Discounted Cash Flow (DCF) Analysis Unlevered
Idera Pharmaceuticals, Inc. (IDRA)
$0.4006
-0.01 (-3.17%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.90 | 0.66 | 1.45 | 2.11 | 3.09 | 4.51 | 6.59 | 9.63 | 14.06 | 20.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -65.19 | -59.44 | -56.40 | -36.63 | -27.65 | -205.09 | -299.56 | -437.55 | -639.09 | -933.47 |
| EBITDA (%) | ||||||||||
| EBIT | -65.93 | -59.87 | -56.52 | -36.69 | -27.67 | -206.54 | -301.67 | -440.63 | -643.59 | -940.03 |
| EBIT (%) | ||||||||||
| Depreciation | 0.75 | 0.43 | 0.12 | 0.06 | 0.02 | 1.44 | 2.11 | 3.08 | 4.49 | 6.57 |
| 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 | 112.63 | 71.43 | 42.79 | 37.73 | 32.55 | 262.33 | 383.16 | 559.65 | 817.44 | 1,193.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.33 | 1.13 | 0.46 | 0.33 | 0.57 | 3.47 | 5.07 | 7.40 | 10.81 | 15.80 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.21 | -0.07 | -0.01 | -0.01 | -0.27 | -0.40 | -0.58 | -0.85 | -1.24 | -1.81 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.4,006 |
|---|---|
| Beta | 1.621 |
| Diluted Shares Outstanding | 33.82 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.92% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.492 |
| Total Debt | 0.76 |
| Total Equity | 13.55 |
| Total Capital | 14.31 |
| Debt Weighting | 5.30 |
| Equity Weighting | 94.70 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.90 | 0.66 | 1.45 | 2.11 | 3.09 | 4.51 | 6.59 | 9.63 | 14.06 | 20.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -65.19 | -59.44 | -56.40 | -36.63 | -27.65 | -205.09 | -299.56 | -437.55 | -639.09 | -933.47 |
| EBIT | -65.93 | -59.87 | -56.52 | -36.69 | -27.67 | -206.54 | -301.67 | -440.63 | -643.59 | -940.03 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -65.93 | -59.87 | -56.52 | -36.69 | -27.67 | -206.54 | -301.67 | -440.63 | -643.59 | -940.03 |
| Depreciation | 0.75 | 0.43 | 0.12 | 0.06 | 0.02 | 1.44 | 2.11 | 3.08 | 4.49 | 6.57 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.20 | -0.68 | -0.13 | 0.24 | 2.91 | 1.60 | 2.34 | 3.41 | 4.98 |
| Capital Expenditure | -0.21 | -0.07 | -0.01 | -0.01 | -0.27 | -0.40 | -0.58 | -0.85 | -1.24 | -1.81 |
| UFCF | -65.39 | -59.71 | -57.08 | -36.76 | -27.69 | -202.59 | -298.55 | -436.06 | -636.92 | -930.30 |
| WACC | ||||||||||
| PV UFCF | -40.43 | -27.69 | -184.20 | -246.82 | -327.80 | -435.34 | -578.17 | |||
| SUM PV UFCF | -1,772.34 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.98 |
| Free cash flow (t + 1) | -948.90 |
| Terminal Value | -11,891.04 |
| Present Value of Terminal Value | -7,390.12 |
Intrinsic Value
| Enterprise Value | -9,162.45 |
|---|---|
| Net Debt | -31.79 |
| Equity Value | -9,130.66 |
| Shares Outstanding | 33.82 |
| Equity Value Per Share | -269.97 |