Discounted Cash Flow (DCF) Analysis Unlevered
Syndax Pharmaceuticals, Inc. (SNDX)
$24.28
+0.41 (+1.72%)
All numbers are in Millions, Currency in USD
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 | 2.11 | 1.52 | 1.52 | 1.52 | 139.71 | 6,483.56 | 300,886.58 | 13,963,427.46 | 648,009,315.94 | 30,072,564,537.25 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -60.73 | -73.88 | -55.96 | -70.71 | 24.97 | -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 | -70.80 | 24.93 | -208,819.27 | -9,690,803.61 | -449,727,048.55 | -20,870,758,118.61 | -968,562,033,017.94 |
EBIT (%) | ||||||||||
Depreciation | 0.08 | 0.08 | 0.09 | 0.09 | 0.04 | 268.54 | 12,462.28 | 578,344.50 | 26,839,586.81 | 1,245,561,115.74 |
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 | 129.97 | 80.91 | 59.78 | 293.06 | 221.97 | 452,777.01 | 21,012,299.38 | 975,130,624.68 | 45,253,483,123.48 | 2,100,106,060,648.59 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.38 | 0.25 | 0.12 | 0.17 | 18.77 | 871.14 | 40,427.50 | 1,876,143.57 | 87,067,341.70 | 4,040,587,361.93 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 2.23 | 1.44 | 6.18 | 3.51 | 293.12 | 13,603.12 | 631,288.37 | 29,296,585.47 | 1,359,584,554.92 | 63,095,071,731.10 |
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 | 2.11 | 1.52 | 1.52 | 1.52 | 139.71 | 6,483.56 | 300,886.58 | 13,963,427.46 | 648,009,315.94 | 30,072,564,537.25 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -60.73 | -73.88 | -55.96 | -70.71 | 24.97 | -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 | -70.80 | 24.93 | -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 | -70.80 | 24.93 | -208,819.27 | -9,690,803.61 | -449,727,048.55 | -20,870,758,118.61 | -968,562,033,017.94 |
Depreciation | 0.08 | 0.08 | 0.09 | 0.09 | 0.04 | 268.54 | 12,462.28 | 578,344.50 | 26,839,586.81 | 1,245,561,115.74 |
Accounts Receivable | - | 0.12 | 0.14 | -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 | - | -0.79 | 4.74 | -2.67 | 289.61 | 13,310 | 617,685.25 | 28,665,297.10 | 1,330,287,969.45 | 61,735,487,176.18 |
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 | -73.56 | 284.59 | -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 |