Discounted Cash Flow (DCF) Analysis Unlevered

Inotiv, Inc. (NOTV)

$11.75

-0.24 (-2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -29.08 | 11.75 | 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 24.2426.3543.6260.4789.61125.68176.29247.27346.82486.46
Revenue (%)
EBITDA 2.961.902.570.8814.0710.6814.982129.4641.32
EBITDA (%)
EBIT 1.280.02-0.14-3.057.802.193.074.306.048.47
EBIT (%)
Depreciation 1.681.882.723.936.278.4911.9116.7023.4232.85
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 0.430.770.611.41138.9241.0957.6480.85113.40159.05
Total Cash (%)
Account Receivables 3.145.149.5210.8228.3626.1136.6251.3672.04101.05
Account Receivables (%)
Inventories 0.911.181.100.700.603.174.446.238.7312.25
Inventories (%)
Accounts Payable 2.053.194.943.206.1611.0815.5421.7930.5742.88
Accounts Payable (%)
Capital Expenditure -0.35-1.32-6.88-6.20-12.47-11.66-16.35-22.93-32.17-45.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.75
Beta 2.241
Diluted Shares Outstanding 13.87
Cost of Debt
Tax Rate -78.05
After-tax Cost of Debt 0.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.702
Total Debt 174.19
Total Equity 162.91
Total Capital 337.10
Debt Weighting 51.67
Equity Weighting 48.33
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 24.2426.3543.6260.4789.61125.68176.29247.27346.82486.46
EBITDA 2.961.902.570.8814.0710.6814.982129.4641.32
EBIT 1.280.02-0.14-3.057.802.193.074.306.048.47
Tax Rate 2.64%23.62%-0.51%-3.24%-78.05%-11.11%-11.11%-11.11%-11.11%-11.11%
EBIAT 1.250.02-0.14-3.1513.892.433.414.786.719.41
Depreciation 1.681.882.723.936.278.4911.9116.7023.4232.85
Accounts Receivable --2-4.38-1.30-17.542.26-10.51-14.74-20.68-29.01
Inventories --0.270.090.400.10-2.56-1.27-1.79-2.51-3.52
Accounts Payable -1.141.75-1.752.974.924.466.268.7812.31
Capital Expenditure -0.35-1.32-6.88-6.20-12.47-11.66-16.35-22.93-32.17-45.12
UFCF 2.58-0.55-6.85-8.07-6.793.87-8.36-11.72-16.45-23.07
WACC
PV UFCF 3.61-7.28-9.54-12.49-16.35
SUM PV UFCF -42.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.12
Free cash flow (t + 1) -23.53
Terminal Value -459.54
Present Value of Terminal Value -325.82

Intrinsic Value

Enterprise Value -367.87
Net Debt 35.27
Equity Value -403.14
Shares Outstanding 13.87
Equity Value Per Share -29.08