Discounted Cash Flow (DCF) Analysis Unlevered
Innate Pharma S.A. (IPHA)
$2.06
+0.03 (+1.48%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 32.63 | 79.89 | 68.97 | 56.83 | 12.11 | 13.17 | 14.32 | 15.56 | 16.92 | 18.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -43.51 | 10.22 | -4.03 | -6.85 | -44.22 | -13.26 | -14.42 | -15.67 | -17.04 | -18.53 |
| EBITDA (%) | ||||||||||
| EBIT | -47.90 | 2.82 | -20.56 | -63.64 | -48.81 | -18.12 | -19.70 | -21.42 | -23.29 | -25.32 |
| EBIT (%) | ||||||||||
| Depreciation | 4.39 | 7.40 | 16.53 | 56.80 | 4.60 | 4.86 | 5.28 | 5.75 | 6.25 | 6.79 |
| 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 | 116.11 | 167.53 | 218.86 | 151.64 | 119.84 | 56.33 | 61.25 | 66.59 | 72.39 | 78.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 15.08 | 146.64 | 13.14 | 13.87 | 18.42 | 11.20 | 12.18 | 13.24 | 14.39 | 15.65 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 19.97 | 41.68 | 27.94 | 20.73 | 28.57 | 11.23 | 12.20 | 13.27 | 14.43 | 15.68 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -6.03 | -1.43 | -65.40 | -11.28 | -1.33 | -3.84 | -4.18 | -4.54 | -4.94 | -5.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.06 |
|---|---|
| Beta | 0.281 |
| Diluted Shares Outstanding | 31.47 |
| Cost of Debt | |
| Tax Rate | -16.12 |
| After-tax Cost of Debt | 9.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.029 |
| Total Debt | 44.25 |
| Total Equity | 64.83 |
| Total Capital | 109.08 |
| Debt Weighting | 40.57 |
| Equity Weighting | 59.43 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 32.63 | 79.89 | 68.97 | 56.83 | 12.11 | 13.17 | 14.32 | 15.56 | 16.92 | 18.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -43.51 | 10.22 | -4.03 | -6.85 | -44.22 | -13.26 | -14.42 | -15.67 | -17.04 | -18.53 |
| EBIT | -47.90 | 2.82 | -20.56 | -63.64 | -48.81 | -18.12 | -19.70 | -21.42 | -23.29 | -25.32 |
| Tax Rate | -0.77% | -12.18% | 0.00% | 0.00% | -16.12% | -5.81% | -5.81% | -5.81% | -5.81% | -5.81% |
| EBIAT | -48.27 | 3.16 | -20.56 | -63.64 | -56.68 | -19.17 | -20.85 | -22.66 | -24.64 | -26.79 |
| Depreciation | 4.39 | 7.40 | 16.53 | 56.80 | 4.60 | 4.86 | 5.28 | 5.75 | 6.25 | 6.79 |
| Accounts Receivable | - | -131.55 | 133.50 | -0.73 | -4.55 | 7.22 | -0.98 | -1.06 | -1.15 | -1.26 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 21.71 | -13.74 | -7.21 | 7.84 | -17.35 | 0.98 | 1.06 | 1.16 | 1.26 |
| Capital Expenditure | -6.03 | -1.43 | -65.40 | -11.28 | -1.33 | -3.84 | -4.18 | -4.54 | -4.94 | -5.37 |
| UFCF | -49.91 | -100.71 | 50.33 | -26.06 | -50.12 | -28.28 | -19.74 | -21.46 | -23.33 | -25.36 |
| WACC | ||||||||||
| PV UFCF | -26.52 | -17.35 | -17.69 | -18.03 | -18.38 | |||||
| SUM PV UFCF | -97.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.65 |
| Free cash flow (t + 1) | -25.87 |
| Terminal Value | -556.36 |
| Present Value of Terminal Value | -403.23 |
Intrinsic Value
| Enterprise Value | -501.21 |
|---|---|
| Net Debt | -59.51 |
| Equity Value | -441.70 |
| Shares Outstanding | 31.47 |
| Equity Value Per Share | -14.04 |