Discounted Cash Flow (DCF) Analysis Unlevered

Kiora Pharmaceuticals, Inc. (KPRX)

$3.67

-0.18 (-4.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -53,710.13 | 3.67 | overvalue

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 0.411.652.690.010.020.040.080.160.290.56
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 0.020.040.210.030.050.040.080.150.290.55
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 7.8183.781.197.854.057.6714.5427.5552.21
Total Cash (%)
Account Receivables 0.020.0200.090.530.270.510.961.813.44
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.710.060.210.430.160.390.741.402.655.02
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 0.411.652.690.010.020.040.080.160.290.56
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 0.020.040.210.030.050.040.080.150.290.55
Accounts Receivable -0.010.01-0.09-0.440.26-0.24-0.45-0.86-1.62
Inventories ----------
Accounts Payable --0.640.150.22-0.270.230.350.661.252.37
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