Discounted Cash Flow (DCF) Analysis Unlevered

Syndax Pharmaceuticals, Inc. (SNDX)

$24.28

+0.41 (+1.72%)
All numbers are in Millions, Currency in USD
Stock DCF: -174,134,410,085.45 | 24.28 | 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 2.111.521.521.52139.716,483.56300,886.5813,963,427.46648,009,315.9430,072,564,537.25
Revenue (%)
EBITDA -60.73-73.88-55.96-70.7124.97-208,550.73-9,678,341.34-449,148,704.05-20,843,918,531.80-967,316,471,902.21
EBITDA (%)
EBIT -60.80-73.96-56.05-70.8024.93-208,819.27-9,690,803.61-449,727,048.55-20,870,758,118.61-968,562,033,017.94
EBIT (%)
Depreciation 0.080.080.090.090.04268.5412,462.28578,344.5026,839,586.811,245,561,115.74
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 129.9780.9159.78293.06221.97452,777.0121,012,299.38975,130,624.6845,253,483,123.482,100,106,060,648.59
Total Cash (%)
Account Receivables 0.380.250.120.1718.77871.1440,427.501,876,143.5787,067,341.704,040,587,361.93
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.231.446.183.51293.1213,603.12631,288.3729,296,585.471,359,584,554.9263,095,071,731.10
Accounts Payable (%)
Capital Expenditure -0.08-0.19-0.12-0.12-11.39-528.79-24,539.98-1,138,841.78-52,850,927-2,452,685,283.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.28
Beta 1.346
Diluted Shares Outstanding 51.96
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.117
Total Debt -
Total Equity 1,261.65
Total Capital 1,261.65
Debt Weighting 0.00
Equity Weighting 100.00
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 2.111.521.521.52139.716,483.56300,886.5813,963,427.46648,009,315.9430,072,564,537.25
EBITDA -60.73-73.88-55.96-70.7124.97-208,550.73-9,678,341.34-449,148,704.05-20,843,918,531.80-967,316,471,902.21
EBIT -60.80-73.96-56.05-70.8024.93-208,819.27-9,690,803.61-449,727,048.55-20,870,758,118.61-968,562,033,017.94
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -60.80-73.96-56.05-70.8024.93-208,819.27-9,690,803.61-449,727,048.55-20,870,758,118.61-968,562,033,017.94
Depreciation 0.080.080.090.090.04268.5412,462.28578,344.5026,839,586.811,245,561,115.74
Accounts Receivable -0.120.14-0.06-18.60-852.37-39,556.36-1,835,716.07-85,191,198.13-3,953,520,020.23
Inventories ----------
Accounts Payable --0.794.74-2.67289.6113,310617,685.2528,665,297.101,330,287,969.4561,735,487,176.18
Capital Expenditure -0.08-0.19-0.12-0.12-0.13-528.79-24,539.98-1,138,841.78-52,850,927-2,452,685,283.84
UFCF -60.81-74.74-51.20-73.56284.59-196,621.89-9,124,752.42-423,457,964.80-19,651,672,687.48-911,987,190,030.10
WACC
PV UFCF -180,188.69-7,663,239.08-325,909,660.58-13,860,601,988.18-589,477,118,083.94
SUM PV UFCF -603,671,473,160.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.12
Free cash flow (t + 1) -930,226,933,830.70
Terminal Value -13,064,985,025,712.04
Present Value of Terminal Value -8,444,756,466,932.87

Intrinsic Value

Enterprise Value -9,048,427,940,093.33
Net Debt -221.97
Equity Value -9,048,427,939,871.37
Shares Outstanding 51.96
Equity Value Per Share -174,134,410,085.45