Loading...

Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Acacia Research Corporation

Acacia Research Corporation (ACTG)

$4
-0.13 (-3.15%)

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
Revenue 130.56130.88125.05152.7065.40131.5111.2410.6910.169.669.18
Revenue (%)
EBITDA -29.04-4.61-99.34-3.05-5.032.33-20.19-4.47-4.25-4.04-3.84
EBITDA (%)
EBIT -82.93-62.16-152.63-37.41-27.27-24.82-23.42-8.04-7.64-7.26-6.90
EBIT (%)
Depreciation 53.8957.5553.2934.3622.2427.143.233.573.393.223.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 256.70193.03135.22146.98136.60131.8258.8621.0920.0519.0618.11
Total Cash (%)
Account Receivables 6.3520.1733.5026.750.1532.890.511.441.371.301.24
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 11.5514.8617.3414.287.958.351.771.191.131.071.02
Accounts Payable (%)
Capital Expenditure 25.7342.8519.511.22-0.044.601.681.591.521.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4
Diluted Shares Outstanding 50.90
Cost of Debt
Tax Rate 9.70
After-tax Cost of Debt -0.43
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.55
Total Debt 1.26
Total Equity 203.59
Total Capital 204.85
Debt Weighting 0.62
Equity Weighting 99.38
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
Revenue 130.56130.88125.05152.7065.40131.5111.2410.6910.169.669.18
EBITDA -29.04-4.61-99.34-3.05-5.032.33-20.19-4.47-4.25-4.04-3.84
EBIT -82.93-62.16-152.63-37.41-27.27-24.82-23.42-8.04-7.64-7.26-6.90
Tax Rate 30.16%-5.23%-4.82%-47.68%9.98%-1.31%9.70%-1.31%-1.31%-1.31%-1.31%
EBIAT -57.92-65.40-159.99-55.25-24.55-25.14-21.15-8.14-7.74-7.36-7.00
Depreciation 53.8957.5553.2934.3622.2427.143.233.573.393.223.07
Accounts Receivable --13.82-13.336.7526.60-32.7432.38-0.930.070.070.06
Inventories -----------
Accounts Payable -3.302.49-3.07-6.320.40-6.59-0.58-0.06-0.06-0.05
Capital Expenditure --17.1223.3418.291.22--4.562.930.080.080.07
UFCF -4.03-35.50-94.191.0719.19-30.343.31-3.16-4.25-4.04-3.84
WACC
PV UFCF -2.73-3.42-3.02-2.67
SUM PV UFCF -121.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) -4.00
Terminal Value -112.91
Present Value of Terminal Value -78.50

Intrinsic Value

Enterprise Value -199.81
Net Debt -57.60
Equity Value -142.22
Shares Outstanding 50.90
Equity Value Per Share -2.79