Discounted Cash Flow (DCF) Analysis Unlevered
Veru Inc. (VERU)
$13.21
-0.08 (-0.60%)
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 | 13.66 | 15.86 | 31.80 | 42.59 | 61.26 | 91.03 | 135.27 | 201.01 | 298.70 | 443.87 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -8.12 | -19.67 | -7.14 | -14.97 | 9.36 | -41.11 | -61.08 | -90.77 | -134.88 | -200.43 |
EBITDA (%) | ||||||||||
EBIT | -8.60 | -20.12 | -7.62 | -15.43 | 9.15 | -42.80 | -63.60 | -94.50 | -140.43 | -208.68 |
EBIT (%) | ||||||||||
Depreciation | 0.48 | 0.45 | 0.47 | 0.46 | 0.21 | 1.69 | 2.51 | 3.73 | 5.55 | 8.24 |
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 | 3.28 | 3.76 | 6.30 | 13.59 | 122.36 | 54.46 | 80.93 | 120.26 | 178.71 | 265.56 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.56 | 3.97 | 5.02 | 5.23 | 13.79 | 18.51 | 27.50 | 40.87 | 60.73 | 90.24 |
Account Receivables (%) | ||||||||||
Inventories | 2.77 | 2.30 | 3.65 | 6.70 | 5.57 | 12.94 | 19.23 | 28.58 | 42.47 | 63.11 |
Inventories (%) | ||||||||||
Accounts Payable | 2.69 | 3.23 | 3.12 | 2.81 | 3.41 | 11.29 | 16.77 | 24.92 | 37.04 | 55.04 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.13 | -0.05 | -0.11 | -0.11 | -0.38 | -0.46 | -0.68 | -1.01 | -1.49 | -2.22 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 13.21 |
---|---|
Beta | -0.579 |
Diluted Shares Outstanding | 83.80 |
Cost of Debt | |
Tax Rate | -73.36 |
After-tax Cost of Debt | 35.56% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 0.390 |
Total Debt | 13.74 |
Total Equity | 1,107.03 |
Total Capital | 1,120.77 |
Debt Weighting | 1.23 |
Equity Weighting | 98.77 |
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 | 13.66 | 15.86 | 31.80 | 42.59 | 61.26 | 91.03 | 135.27 | 201.01 | 298.70 | 443.87 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -8.12 | -19.67 | -7.14 | -14.97 | 9.36 | -41.11 | -61.08 | -90.77 | -134.88 | -200.43 |
EBIT | -8.60 | -20.12 | -7.62 | -15.43 | 9.15 | -42.80 | -63.60 | -94.50 | -140.43 | -208.68 |
Tax Rate | 23.14% | -3.75% | 2.47% | 5.38% | -73.36% | -9.23% | -9.23% | -9.23% | -9.23% | -9.23% |
EBIAT | -6.61 | -20.88 | -7.43 | -14.60 | 15.87 | -46.75 | -69.46 | -103.22 | -153.39 | -227.93 |
Depreciation | 0.48 | 0.45 | 0.47 | 0.46 | 0.21 | 1.69 | 2.51 | 3.73 | 5.55 | 8.24 |
Accounts Receivable | - | -0.42 | -1.05 | -0.21 | -8.57 | -4.71 | -8.99 | -13.37 | -19.86 | -29.51 |
Inventories | - | 0.47 | -1.35 | -3.06 | 1.13 | -7.37 | -6.29 | -9.35 | -13.89 | -20.64 |
Accounts Payable | - | 0.54 | -0.10 | -0.31 | 0.60 | 7.88 | 5.49 | 8.15 | 12.11 | 18 |
Capital Expenditure | -0.13 | -0.05 | -0.11 | -0.11 | -0.38 | -0.46 | -0.68 | -1.01 | -1.49 | -2.22 |
UFCF | -6.26 | -19.89 | -9.56 | -17.82 | 8.86 | -49.71 | -77.43 | -115.06 | -170.97 | -254.06 |
WACC | ||||||||||
PV UFCF | -49.31 | -76.17 | -112.27 | -165.48 | -243.90 | |||||
SUM PV UFCF | -647.13 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 0.82 |
Free cash flow (t + 1) | -259.14 |
Terminal Value | 21,961.30 |
Present Value of Terminal Value | 21,082.62 |
Intrinsic Value
Enterprise Value | 20,435.50 |
---|---|
Net Debt | -108.62 |
Equity Value | 20,544.11 |
Shares Outstanding | 83.80 |
Equity Value Per Share | 245.15 |