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Discounted Cash Flow (DCF) Analysis Unlevered


Acacia Research Corporation

Acacia Research Corporation (ACTG)

Industrials

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 130.56130.88125.05152.7065.40131.51147.76166.02186.55209.60235.51
Revenue (%)
EBITDA -29.11-8.06-101.95-1.5325.1522.37-13.68-15.37-17.27-19.41-21.81
EBITDA (%)
EBIT -78.39-62.12-155.24-35.892.90-4.77-62.64-70.38-79.08-88.85-99.83
EBIT (%)
Depreciation 49.2754.0553.2934.3622.2427.1448.9555.0061.8069.4478.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 256.70193.03145.95158.49136.60165.46221.46248.84279.59314.15352.98
Total Cash (%)
Account Receivables 6.3520.1733.5026.750.1532.8922.1224.8527.9331.3835.26
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 11.5514.8617.3414.287.958.3515.2517.1319.2521.6324.30
Accounts Payable (%)
Capital Expenditure -25.73-42.85-19.51-1.22--0.04-16.96-19.06-21.42-24.06-27.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.71
Diluted Shares Outstanding 49.97
Cost of Debt
Tax Rate -24.65
After-tax Cost of Debt 1.28
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.16
Total Debt -
Total Equity 135.42
Total Capital 135.42
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 130.56130.88125.05152.7065.40131.51147.76166.02186.55209.60235.51
EBITDA -29.11-8.06-101.95-1.5325.1522.37-13.68-15.37-17.27-19.41-21.81
EBIT -78.39-62.12-155.24-35.892.90-4.77-62.64-70.38-79.08-88.85-99.83
Tax Rate 28.01%-6.30%-3.09%-50.69%101.83%-24.65%7.52%7.52%7.52%7.52%7.52%
EBIAT -56.43-66.03-160.04-54.08-0.05-5.95-57.93-65.09-73.13-82.17-92.33
Depreciation 49.2754.0553.2934.3622.2427.1448.9555.0061.8069.4478.02
Accounts Receivable --13.82-13.336.7526.60-32.7410.77-2.73-3.07-3.45-3.88
Inventories -----------
Accounts Payable -3.302.49-3.07-6.320.406.901.882.122.382.67
Capital Expenditure -17.12-23.34-18.29-1.22-16.922.102.362.652.97
UFCF -7.16-5.38-140.94-34.3241.25-11.1525.62-8.84-9.93-11.16-12.53
WACC
PV UFCF 23.47-7.42-7.63-7.86-8.09
SUM PV UFCF -128.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.16
Free cash flow (t + 1) -13.04
Terminal Value -252.64
Present Value of Terminal Value -163.00

Intrinsic Value

Enterprise Value -291.02
Net Debt -165.46
Equity Value -125.56
Shares Outstanding 49.97
Equity Value Per Share -2.51