Discounted Cash Flow (DCF) Analysis Unlevered

Newron Pharmaceuticals SpA (NP5.DE)

3.13 €

-0.01 (-0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.72 | 3.13 | 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 13.434.037.045.265.765.615.455.305.165.02
Revenue (%)
EBITDA -5.17-14.92-19.38-17.16-11.76-13.62-13.25-12.89-12.54-12.20
EBITDA (%)
EBIT -5.22-14.96-19.59-17.38-11.97-13.76-13.38-13.02-12.67-12.32
EBIT (%)
Depreciation 0.050.050.210.220.210.140.130.130.130.12
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 60.0843.8539.1631.2534.5936.8635.8634.8933.9433.01
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.01000000000
Inventories (%)
Accounts Payable 2.221.152.411.271.501.451.411.371.341.30
Accounts Payable (%)
Capital Expenditure -0.06-0.04-0.05-0.03-0.02-0.04-0.03-0.03-0.03-0.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.13
Beta 2.153
Diluted Shares Outstanding 17.84
Cost of Debt
Tax Rate -0.11
After-tax Cost of Debt 6.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.679
Total Debt 43.08
Total Equity 55.85
Total Capital 98.94
Debt Weighting 43.54
Equity Weighting 56.46
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 13.434.037.045.265.765.615.455.305.165.02
EBITDA -5.17-14.92-19.38-17.16-11.76-13.62-13.25-12.89-12.54-12.20
EBIT -5.22-14.96-19.59-17.38-11.97-13.76-13.38-13.02-12.67-12.32
Tax Rate 0.36%-0.11%-0.22%-7.03%-0.11%-1.42%-1.42%-1.42%-1.42%-1.42%
EBIAT -5.20-14.98-19.63-18.60-11.98-13.95-13.57-13.20-12.85-12.50
Depreciation 0.050.050.210.220.210.140.130.130.130.12
Accounts Receivable ----------
Inventories -0-00-000000
Accounts Payable --1.071.26-1.130.23-0.05-0.04-0.04-0.04-0.04
Capital Expenditure -0.06-0.04-0.05-0.04-0.02-0.04-0.03-0.03-0.03-0.03
UFCF -5.21-16.04-18.22-19.55-11.56-13.90-13.51-13.15-12.79-12.44
WACC
PV UFCF -12.56-11.03-9.70-8.53-7.49
SUM PV UFCF -49.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.67
Free cash flow (t + 1) -12.69
Terminal Value -146.38
Present Value of Terminal Value -88.17

Intrinsic Value

Enterprise Value -137.48
Net Debt 18.06
Equity Value -155.55
Shares Outstanding 17.84
Equity Value Per Share -8.72