Discounted Cash Flow (DCF) Analysis Unlevered
XOMA Corporation (XOMA)
$21.77
+1.48 (+7.29%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5.30 | 18.37 | 29.38 | 38.16 | 6.03 | 9.83 | 16.03 | 26.14 | 42.62 | 69.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -12.53 | -0.04 | 13.66 | 16.36 | -16.99 | -8.43 | -13.75 | -22.43 | -36.58 | -59.64 |
| EBITDA (%) | ||||||||||
| EBIT | -12.56 | -0.07 | 13.64 | 16.35 | -17.09 | -8.48 | -13.83 | -22.56 | -36.79 | -59.99 |
| EBIT (%) | ||||||||||
| Depreciation | 0.03 | 0.02 | 0.02 | 0.01 | 0.10 | 0.05 | 0.08 | 0.13 | 0.21 | 0.35 |
| 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 | 45.78 | 56.69 | 84.22 | 94.10 | 57.83 | 52.39 | 85.43 | 139.31 | 227.18 | 370.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.47 | 2.93 | 1.79 | 0.21 | 0 | 0.99 | 1.61 | 2.63 | 4.29 | 6.99 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.24 | 0.61 | 0.46 | 1.07 | 0.52 | 0.78 | 1.28 | 2.08 | 3.40 | 5.54 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -15.01 | -19.30 | -1.21 | -26.50 | -6.96 | -11.35 | -18.50 | -30.17 | -49.21 | -80.24 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.77 |
|---|---|
| Beta | 0.888 |
| Diluted Shares Outstanding | 11.41 |
| Cost of Debt | |
| Tax Rate | 0.09 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.570 |
| Total Debt | 0.03 |
| Total Equity | 248.46 |
| Total Capital | 248.50 |
| Debt Weighting | 0.01 |
| Equity Weighting | 99.99 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5.30 | 18.37 | 29.38 | 38.16 | 6.03 | 9.83 | 16.03 | 26.14 | 42.62 | 69.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -12.53 | -0.04 | 13.66 | 16.36 | -16.99 | -8.43 | -13.75 | -22.43 | -36.58 | -59.64 |
| EBIT | -12.56 | -0.07 | 13.64 | 16.35 | -17.09 | -8.48 | -13.83 | -22.56 | -36.79 | -59.99 |
| Tax Rate | 0.73% | 0.00% | -12.72% | 0.57% | 0.09% | -2.27% | -2.27% | -2.27% | -2.27% | -2.27% |
| EBIAT | -12.46 | -0.07 | 15.37 | 16.26 | -17.07 | -8.68 | -14.15 | -23.07 | -37.62 | -61.35 |
| Depreciation | 0.03 | 0.02 | 0.02 | 0.01 | 0.10 | 0.05 | 0.08 | 0.13 | 0.21 | 0.35 |
| Accounts Receivable | - | -1.46 | 1.14 | 1.58 | 0.21 | -0.99 | -0.62 | -1.02 | -1.66 | -2.71 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.63 | -0.16 | 0.62 | -0.55 | 0.26 | 0.49 | 0.81 | 1.31 | 2.14 |
| Capital Expenditure | -15.01 | -19.30 | -1.21 | -26.50 | -6.96 | -11.35 | -18.50 | -30.17 | -49.21 | -80.24 |
| UFCF | -27.44 | -21.44 | 15.17 | -8.04 | -24.27 | -20.70 | -32.70 | -53.33 | -86.96 | -141.81 |
| WACC | ||||||||||
| PV UFCF | -19.25 | -28.26 | -42.84 | -64.95 | -98.46 | |||||
| SUM PV UFCF | -253.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.57 |
| Free cash flow (t + 1) | -144.64 |
| Terminal Value | -2,596.82 |
| Present Value of Terminal Value | -1,802.96 |
Intrinsic Value
| Enterprise Value | -2,056.71 |
|---|---|
| Net Debt | -57.79 |
| Equity Value | -1,998.92 |
| Shares Outstanding | 11.41 |
| Equity Value Per Share | -175.14 |