Discounted Cash Flow (DCF) Analysis Unlevered

Acorda Therapeutics Inc

Acorda Therapeutics Inc (ACOR)

$7.22
-0.82 (-10.20%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 336.43401.48492.66519.60588.29471.43192.41186.53180.84175.32169.97164.78
Revenue (%)
EBITDA 38.0354.9660.754.44127.68108.50-82.2510.7010.3710.069.759.45
EBITDA (%)
EBIT 31.0346.4945.74-17.14104.4497.02-116.821.171.141.101.071.04
EBIT (%)
Depreciation 7.008.4715.0121.5823.2311.4834.579.539.238.958.688.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 273.93307.62353.30158.54307.07445.55125.84125.88122.04118.31114.70111.20
Total Cash (%)
Account Receivables 30.7832.2131.4752.2481.4023.4322.0817.0316.5116.0015.5215.04
Account Receivables (%)
Inventories 26.1726.8436.4843.1337.5029.0125.2214.8714.4213.9813.5513.14
Inventories (%)
Accounts Payable 17.9820.2917.0729.9131.0749.3726.8413.1412.7412.3511.9811.61
Accounts Payable (%)
Capital Expenditure -14.66-483.93-7.07-273.54-14.38-33.91-90.43-62.78-60.87-59.01-57.21-55.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.22
Beta 1.281
Diluted Shares Outstanding 47.51
Cost of Debt
Tax Rate 0.47
After-tax Cost of Debt 4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.660
Total Debt 252.82
Total Equity 343.04
Total Capital 595.86
Debt Weighting 42.43
Equity Weighting 57.57
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 336.43401.48492.66519.60588.29471.43192.41186.53180.84175.32169.97164.78
EBITDA 38.0354.9660.754.44127.68108.50-82.2510.7010.3710.069.759.45
EBIT 31.0346.4945.74-17.14104.4497.02-116.821.171.141.101.071.04
Tax Rate 43.04%36.91%42.91%18.10%11.33%-64.92%0.47%12.55%12.55%12.55%12.55%12.55%
EBIAT 17.6829.3326.11-14.0492.61160.01-116.281.031.000.970.940.91
Depreciation 7.008.4715.0121.5823.2311.4834.579.539.238.958.688.41
Accounts Receivable --1.430.74-20.77-29.1657.971.355.060.520.500.490.47
Inventories --0.66-9.64-6.665.638.493.7910.350.450.440.430.41
Accounts Payable -2.31-3.2212.841.1618.29-22.53-13.69-0.40-0.39-0.38-0.37
Capital Expenditure -14.66-483.93-7.07-273.54-14.38-33.91-90.43-62.78-60.87-59.01-57.21-55.46
UFCF 10.01-445.9221.95-280.5979.11222.33-189.52-50.52-50.07-48.54-47.06-45.62
WACC
PV UFCF -46.18-41.83-37.07-32.85-29.11
SUM PV UFCF -187.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.40
Free cash flow (t + 1) -47.44
Terminal Value -878.59
Present Value of Terminal Value -560.66

Intrinsic Value

Enterprise Value -747.70
Net Debt 160.00
Equity Value -907.70
Shares Outstanding 47.51
Equity Value Per Share -19.10