Discounted Cash Flow (DCF) Analysis Unlevered

Syndax Pharmaceuticals, Inc. (SNDX)

$16.65

-0.15 (-0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -341,592,723,442,221.69 | 16.65 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.521.521.52139.7112,866.581,184,955.36109,129,155.4110,050,313,232.65925,589,460,413.0585,242,701,336,375.50
Revenue (%)
EBITDA -75.88-57.54-71.4226.22-151.76-31,958,830.14-2,943,267,105.80-271,061,901,181.42-24,963,603,924,105.63-2,299,037,666,907,400.50
EBITDA (%)
EBIT -75.95-57.63-71.5126.18-151.79-31,999,365.57-2,947,000,240.69-271,405,706,417.11-24,995,266,867,859.12-2,301,953,684,184,223
EBIT (%)
Depreciation 0.080.090.090.040.0340,535.443,733,134.89343,805,235.6931,662,943,753.492,916,017,276,822.28
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 80.9159.78293.06439.94481.2768,517,242.446,310,135,415.17581,135,602,330.4153,520,022,325,317.894,928,957,679,095,976
Total Cash (%)
Account Receivables 0.250.120.170.434.0685,788.047,900,699.85727,619,562.3267,010,548,078.156,171,375,518,540.51
Account Receivables (%)
Inventories 1.051.685.287.65-4.251,264,719.27116,475,059.0110,726,838,510.04987,894,450,512.8890,980,715,747,727.08
Inventories (%)
Accounts Payable 1.446.183.515.674.351,747,683.16160,953,900.5314,823,143,368.351,365,146,036,181.93125,723,920,614,720.75
Accounts Payable (%)
Capital Expenditure -0.19-0.19-0.19-17.22-1,586.06-146,068.99-13,452,308.43-1,238,898,192.57-114,097,051,805.23-10,507,834,549,081.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.65
Beta 1.066
Diluted Shares Outstanding 60.76
Cost of Debt
Tax Rate 3.74
After-tax Cost of Debt 260.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.287
Total Debt 1.16
Total Equity 1,011.67
Total Capital 1,012.83
Debt Weighting 0.11
Equity Weighting 99.89
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.521.521.52139.7112,866.581,184,955.36109,129,155.4110,050,313,232.65925,589,460,413.0585,242,701,336,375.50
EBITDA -75.88-57.54-71.4226.22-151.76-31,958,830.14-2,943,267,105.80-271,061,901,181.42-24,963,603,924,105.63-2,299,037,666,907,400.50
EBIT -75.95-57.63-71.5126.18-151.79-31,999,365.57-2,947,000,240.69-271,405,706,417.11-24,995,266,867,859.12-2,301,953,684,184,223
Tax Rate 0.00%0.16%0.12%0.00%3.74%0.81%0.81%0.81%0.81%0.81%
EBIAT -75.95-57.54-71.4326.18-146.11-31,741,558.24-2,923,257,324.07-269,219,088,659.55-24,793,889,029,825.84-2,283,407,674,708,731
Depreciation 0.080.090.090.040.0340,535.443,733,134.89343,805,235.6931,662,943,753.492,916,017,276,822.28
Accounts Receivable -0.14-0.06-0.25-3.63-85,783.99-7,814,911.81-719,718,862.47-66,282,928,515.82-6,104,364,970,462.36
Inventories --0.62-3.61-2.3711.90-1,264,723.52-115,210,339.74-10,610,363,451.03-977,167,612,002.83-89,992,821,297,214.20
Accounts Payable -4.74-2.672.16-1.321,747,678.81159,206,217.3714,662,189,467.821,350,322,892,813.58124,358,774,578,538.83
Capital Expenditure -0.19-0.19-0.19-0.13-1,586.06-146,068.99-13,452,308.43-1,238,898,192.57-114,097,051,805.23-10,507,834,549,081.48
UFCF -76.06-53.38-77.868.54-1,725.18-31,449,920.48-2,896,795,531.79-266,782,074,462.11-24,569,450,785,582.65-2,262,737,903,670,128.50
WACC
PV UFCF -1,725.18-28,703,039.59-2,412,873,305.15-202,806,402,011.58-17,046,247,977,076.75-1,432,768,232,234,636.25
SUM PV UFCF -1,450,019,728,190,069.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.57
Free cash flow (t + 1) -2,307,992,661,743,531
Terminal Value -30,488,674,527,655,624
Present Value of Terminal Value -19,305,463,631,166,832

Intrinsic Value

Enterprise Value -20,755,483,359,356,900
Net Debt -73.19
Equity Value -20,755,483,359,356,828
Shares Outstanding 60.76
Equity Value Per Share -341,592,723,442,221.69