Discounted Cash Flow (DCF) Analysis Unlevered

Recro Pharma, Inc. (REPH)

$2.09

-0.01 (-0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.80 | 2.09 | 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 71.8377.3599.2266.5075.3678.4381.6384.9588.4292.02
Revenue (%)
EBITDA -32.48-45.689.580.2011.33-12.44-12.94-13.47-14.02-14.59
EBITDA (%)
EBIT -39.93-53.531.18-8.343.76-20.57-21.41-22.28-23.19-24.14
EBIT (%)
Depreciation 7.457.858.408.557.578.148.478.819.179.55
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 64.4838.5119.1523.7625.2235.7737.2338.7540.3341.97
Total Cash (%)
Account Receivables 9.6918.0723.2416.3620.4817.5818.2919.0419.8120.62
Account Receivables (%)
Inventories 9.8410.7015.0711.618.9211.3011.7612.2412.7313.25
Inventories (%)
Accounts Payable 7.954.510.991.802.093.673.823.974.134.30
Accounts Payable (%)
Capital Expenditure -6.69-10.61-8.34-7.60-5.29-7.83-8.14-8.48-8.82-9.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.09
Beta 1.115
Diluted Shares Outstanding 51.42
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 14.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.884
Total Debt 103.52
Total Equity 107.46
Total Capital 210.98
Debt Weighting 49.07
Equity Weighting 50.93
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 71.8377.3599.2266.5075.3678.4381.6384.9588.4292.02
EBITDA -32.48-45.689.580.2011.33-12.44-12.94-13.47-14.02-14.59
EBIT -39.93-53.531.18-8.343.76-20.57-21.41-22.28-23.19-24.14
Tax Rate 3.62%-27.99%502.81%0.00%0.00%95.69%95.69%95.69%95.69%95.69%
EBIAT -38.48-68.52-4.74-8.343.76-0.89-0.92-0.96-1-1.04
Depreciation 7.457.858.408.557.578.148.478.819.179.55
Accounts Receivable --8.38-5.176.88-4.122.90-0.72-0.75-0.78-0.81
Inventories --0.86-4.373.462.70-2.38-0.46-0.48-0.50-0.52
Accounts Payable --3.44-3.520.820.281.580.150.160.160.17
Capital Expenditure -6.69-10.61-8.34-7.60-5.29-7.83-8.14-8.48-8.82-9.18
UFCF -37.73-83.96-17.753.754.901.53-1.63-1.69-1.76-1.83
WACC
PV UFCF 1.37-1.30-1.21-1.13-1.05
SUM PV UFCF -3.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.70
Free cash flow (t + 1) -1.87
Terminal Value -19.27
Present Value of Terminal Value -11.08

Intrinsic Value

Enterprise Value -14.42
Net Debt 78.31
Equity Value -92.72
Shares Outstanding 51.42
Equity Value Per Share -1.80