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
Stock DCF: -14.04 | 2.06 | overvalue

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 32.6379.8968.9756.8312.1113.1714.3215.5616.9218.40
Revenue (%)
EBITDA -43.5110.22-4.03-6.85-44.22-13.26-14.42-15.67-17.04-18.53
EBITDA (%)
EBIT -47.902.82-20.56-63.64-48.81-18.12-19.70-21.42-23.29-25.32
EBIT (%)
Depreciation 4.397.4016.5356.804.604.865.285.756.256.79
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 116.11167.53218.86151.64119.8456.3361.2566.5972.3978.71
Total Cash (%)
Account Receivables 15.08146.6413.1413.8718.4211.2012.1813.2414.3915.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.9741.6827.9420.7328.5711.2312.2013.2714.4315.68
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 32.6379.8968.9756.8312.1113.1714.3215.5616.9218.40
EBITDA -43.5110.22-4.03-6.85-44.22-13.26-14.42-15.67-17.04-18.53
EBIT -47.902.82-20.56-63.64-48.81-18.12-19.70-21.42-23.29-25.32
Tax Rate -0.77%-12.18%0.00%0.00%-16.12%-5.81%-5.81%-5.81%-5.81%-5.81%
EBIAT -48.273.16-20.56-63.64-56.68-19.17-20.85-22.66-24.64-26.79
Depreciation 4.397.4016.5356.804.604.865.285.756.256.79
Accounts Receivable --131.55133.50-0.73-4.557.22-0.98-1.06-1.15-1.26
Inventories ----------
Accounts Payable -21.71-13.74-7.217.84-17.350.981.061.161.26
Capital Expenditure -6.03-1.43-65.40-11.28-1.33-3.84-4.18-4.54-4.94-5.37
UFCF -49.91-100.7150.33-26.06-50.12-28.28-19.74-21.46-23.33-25.36
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