Discounted Cash Flow (DCF) Analysis Unlevered

Idera Pharmaceuticals, Inc. (IDRA)

$0.425

-0.13 (-23.04%)
All numbers are in Millions, Currency in USD
Stock DCF: -50,363.68 | 0.425 | overvalue

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 0.661.453.176.9315.1533.1472.50158.57346.85758.67
Revenue (%)
EBITDA -59.44-56.39-112.6098.12-27.82-1,007.30-2,203.27-4,819.24-10,541.19-23,056.86
EBITDA (%)
EBIT -59.87-56.51-112.6698.10-27.83-1,012.33-2,214.28-4,843.31-10,593.83-23,172
EBIT (%)
Depreciation 0.430.120.060.020.025.031124.0752.64115.15
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 71.4342.7937.7332.5412.041,026.552,245.384,911.3410,742.6323,497.48
Total Cash (%)
Account Receivables ----4.219.2020.1344.0496.32210.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.130.460.330.565.2016.9537.0881.10177.39388.01
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 0.661.453.176.9315.1533.1472.50158.57346.85758.67
EBITDA -59.44-56.39-112.6098.12-27.82-1,007.30-2,203.27-4,819.24-10,541.19-23,056.86
EBIT -59.87-56.51-112.6698.10-27.83-1,012.33-2,214.28-4,843.31-10,593.83-23,172
Tax Rate 0.00%0.00%0.00%0.01%21.29%4.26%4.26%4.26%4.26%4.26%
EBIAT -59.87-56.51-112.6698.09-21.91-969.21-2,119.97-4,637.03-10,142.63-22,185.08
Depreciation 0.430.120.060.020.025.031124.0752.64115.15
Accounts Receivable ------5-10.93-23.90-52.28-114.36
Inventories ----------
Accounts Payable --0.68-0.130.244.6311.7520.1344.0296.29210.62
Capital Expenditure -0.07-0.01-0.01-0.28-0.62-1.36-2.98-6.52-14.27-31.21
UFCF -59.51-57.08-112.7398.06-17.88-958.79-2,102.75-4,599.37-10,060.24-22,004.88
WACC
PV UFCF -139.95109.26-17.88-860.52-1,693.80-3,325.13-6,527.64-12,814.55
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