Discounted Cash Flow (DCF) Analysis Unlevered
Pieris Pharmaceuticals, Inc. (PIRS)
$0.88
-0.02 (-1.73%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 29.10 | 46.28 | 29.32 | 31.42 | 25.90 | 26.68 | 27.48 | 28.30 | 29.15 | 30.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -26.50 | -24.43 | -34.94 | -43.37 | -30.50 | -27.68 | -28.51 | -29.36 | -30.24 | -31.15 |
| EBITDA (%) | ||||||||||
| EBIT | -27.07 | -25.47 | -37.07 | -45.74 | -33.28 | -29.27 | -30.14 | -31.04 | -31.97 | -32.93 |
| EBIT (%) | ||||||||||
| Depreciation | 0.57 | 1.04 | 2.13 | 2.37 | 2.78 | 1.59 | 1.63 | 1.68 | 1.73 | 1.78 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 128.11 | 104.15 | 70.44 | 117.76 | 59.17 | 80.50 | 82.91 | 85.39 | 87.95 | 90.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.70 | 6.79 | 1.71 | 3.31 | 5.81 | 3.35 | 3.45 | 3.55 | 3.66 | 3.77 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.35 | 5.80 | 3.01 | 11.59 | 4.15 | 4.65 | 4.79 | 4.94 | 5.08 | 5.24 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.70 | -2.46 | -2.73 | -0.95 | -1.04 | -1.47 | -1.51 | -1.56 | -1.60 | -1.65 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.88 |
|---|---|
| Beta | 1.075 |
| Diluted Shares Outstanding | 74.17 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.768 |
| Total Debt | 12.24 |
| Total Equity | 65.27 |
| Total Capital | 77.52 |
| Debt Weighting | 15.80 |
| Equity Weighting | 84.20 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 29.10 | 46.28 | 29.32 | 31.42 | 25.90 | 26.68 | 27.48 | 28.30 | 29.15 | 30.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -26.50 | -24.43 | -34.94 | -43.37 | -30.50 | -27.68 | -28.51 | -29.36 | -30.24 | -31.15 |
| EBIT | -27.07 | -25.47 | -37.07 | -45.74 | -33.28 | -29.27 | -30.14 | -31.04 | -31.97 | -32.93 |
| Tax Rate | 1.15% | 0.00% | -0.44% | 0.00% | 0.00% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
| EBIAT | -26.75 | -25.47 | -37.23 | -45.74 | -33.28 | -29.22 | -30.10 | -31 | -31.93 | -32.88 |
| Depreciation | 0.57 | 1.04 | 2.13 | 2.37 | 2.78 | 1.59 | 1.63 | 1.68 | 1.73 | 1.78 |
| Accounts Receivable | - | -4.09 | 5.08 | -1.61 | -2.50 | 2.46 | -0.10 | -0.10 | -0.11 | -0.11 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.45 | -2.80 | 8.58 | -7.43 | 0.50 | 0.14 | 0.14 | 0.15 | 0.15 |
| Capital Expenditure | -1.70 | -2.46 | -2.73 | -0.95 | -1.04 | -1.47 | -1.51 | -1.56 | -1.60 | -1.65 |
| UFCF | -27.88 | -28.52 | -35.54 | -37.34 | -41.47 | -26.14 | -29.94 | -30.83 | -31.76 | -32.71 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -33.36 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -26.39 |
| Equity Value | - |
| Shares Outstanding | 74.17 |
| Equity Value Per Share | - |