Discounted Cash Flow (DCF) Analysis Unlevered

iBio, Inc. (IBIO)

$0.157

-0.01 (-7.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 118.80 | 0.157 | undervalue

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 0.390.442.021.642.374.709.3218.4836.6572.66
Revenue (%)
EBITDA -10.93-12.48-13.94-11.73-18.34-73.01-144.76-287.03-569.13-1,128.46
EBITDA (%)
EBIT -12.60-14.19-15.69-13.97-20.75-83.69-165.93-329.01-652.36-1,293.49
EBIT (%)
Depreciation 1.681.711.752.242.4110.6821.1741.9883.23165.03
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 8.0915.934.4255.1196.97125.19248.23492.19975.911,935.03
Total Cash (%)
Account Receivables 0.180.080.105.625.536.0411.9823.7547.0993.38
Account Receivables (%)
Inventories 0.030.030.130.110.160.310.621.222.424.79
Inventories (%)
Accounts Payable 0.750.7911.762.255.8311.5622.9245.4590.11
Accounts Payable (%)
Capital Expenditure -1.59-1.08-0.99-1.15-5.16-9.26-18.35-36.39-72.16-143.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.157
Beta -4.248
Diluted Shares Outstanding 195.62
Cost of Debt
Tax Rate 0.03
After-tax Cost of Debt 7.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity -16.225
Total Debt 32.72
Total Equity 30.71
Total Capital 63.43
Debt Weighting 51.58
Equity Weighting 48.42
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 0.390.442.021.642.374.709.3218.4836.6572.66
EBITDA -10.93-12.48-13.94-11.73-18.34-73.01-144.76-287.03-569.13-1,128.46
EBIT -12.60-14.19-15.69-13.97-20.75-83.69-165.93-329.01-652.36-1,293.49
Tax Rate 9.96%0.02%0.02%0.03%0.03%2.01%2.01%2.01%2.01%2.01%
EBIAT -11.35-14.19-15.69-13.97-20.75-82-162.60-322.40-639.24-1,267.48
Depreciation 1.681.711.752.242.4110.6821.1741.9883.23165.03
Accounts Receivable -0.10-0.02-5.530.10-0.52-5.94-11.77-23.34-46.28
Inventories --0-0.100.03-0.05-0.15-0.30-0.60-1.20-2.38
Accounts Payable -0.040.210.760.503.585.7311.3622.5344.67
Capital Expenditure -1.59-1.08-0.99-1.15-5.16-9.26-18.35-36.39-72.16-143.08
UFCF -11.27-13.42-14.85-17.63-22.95-77.68-160.29-317.83-630.18-1,249.52
WACC
PV UFCF -80.91-173.89-359.12-741.65-1,531.66
SUM PV UFCF -2,887.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -3.99
Free cash flow (t + 1) -1,274.51
Terminal Value 21,277.31
Present Value of Terminal Value 26,081.61

Intrinsic Value

Enterprise Value 23,194.38
Net Debt -44.68
Equity Value 23,239.06
Shares Outstanding 195.62
Equity Value Per Share 118.80