Discounted Cash Flow (DCF) Analysis Unlevered

Midatech Pharma plc (MTP)

$2.01

-0.10 (-4.74%)
All numbers are in Millions, Currency in USD
Stock DCF: -643.94 | 2.01 | 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 7.600.150.310.180.580.851.261.862.744.04
Revenue (%)
EBITDA -14.66-15.02-10.49-22.22-5.66-45.98-67.85-100.10-147.69-217.90
EBITDA (%)
EBIT -17.22-16.47-11.77-23.44-6.06-49.68-73.29-108.14-159.54-235.39
EBIT (%)
Depreciation 2.561.451.281.220.403.695.458.0411.8617.49
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 13.202.3410.937.5510.0619.0728.1441.5161.2590.36
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.940.020.040.020.070.110.160.230.340.50
Inventories (%)
Accounts Payable 2.270.290.720.340.481.241.832.693.975.86
Accounts Payable (%)
Capital Expenditure -1.48-0.24-0.32-0.21-0.32-0.78-1.15-1.70-2.50-3.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.01
Beta 1.449
Diluted Shares Outstanding 3.22
Cost of Debt
Tax Rate 10.58
After-tax Cost of Debt 5.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.667
Total Debt 0.77
Total Equity 6.48
Total Capital 7.24
Debt Weighting 10.58
Equity Weighting 89.42
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 7.600.150.310.180.580.851.261.862.744.04
EBITDA -14.66-15.02-10.49-22.22-5.66-45.98-67.85-100.10-147.69-217.90
EBIT -17.22-16.47-11.77-23.44-6.06-49.68-73.29-108.14-159.54-235.39
Tax Rate 7.30%-21.21%7.67%5.46%10.58%1.96%1.96%1.96%1.96%1.96%
EBIAT -15.96-19.97-10.87-22.16-5.42-48.70-71.86-106.02-156.42-230.78
Depreciation 2.561.451.281.220.403.695.458.0411.8617.49
Accounts Receivable ----------
Inventories -0.92-0.020.02-0.05-0.03-0.05-0.07-0.11-0.16
Accounts Payable --1.990.44-0.390.150.750.590.871.281.89
Capital Expenditure -1.49-0.24-0.32-0.21-0.32-0.78-1.15-1.70-2.50-3.69
UFCF -14.89-19.83-9.48-21.52-5.24-45.07-67.02-98.88-145.89-215.25
WACC
PV UFCF -40.94-55.31-74.13-99.36-133.17
SUM PV UFCF -402.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.08
Free cash flow (t + 1) -219.55
Terminal Value -2,717.25
Present Value of Terminal Value -1,681.07

Intrinsic Value

Enterprise Value -2,083.98
Net Debt -9.29
Equity Value -2,074.69
Shares Outstanding 3.22
Equity Value Per Share -643.94