Discounted Cash Flow (DCF) Analysis Unlevered

Veru Inc. (VERU)

$11.52

-0.20 (-1.71%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,548.39 | 11.52 | 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 13.6615.8631.8042.5961.2691.03135.27201.01298.70443.87
Revenue (%)
EBITDA -8.12-19.67-7.14-14.979.36-41.11-61.08-90.77-134.88-200.43
EBITDA (%)
EBIT -8.60-20.12-7.62-15.439.15-42.80-63.60-94.50-140.43-208.68
EBIT (%)
Depreciation 0.480.450.470.460.211.692.513.735.558.24
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 3.283.766.3013.59122.3654.4680.93120.26178.71265.56
Total Cash (%)
Account Receivables 3.563.975.025.2313.7918.5127.5040.8760.7390.24
Account Receivables (%)
Inventories 2.772.303.656.705.5712.9419.2328.5842.4763.11
Inventories (%)
Accounts Payable 2.693.233.122.813.4111.2916.7724.9237.0455.04
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 $ 11.52
Beta -0.444
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 1.707
Total Debt 13.74
Total Equity 965.40
Total Capital 979.15
Debt Weighting 1.40
Equity Weighting 98.60
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 13.6615.8631.8042.5961.2691.03135.27201.01298.70443.87
EBITDA -8.12-19.67-7.14-14.979.36-41.11-61.08-90.77-134.88-200.43
EBIT -8.60-20.12-7.62-15.439.15-42.80-63.60-94.50-140.43-208.68
Tax Rate 23.14%-3.75%2.47%5.38%-73.36%-9.23%-9.23%-9.23%-9.23%-9.23%
EBIAT -6.61-20.88-7.43-14.6015.87-46.75-69.46-103.22-153.39-227.93
Depreciation 0.480.450.470.460.211.692.513.735.558.24
Accounts Receivable --0.42-1.05-0.21-8.57-4.71-8.99-13.37-19.86-29.51
Inventories -0.47-1.35-3.061.13-7.37-6.29-9.35-13.89-20.64
Accounts Payable -0.54-0.10-0.310.607.885.498.1512.1118
Capital Expenditure -0.13-0.05-0.11-0.11-0.38-0.46-0.68-1.01-1.49-2.22
UFCF -6.26-19.89-9.56-17.828.86-49.71-77.43-115.06-170.97-254.06
WACC
PV UFCF -48.65-74.16-107.85-156.84-228.09
SUM PV UFCF -615.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.18
Free cash flow (t + 1) -259.14
Terminal Value -143,968.55
Present Value of Terminal Value -129,252.26

Intrinsic Value

Enterprise Value -129,867.85
Net Debt -108.62
Equity Value -129,759.23
Shares Outstanding 83.80
Equity Value Per Share -1,548.39