47 |
|---|---|
| Beta | 0.333 |
| Diluted Shares Outstanding | 21.28 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -41.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.045 |
| Total Debt | 1.22 |
| Total Equity | 52.56 |
| Total Capital | 53.78 |
| Debt Weighting | 2.26 |
| Equity Weighting | 97.74 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 14.95 | 7.46 | 3.73 | 1.86 | 0.93 | 0.46 | 0.23 | 0.12 | 0.06 | 0.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.76 | -8.26 | -8.66 | -8.53 | -7.02 | -1.48 | -0.74 | -0.37 | -0.18 | -0.09 |
| EBIT | -5.84 | -8.33 | -9.02 | -8.89 | -7.32 | -1.54 | -0.77 | -0.38 | -0.19 | -0.10 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -5.84 | -8.33 | -9.02 | -8.89 | -7.32 | -1.54 | -0.77 | -0.38 | -0.19 | -0.10 |
| Depreciation | 0.07 | 0.07 | 0.35 | 0.36 | 0.30 | 0.06 | 0.03 | 0.01 | 0.01 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.96 | -4.19 | -0.71 | 0.04 | -0.38 | -0.10 | -0.05 | -0.03 | -0.01 |
| Capital Expenditure | -0.07 | -0.08 | -0.05 | -0.02 | -0.04 | -0.01 | -0 | -0 | -0 | -0 |
| UFCF | -5.84 | -6.38 | -12.90 | -9.26 | -7.03 | -1.86 | -0.85 | -0.42 | -0.21 | -0.11 |
| WACC | ||||||||||
| PV UFCF | -13.95 | -9.63 | -7.03 | -1.79 | -0.78 | -0.38 | -0.18 | -0.09 | ||
| SUM PV UFCF | -3.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.99 |
| Free cash flow (t + 1) | -0.11 |
| Terminal Value | -5.39 |
| Present Value of Terminal Value | -4.44 |
Intrinsic Value
| Enterprise Value | -7.65 |
|---|---|
| Net Debt | -4.26 |
| Equity Value | -3.39 |
| Shares Outstanding | 21.28 |
| Equity Value Per Share | -0.16 |