Discounted Cash Flow (DCF) Analysis Unlevered
Innate Pharma S.A. (IPHA)
$2.9
0.00 (0.00%)
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 | $ 2.9 |
---|---|
Beta | 0.242 |
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 | 3.992 |
Total Debt | 44.25 |
Total Equity | 91.26 |
Total Capital | 135.51 |
Debt Weighting | 32.65 |
Equity Weighting | 67.35 |
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 | -26.77 | -17.69 | -18.20 | -18.73 | -19.28 | |||||
SUM PV UFCF | -100.67 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.64 |
Free cash flow (t + 1) | -25.87 |
Terminal Value | -710.73 |
Present Value of Terminal Value | -540.21 |
Intrinsic Value
Enterprise Value | -640.88 |
---|---|
Net Debt | -59.51 |
Equity Value | -581.38 |
Shares Outstanding | 31.47 |
Equity Value Per Share | -18.47 |