Discounted Cash Flow (DCF) Analysis Unlevered
Syndax Pharmaceuticals, Inc. (SNDX)
$16.65
-0.15 (-0.89%)
All numbers are in Millions, Currency in USD
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 | 1.52 | 1.52 | 1.52 | 139.71 | 12,866.58 | 1,184,955.36 | 109,129,155.41 | 10,050,313,232.65 | 925,589,460,413.05 | 85,242,701,336,375.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -75.88 | -57.54 | -71.42 | 26.22 | -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 | -71.51 | 26.18 | -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 | 0.08 | 0.09 | 0.09 | 0.04 | 0.03 | 40,535.44 | 3,733,134.89 | 343,805,235.69 | 31,662,943,753.49 | 2,916,017,276,822.28 |
| 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 | 80.91 | 59.78 | 293.06 | 439.94 | 481.27 | 68,517,242.44 | 6,310,135,415.17 | 581,135,602,330.41 | 53,520,022,325,317.89 | 4,928,957,679,095,976 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.25 | 0.12 | 0.17 | 0.43 | 4.06 | 85,788.04 | 7,900,699.85 | 727,619,562.32 | 67,010,548,078.15 | 6,171,375,518,540.51 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.05 | 1.68 | 5.28 | 7.65 | -4.25 | 1,264,719.27 | 116,475,059.01 | 10,726,838,510.04 | 987,894,450,512.88 | 90,980,715,747,727.08 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.44 | 6.18 | 3.51 | 5.67 | 4.35 | 1,747,683.16 | 160,953,900.53 | 14,823,143,368.35 | 1,365,146,036,181.93 | 125,723,920,614,720.75 |
| 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 | 1.52 | 1.52 | 1.52 | 139.71 | 12,866.58 | 1,184,955.36 | 109,129,155.41 | 10,050,313,232.65 | 925,589,460,413.05 | 85,242,701,336,375.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -75.88 | -57.54 | -71.42 | 26.22 | -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 | -71.51 | 26.18 | -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 | -71.43 | 26.18 | -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 | 0.08 | 0.09 | 0.09 | 0.04 | 0.03 | 40,535.44 | 3,733,134.89 | 343,805,235.69 | 31,662,943,753.49 | 2,916,017,276,822.28 |
| 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 | -2.37 | 11.90 | -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 | -2.67 | 2.16 | -1.32 | 1,747,678.81 | 159,206,217.37 | 14,662,189,467.82 | 1,350,322,892,813.58 | 124,358,774,578,538.83 |
| 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 | -77.86 | 8.54 | -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 |