Discounted Cash Flow (DCF) Analysis Unlevered

Liquidia Corporation (LQDA)

$5.31

+0.29 (+5.78%)
All numbers are in Millions, Currency in USD
Stock DCF: -767,606.59 | 5.31 | 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 7.262.718.070.7412.8566.92348.381,813.729,442.5449,159.45
Revenue (%)
EBITDA -15.21-32.60-43.64-55.78-33.80-1,306.03-6,799.39-35,398.77-184,291.95-959,454.83
EBITDA (%)
EBIT -16.14-34.15-46.21-58.90-50.66-1,393.82-7,256.47-37,778.39-196,680.66-1,023,952.52
EBIT (%)
Depreciation 0.931.542.573.1316.8687.80457.082,379.6212,388.7164,497.69
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 3.4239.5355.8065.3257.491,536.027,996.7841,632.57216,746.131,128,416.76
Total Cash (%)
Account Receivables 1.620.271.310.122.0810.8556.47293.991,530.577,968.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.423.243.503.731.0798.64513.542,673.5913,919.1572,465.44
Accounts Payable (%)
Capital Expenditure -2.54-0.87-1.85-0.75-6.16-32.09-167.07-869.81-4,528.39-23,575.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.31
Beta 0.237
Diluted Shares Outstanding 49.68
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -5.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.645
Total Debt 16.08
Total Equity 263.79
Total Capital 279.87
Debt Weighting 5.75
Equity Weighting 94.25
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 7.262.718.070.7412.8566.92348.381,813.729,442.5449,159.45
EBITDA -15.21-32.60-43.64-55.78-33.80-1,306.03-6,799.39-35,398.77-184,291.95-959,454.83
EBIT -16.14-34.15-46.21-58.90-50.66-1,393.82-7,256.47-37,778.39-196,680.66-1,023,952.52
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -16.14-34.15-46.21-58.90-50.66-1,393.82-7,256.47-37,778.39-196,680.66-1,023,952.52
Depreciation 0.931.542.573.1316.8687.80457.082,379.6212,388.7164,497.69
Accounts Receivable -1.35-1.041.19-1.96-8.76-45.62-237.52-1,236.57-6,437.82
Inventories ----------
Accounts Payable --1.190.260.24-2.6697.57414.902,160.0511,245.5658,546.29
Capital Expenditure -2.54-0.87-1.85-0.75-6.16-32.09-167.07-869.81-4,528.39-23,575.55
UFCF -17.76-33.31-46.27-55.10-44.59-1,249.31-6,597.19-34,346.06-178,811.35-930,921.90
WACC
PV UFCF -1,200.22-6,088.93-30,454.39-152,320.74-761,847.78
SUM PV UFCF -951,912.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.09
Free cash flow (t + 1) -949,540.34
Terminal Value -45,432,552.28
Present Value of Terminal Value -37,181,087.85

Intrinsic Value

Enterprise Value -38,132,999.91
Net Debt -41.42
Equity Value -38,132,958.49
Shares Outstanding 49.68
Equity Value Per Share -767,606.59