Discounted Cash Flow (DCF) Analysis Unlevered

Prothena Corporation plc (PRTA)

$57.75

+2.20 (+3.96%)
All numbers are in Millions, Currency in USD
Stock DCF: -4,299,664,945,777.29 | 57.75 | 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 27.520.960.810.85200.5811,888.10704,601.7141,761,390.322,475,176,676.18146,702,481,212.04
Revenue (%)
EBITDA -150.85-149.20-62.27-103.0878.77-852,784.47-50,544,108.06-2,995,723,955.64-177,555,057,603.90-10,523,599,286,016.97
EBITDA (%)
EBIT -153.91-152.42-69.09-110.0671.96-900,504.84-53,372,470.88-3,163,359,602.43-187,490,738,381.80-11,112,482,106,655.47
EBIT (%)
Depreciation 3.073.226.826.986.8047,720.382,828,362.82167,635,646.799,935,680,777.90588,882,820,638.50
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 417.62427.66375.72295.38579.093,028,453.05179,494,894.7410,638,572,460.88630,542,858,448.3737,371,959,236,292.16
Total Cash (%)
Account Receivables 0.2400.070.015.61332.6819,718.031,168,677.4769,266,928.224,105,416,123.83
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 13.631.471.244.123.6919,984.761,184,486.8370,203,940.694,160,952,383.54246,617,562,594.27
Accounts Payable (%)
Capital Expenditure -3.63-1.77-0.55-0.20-0.58-6,889.24-408,321.52-24,201,011.75-1,434,381,838.81-85,015,092,774.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 57.75
Beta 0.502
Diluted Shares Outstanding 48.46
Cost of Debt
Tax Rate 6.88
After-tax Cost of Debt 0.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.903
Total Debt 12.33
Total Equity 2,798.80
Total Capital 2,811.12
Debt Weighting 0.44
Equity Weighting 99.56
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 27.520.960.810.85200.5811,888.10704,601.7141,761,390.322,475,176,676.18146,702,481,212.04
EBITDA -150.85-149.20-62.27-103.0878.77-852,784.47-50,544,108.06-2,995,723,955.64-177,555,057,603.90-10,523,599,286,016.97
EBIT -153.91-152.42-69.09-110.0671.96-900,504.84-53,372,470.88-3,163,359,602.43-187,490,738,381.80-11,112,482,106,655.47
Tax Rate 2.77%0.30%-0.49%0.25%6.88%1.94%1.94%1.94%1.94%1.94%
EBIAT -149.65-151.96-69.43-109.7867.01-883,013.49-52,335,767.24-3,101,914,697.25-183,848,929,643.38-10,896,633,927,749.08
Depreciation 3.073.226.826.986.8047,720.382,828,362.82167,635,646.799,935,680,777.90588,882,820,638.50
Accounts Receivable -0.24-0.070.05-5.60-327.07-19,385.34-1,148,959.45-68,098,250.75-4,036,149,195.61
Inventories ----------
Accounts Payable --12.16-0.232.87-0.4319,981.071,164,502.0769,019,453.864,090,748,442.85242,456,610,210.73
Capital Expenditure -3.63-1.77-0.56-0.20-0.57-6,889.24-408,321.52-24,201,011.75-1,434,381,838.81-85,015,092,774.37
UFCF -150.21-162.44-63.46-100.0767.22-822,528.35-48,770,609.22-2,890,609,567.80-171,324,980,512.19-10,154,345,738,869.83
WACC
PV UFCF -776,849.60-43,504,112.70-2,435,272,911.46-136,321,689,718.68-7,631,014,577,576.54
SUM PV UFCF -7,769,815,821,168.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.88
Free cash flow (t + 1) -10,357,432,653,647.23
Terminal Value -266,944,140,557,918.28
Present Value of Terminal Value -200,609,146,111,548.31

Intrinsic Value

Enterprise Value -208,378,961,932,717.31
Net Debt -566.77
Equity Value -208,378,961,932,150.56
Shares Outstanding 48.46
Equity Value Per Share -4,299,664,945,777.29