Discounted Cash Flow (DCF) Analysis Unlevered

Immutep Limited (IMMP)

$1.61

-0.02 (-1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -203,535,472,811.07 | 1.61 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.630.147.49200.685,379.30144,195.153,865,232.82103,609,762.672,777,318,576.1274,447,602,949.79
Revenue (%)
EBITDA -10.94-16.46-11.38-20.72-43.69-3,563,862.75-95,531,366.55-2,560,772,576.54-68,642,964,354.98-1,840,013,673,450.47
EBITDA (%)
EBIT -12.74-18.34-13.46-984.57-25,880.29-4,256,427.56-114,095,959.98-3,058,407,054.77-81,982,339,379.23-2,197,583,202,542.60
EBIT (%)
Depreciation 1.811.882.08963.8525,836.60692,564.8118,564,593.43497,634,478.2213,339,375,024.25357,569,529,092.13
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 23.4816.5726.3260.13116.293,786,244.62101,492,439.042,720,562,512.6772,926,224,411.071,954,828,893,687.65
Total Cash (%)
Account Receivables 3.485.233.396.1212.171,131,422.1730,328,414.22812,970,380.6221,792,133,112.50584,150,513,857.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.622.561.641.824.17551,912.9514,794,340.28396,570,699.6010,630,302,997.58284,951,313,689.06
Accounts Payable (%)
Capital Expenditure -0.01-0.04-0.02-0.02-0.02-8,755.91-234,707.10-6,291,457.28-168,646,088.29-4,520,654,248.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.61
Beta 1.932
Diluted Shares Outstanding 59.49
Cost of Debt
Tax Rate -0.00
After-tax Cost of Debt 5.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.084
Total Debt 2.52
Total Equity 95.78
Total Capital 98.30
Debt Weighting 2.56
Equity Weighting 97.44
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.630.147.49200.685,379.30144,195.153,865,232.82103,609,762.672,777,318,576.1274,447,602,949.79
EBITDA -10.94-16.46-11.38-20.72-43.69-3,563,862.75-95,531,366.55-2,560,772,576.54-68,642,964,354.98-1,840,013,673,450.47
EBIT -12.74-18.34-13.46-984.57-25,880.29-4,256,427.56-114,095,959.98-3,058,407,054.77-81,982,339,379.23-2,197,583,202,542.60
Tax Rate -0.01%0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
EBIAT -12.75-18.34-13.46-984.58-25,880.32-4,256,543.69-114,099,072.87-3,058,490,497.69-81,984,576,114.25-2,197,643,159,496.11
Depreciation 1.811.882.08963.8525,836.60692,564.8118,564,593.43497,634,478.2213,339,375,024.25357,569,529,092.13
Accounts Receivable --1.751.84-2.73-6.05-1,131,409.99-29,196,992.05-782,641,966.40-20,979,162,731.87-562,358,380,744.79
Inventories ----------
Accounts Payable -0.94-0.920.192.34551,908.7814,242,427.33381,776,359.3210,233,732,297.98274,321,010,691.48
Capital Expenditure -0.01-0.04-0.02-0.02-0.02-8,755.91-234,707.10-6,291,457.28-168,646,088.29-4,520,654,248.31
UFCF -10.95-17.31-10.48-23.29-47.45-4,152,236-110,723,751.27-2,968,013,083.84-79,559,277,612.18-2,132,631,654,705.60
WACC
PV UFCF -26.29-47.45-3,678,125.61-86,882,007.06-2,063,000,779.09-48,985,657,197.94-1,163,157,394,524.75
SUM PV UFCF -1,214,296,612,634.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.89
Free cash flow (t + 1) -2,175,284,287,799.71
Terminal Value -19,975,062,330,575.84
Present Value of Terminal Value -10,894,587,166,347.48

Intrinsic Value

Enterprise Value -12,108,883,778,981.93
Net Debt -113.77
Equity Value -12,108,883,778,868.16
Shares Outstanding 59.49
Equity Value Per Share -203,535,472,811.07