Discounted Cash Flow (DCF) Analysis Unlevered
Mithra Pharmaceuticals SA (MITRA.BR)
3.15 €
+0.02 (+0.48%)
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 | 46.25 | 57.88 | 96.52 | 9.03 | 22.67 | 31.30 | 43.21 | 59.67 | 82.38 | 113.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -42.56 | -15.94 | -22.59 | -97.65 | -101.58 | -104.69 | -144.55 | -199.58 | -275.57 | -380.48 |
| EBITDA (%) | ||||||||||
| EBIT | -44.72 | -18.79 | -28.37 | -107.42 | -112 | -115.32 | -159.22 | -219.84 | -303.53 | -419.09 |
| EBIT (%) | ||||||||||
| Depreciation | 2.16 | 2.85 | 5.78 | 9.77 | 10.43 | 10.62 | 14.67 | 20.25 | 27.97 | 38.61 |
| 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 | 36.19 | 118.95 | 49.77 | 138.69 | 32.87 | 126.21 | 174.26 | 240.60 | 332.20 | 458.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 4.14 | 10.94 | 16.28 | 35.38 | 43.85 | 39.44 | 54.45 | 75.18 | 103.80 | 143.32 |
| Inventories (%) | ||||||||||
| Accounts Payable | 16.14 | 13.07 | 19.45 | 23.33 | 16.91 | 25.70 | 35.48 | 48.99 | 67.65 | 93.40 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.20 | -10.10 | -15.45 | -16.23 | -21.18 | -20.85 | -28.78 | -39.74 | -54.87 | -75.76 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.15 |
|---|---|
| Beta | 0.551 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 5.57 |
| After-tax Cost of Debt | 5.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.131 |
| Total Debt | 220.72 |
| Total Equity | 338.58 |
| Total Capital | 559.30 |
| Debt Weighting | 39.46 |
| Equity Weighting | 60.54 |
| 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 | 46.25 | 57.88 | 96.52 | 9.03 | 22.67 | 31.30 | 43.21 | 59.67 | 82.38 | 113.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -42.56 | -15.94 | -22.59 | -97.65 | -101.58 | -104.69 | -144.55 | -199.58 | -275.57 | -380.48 |
| EBIT | -44.72 | -18.79 | -28.37 | -107.42 | -112 | -115.32 | -159.22 | -219.84 | -303.53 | -419.09 |
| Tax Rate | 24.60% | 67.02% | 17.89% | 16.98% | 5.57% | 26.41% | 26.41% | 26.41% | 26.41% | 26.41% |
| EBIAT | -33.72 | -6.20 | -23.30 | -89.18 | -105.77 | -84.86 | -117.17 | -161.77 | -223.36 | -308.40 |
| Depreciation | 2.16 | 2.85 | 5.78 | 9.77 | 10.43 | 10.62 | 14.67 | 20.25 | 27.97 | 38.61 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -6.80 | -5.33 | -19.11 | -8.47 | 4.42 | -15.01 | -20.73 | -28.62 | -39.52 |
| Accounts Payable | - | -3.07 | 6.38 | 3.88 | -6.41 | 8.78 | 9.78 | 13.51 | 18.65 | 25.75 |
| Capital Expenditure | -12.20 | -10.10 | -15.46 | -16.23 | -21.18 | -20.85 | -28.78 | -39.74 | -54.87 | -75.76 |
| UFCF | -43.76 | -23.32 | -31.93 | -110.87 | -131.40 | -81.88 | -136.51 | -188.48 | -260.24 | -359.31 |
| WACC | ||||||||||
| PV UFCF | -77.46 | -122.18 | -159.60 | -208.48 | -272.33 | |||||
| SUM PV UFCF | -840.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.70 |
| Free cash flow (t + 1) | -366.50 |
| Terminal Value | -9,905.38 |
| Present Value of Terminal Value | -7,507.52 |
Intrinsic Value
| Enterprise Value | -8,347.58 |
|---|---|
| Net Debt | 187.85 |
| Equity Value | -8,535.42 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -79.41 |