Discounted Cash Flow (DCF) Analysis Unlevered

Idera Pharmaceuticals, Inc. (IDRA)

$0.4006

-0.01 (-3.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -269.97 | 0.4006 | overvalue

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 0.900.661.452.113.094.516.599.6314.0620.54
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 0.750.430.120.060.021.442.113.084.496.57
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 112.6371.4342.7937.7332.55262.33383.16559.65817.441,193.97
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.331.130.460.330.573.475.077.4010.8115.80
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 0.900.661.452.113.094.516.599.6314.0620.54
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 0.750.430.120.060.021.442.113.084.496.57
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.20-0.68-0.130.242.911.602.343.414.98
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