Discounted Cash Flow (DCF) Analysis Unlevered

Navidea Biopharmaceuticals, Inc. (NAVB)

$0.251

+0.00 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.10 | 0.251 | 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 1.811.170.660.920.530.420.340.270.210.17
Revenue (%)
EBITDA 71.14-15.94-10.80-10.65-11.63-2.05-1.63-1.30-1.03-0.82
EBITDA (%)
EBIT 70.88-16.09-10.95-10.72-11.71-2.11-1.68-1.34-1.06-0.84
EBIT (%)
Depreciation 0.250.150.140.070.080.060.050.040.030.02
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 4.594.281.052.674.231.581.2510.790.63
Total Cash (%)
Account Receivables 8.140.020.902.990.090.790.630.500.400.31
Account Receivables (%)
Inventories ---0.170.150.100.080.060.050.04
Inventories (%)
Accounts Payable 0.860.421.111.161.420.550.430.350.270.22
Accounts Payable (%)
Capital Expenditure -0.03-0.05-0.06-0.41-0.33-0.10-0.08-0.06-0.05-0.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.251
Beta 1.378
Diluted Shares Outstanding 29.34
Cost of Debt
Tax Rate -0.14
After-tax Cost of Debt 0.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.328
Total Debt 0.75
Total Equity 7.37
Total Capital 8.11
Debt Weighting 9.24
Equity Weighting 90.76
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 1.811.170.660.920.530.420.340.270.210.17
EBITDA 71.14-15.94-10.80-10.65-11.63-2.05-1.63-1.30-1.03-0.82
EBIT 70.88-16.09-10.95-10.72-11.71-2.11-1.68-1.34-1.06-0.84
Tax Rate 521.29%0.34%-0.03%0.00%-0.14%104.29%104.29%104.29%104.29%104.29%
EBIAT -298.63-16.04-10.95-10.72-11.720.090.070.060.050.04
Depreciation 0.250.150.140.070.080.060.050.040.030.02
Accounts Receivable -8.12-0.88-2.092.89-0.690.160.130.100.08
Inventories ----0.020.050.020.020.010.01
Accounts Payable --0.430.690.050.26-0.87-0.11-0.09-0.07-0.06
Capital Expenditure -0.03-0.05-0.06-0.41-0.33-0.10-0.08-0.06-0.05-0.04
UFCF -298.40-8.25-11.06-13.10-8.80-1.470.110.090.070.05
WACC
PV UFCF -1.340.090.070.050.03
SUM PV UFCF -1.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.45
Free cash flow (t + 1) 0.06
Terminal Value 0.74
Present Value of Terminal Value 0.47

Intrinsic Value

Enterprise Value -0.63
Net Debt -3.48
Equity Value 2.85
Shares Outstanding 29.34
Equity Value Per Share 0.10