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
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 | 13.43 | 4.03 | 7.04 | 5.26 | 5.76 | 5.61 | 5.45 | 5.30 | 5.16 | 5.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.05 | 0.05 | 0.21 | 0.22 | 0.21 | 0.14 | 0.13 | 0.13 | 0.13 | 0.12 |
| 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 | 60.08 | 43.85 | 39.16 | 31.25 | 34.59 | 36.86 | 35.86 | 34.89 | 33.94 | 33.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.22 | 1.15 | 2.41 | 1.27 | 1.50 | 1.45 | 1.41 | 1.37 | 1.34 | 1.30 |
| 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 | 13.43 | 4.03 | 7.04 | 5.26 | 5.76 | 5.61 | 5.45 | 5.30 | 5.16 | 5.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.05 | 0.05 | 0.21 | 0.22 | 0.21 | 0.14 | 0.13 | 0.13 | 0.13 | 0.12 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | -1.07 | 1.26 | -1.13 | 0.23 | -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 |