Discounted Cash Flow (DCF) Analysis Unlevered

Titan Pharmaceuticals, Inc. (TTNP)

$0.97

-0.02 (-2.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -807,992.15 | 0.97 | 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 0.215.913.614.841.5311.3584.46628.404,675.1534,782.11
Revenue (%)
EBITDA -14.26-9.53-17.18-17.18-8.55-185.85-1,382.65-10,286.63-76,530.27-569,368.58
EBITDA (%)
EBIT -14.68-9.91-17.43-17.47-8.77-191.01-1,421.11-10,572.74-78,658.93-585,205.38
EBIT (%)
Depreciation 0.420.380.240.290.225.1738.46286.122,128.6615,836.79
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 7.529.295.225.416.0497.82727.755,414.2740,281.01299,681.95
Total Cash (%)
Account Receivables 0.061.840.990.880.112.6019.33143.781,069.717,958.43
Account Receivables (%)
Inventories -1.2610.330.292.1315.83117.77876.226,518.86
Inventories (%)
Accounts Payable 0.821.531.401.250.8011.9188.60659.154,903.9636,484.41
Accounts Payable (%)
Capital Expenditure -0.18-0.42-0.26-0.54-0.02-2.46-18.28-135.97-1,011.62-7,526.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.97
Beta 1.129
Diluted Shares Outstanding 9.73
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.971
Total Debt 0.30
Total Equity 9.44
Total Capital 9.74
Debt Weighting 3.07
Equity Weighting 96.93
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 0.215.913.614.841.5311.3584.46628.404,675.1534,782.11
EBITDA -14.26-9.53-17.18-17.18-8.55-185.85-1,382.65-10,286.63-76,530.27-569,368.58
EBIT -14.68-9.91-17.43-17.47-8.77-191.01-1,421.11-10,572.74-78,658.93-585,205.38
Tax Rate 0.00%0.00%0.00%-146.28%0.00%-29.26%-29.26%-29.26%-29.26%-29.26%
EBIAT -14.68-9.91-17.43-43.03-8.77-246.90-1,836.87-13,665.92-101,671.47-756,413.70
Depreciation 0.420.380.240.290.225.1738.46286.122,128.6615,836.79
Accounts Receivable --1.770.840.110.77-2.49-16.73-124.46-925.93-6,888.72
Inventories --0.260.670.03-1.83-13.70-101.94-758.44-5,642.65
Accounts Payable -0.71-0.13-0.15-0.4611.1176.69570.564,244.8131,580.45
Capital Expenditure -0.17-0.42-0.26-0.54-0.02-2.46-18.28-135.97-1,011.62-7,526.25
UFCF -14.43-11.01-16.46-42.65-8.23-237.39-1,770.43-13,171.62-97,993.99-729,054.07
WACC
PV UFCF -218.37-1,498.10-10,252.52-70,165.15-480,189.06
SUM PV UFCF -562,323.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.71
Free cash flow (t + 1) -743,635.15
Terminal Value -11,082,491.01
Present Value of Terminal Value -7,299,446.15

Intrinsic Value

Enterprise Value -7,861,769.35
Net Debt -5.74
Equity Value -7,861,763.61
Shares Outstanding 9.73
Equity Value Per Share -807,992.15