Discounted Cash Flow (DCF) Analysis Unlevered
Inotiv, Inc. (NOTV)
$11.75
-0.24 (-2.00%)
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 | 24.24 | 26.35 | 43.62 | 60.47 | 89.61 | 125.68 | 176.29 | 247.27 | 346.82 | 486.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.96 | 1.90 | 2.57 | 0.88 | 14.07 | 10.68 | 14.98 | 21 | 29.46 | 41.32 |
| EBITDA (%) | ||||||||||
| EBIT | 1.28 | 0.02 | -0.14 | -3.05 | 7.80 | 2.19 | 3.07 | 4.30 | 6.04 | 8.47 |
| EBIT (%) | ||||||||||
| Depreciation | 1.68 | 1.88 | 2.72 | 3.93 | 6.27 | 8.49 | 11.91 | 16.70 | 23.42 | 32.85 |
| 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 | 0.43 | 0.77 | 0.61 | 1.41 | 138.92 | 41.09 | 57.64 | 80.85 | 113.40 | 159.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.14 | 5.14 | 9.52 | 10.82 | 28.36 | 26.11 | 36.62 | 51.36 | 72.04 | 101.05 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.91 | 1.18 | 1.10 | 0.70 | 0.60 | 3.17 | 4.44 | 6.23 | 8.73 | 12.25 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.05 | 3.19 | 4.94 | 3.20 | 6.16 | 11.08 | 15.54 | 21.79 | 30.57 | 42.88 |
| 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 | 24.24 | 26.35 | 43.62 | 60.47 | 89.61 | 125.68 | 176.29 | 247.27 | 346.82 | 486.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.96 | 1.90 | 2.57 | 0.88 | 14.07 | 10.68 | 14.98 | 21 | 29.46 | 41.32 |
| EBIT | 1.28 | 0.02 | -0.14 | -3.05 | 7.80 | 2.19 | 3.07 | 4.30 | 6.04 | 8.47 |
| Tax Rate | 2.64% | 23.62% | -0.51% | -3.24% | -78.05% | -11.11% | -11.11% | -11.11% | -11.11% | -11.11% |
| EBIAT | 1.25 | 0.02 | -0.14 | -3.15 | 13.89 | 2.43 | 3.41 | 4.78 | 6.71 | 9.41 |
| Depreciation | 1.68 | 1.88 | 2.72 | 3.93 | 6.27 | 8.49 | 11.91 | 16.70 | 23.42 | 32.85 |
| Accounts Receivable | - | -2 | -4.38 | -1.30 | -17.54 | 2.26 | -10.51 | -14.74 | -20.68 | -29.01 |
| Inventories | - | -0.27 | 0.09 | 0.40 | 0.10 | -2.56 | -1.27 | -1.79 | -2.51 | -3.52 |
| Accounts Payable | - | 1.14 | 1.75 | -1.75 | 2.97 | 4.92 | 4.46 | 6.26 | 8.78 | 12.31 |
| 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 | -6.79 | 3.87 | -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 |