Discounted Cash Flow (DCF) Analysis Unlevered
Idera Pharmaceuticals, Inc. (IDRA)
$0.425
-0.13 (-23.04%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.66 | 1.45 | 3.17 | 6.93 | 15.15 | 33.14 | 72.50 | 158.57 | 346.85 | 758.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -59.44 | -56.39 | -112.60 | 98.12 | -27.82 | -1,007.30 | -2,203.27 | -4,819.24 | -10,541.19 | -23,056.86 |
| EBITDA (%) | ||||||||||
| EBIT | -59.87 | -56.51 | -112.66 | 98.10 | -27.83 | -1,012.33 | -2,214.28 | -4,843.31 | -10,593.83 | -23,172 |
| EBIT (%) | ||||||||||
| Depreciation | 0.43 | 0.12 | 0.06 | 0.02 | 0.02 | 5.03 | 11 | 24.07 | 52.64 | 115.15 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 71.43 | 42.79 | 37.73 | 32.54 | 12.04 | 1,026.55 | 2,245.38 | 4,911.34 | 10,742.63 | 23,497.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | 4.21 | 9.20 | 20.13 | 44.04 | 96.32 | 210.68 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.13 | 0.46 | 0.33 | 0.56 | 5.20 | 16.95 | 37.08 | 81.10 | 177.39 | 388.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.07 | -0.01 | -0.01 | -0.28 | -0.62 | -1.36 | -2.98 | -6.52 | -14.27 | -31.21 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.425 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 3.26 |
| Cost of Debt | |
| Tax Rate | 21.29 |
| After-tax Cost of Debt | 28.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.438 |
| Total Debt | 0.56 |
| Total Equity | 1.38 |
| Total Capital | 1.94 |
| Debt Weighting | 28.81 |
| Equity Weighting | 71.19 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.66 | 1.45 | 3.17 | 6.93 | 15.15 | 33.14 | 72.50 | 158.57 | 346.85 | 758.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -59.44 | -56.39 | -112.60 | 98.12 | -27.82 | -1,007.30 | -2,203.27 | -4,819.24 | -10,541.19 | -23,056.86 |
| EBIT | -59.87 | -56.51 | -112.66 | 98.10 | -27.83 | -1,012.33 | -2,214.28 | -4,843.31 | -10,593.83 | -23,172 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.01% | 21.29% | 4.26% | 4.26% | 4.26% | 4.26% | 4.26% |
| EBIAT | -59.87 | -56.51 | -112.66 | 98.09 | -21.91 | -969.21 | -2,119.97 | -4,637.03 | -10,142.63 | -22,185.08 |
| Depreciation | 0.43 | 0.12 | 0.06 | 0.02 | 0.02 | 5.03 | 11 | 24.07 | 52.64 | 115.15 |
| Accounts Receivable | - | - | - | - | - | -5 | -10.93 | -23.90 | -52.28 | -114.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.68 | -0.13 | 0.24 | 4.63 | 11.75 | 20.13 | 44.02 | 96.29 | 210.62 |
| Capital Expenditure | -0.07 | -0.01 | -0.01 | -0.28 | -0.62 | -1.36 | -2.98 | -6.52 | -14.27 | -31.21 |
| UFCF | -59.51 | -57.08 | -112.73 | 98.06 | -17.88 | -958.79 | -2,102.75 | -4,599.37 | -10,060.24 | -22,004.88 |
| WACC | ||||||||||
| PV UFCF | -139.95 | 109.26 | -17.88 | -860.52 | -1,693.80 | -3,325.13 | -6,527.64 | -12,814.55 | ||
| SUM PV UFCF | -25,221.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.42 |
| Free cash flow (t + 1) | -22,444.98 |
| Terminal Value | -238,269.45 |
| Present Value of Terminal Value | -138,756.26 |
Intrinsic Value
| Enterprise Value | -163,977.89 |
|---|---|
| Net Debt | -11.48 |
| Equity Value | -163,966.40 |
| Shares Outstanding | 3.26 |
| Equity Value Per Share | -50,363.68 |