Discounted Cash Flow (DCF) Analysis Unlevered
Kiora Pharmaceuticals, Inc. (KPRX)
$3.67
-0.18 (-4.68%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.41 | 1.65 | 2.69 | 0.01 | 0.02 | 0.04 | 0.08 | 0.16 | 0.29 | 0.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -14.54 | -10.69 | -6.79 | -8.04 | -16.04 | -12.24 | -23.20 | -43.96 | -83.30 | -157.85 |
| EBITDA (%) | ||||||||||
| EBIT | -14.56 | -10.72 | -7 | -8.08 | -16.08 | -12.28 | -23.28 | -44.11 | -83.59 | -158.40 |
| EBIT (%) | ||||||||||
| Depreciation | 0.02 | 0.04 | 0.21 | 0.03 | 0.05 | 0.04 | 0.08 | 0.15 | 0.29 | 0.55 |
| 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 | 7.81 | 8 | 3.78 | 1.19 | 7.85 | 4.05 | 7.67 | 14.54 | 27.55 | 52.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.02 | 0.02 | 0 | 0.09 | 0.53 | 0.27 | 0.51 | 0.96 | 1.81 | 3.44 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.71 | 0.06 | 0.21 | 0.43 | 0.16 | 0.39 | 0.74 | 1.40 | 2.65 | 5.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.04 | -0.27 | -0.34 | -0 | -0 | -0.01 | -0.01 | -0.02 | -0.04 | -0.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.67 |
|---|---|
| Beta | 0.249 |
| Diluted Shares Outstanding | 0.11 |
| Cost of Debt | |
| Tax Rate | 1.83 |
| After-tax Cost of Debt | 3.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.670 |
| Total Debt | 0.21 |
| Total Equity | 0.42 |
| Total Capital | 0.63 |
| Debt Weighting | 33.28 |
| Equity Weighting | 66.72 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.41 | 1.65 | 2.69 | 0.01 | 0.02 | 0.04 | 0.08 | 0.16 | 0.29 | 0.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -14.54 | -10.69 | -6.79 | -8.04 | -16.04 | -12.24 | -23.20 | -43.96 | -83.30 | -157.85 |
| EBIT | -14.56 | -10.72 | -7 | -8.08 | -16.08 | -12.28 | -23.28 | -44.11 | -83.59 | -158.40 |
| Tax Rate | 9.22% | -0.80% | -1.36% | -0.15% | 1.83% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| EBIAT | -13.22 | -10.81 | -7.10 | -8.09 | -15.79 | -12.07 | -22.87 | -43.34 | -82.13 | -155.64 |
| Depreciation | 0.02 | 0.04 | 0.21 | 0.03 | 0.05 | 0.04 | 0.08 | 0.15 | 0.29 | 0.55 |
| Accounts Receivable | - | 0.01 | 0.01 | -0.09 | -0.44 | 0.26 | -0.24 | -0.45 | -0.86 | -1.62 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.64 | 0.15 | 0.22 | -0.27 | 0.23 | 0.35 | 0.66 | 1.25 | 2.37 |
| Capital Expenditure | -0.04 | -0.27 | -0.34 | -0.13 | -0.06 | -0.01 | -0.01 | -0.02 | -0.04 | -0.07 |
| UFCF | -13.23 | -11.68 | -7.06 | -7.92 | -16.46 | -11.54 | -22.69 | -43 | -81.48 | -154.41 |
| WACC | ||||||||||
| PV UFCF | -16.46 | -11.08 | -20.91 | -38.03 | -69.17 | -125.82 | ||||
| SUM PV UFCF | -265.01 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.18 |
| Free cash flow (t + 1) | -157.50 |
| Terminal Value | -7,224.82 |
| Present Value of Terminal Value | -5,887.15 |
Intrinsic Value
| Enterprise Value | -6,152.16 |
|---|---|
| Net Debt | -7.65 |
| Equity Value | -6,144.52 |
| Shares Outstanding | 0.11 |
| Equity Value Per Share | -53,710.13 |