Discounted Cash Flow (DCF) Analysis Unlevered

Aethlon Medical, Inc. (AEMD)

$ 5.22
-0.32 (-5.78%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1.231.620.760.890.390.150.230.650.760.881.021.191.38
Revenue (%)
EBITDA -3.56-3.03-3.96-4.35-6.07-4.80-5.97-5.90-9.21-10.72-12.47-14.50-16.87
EBITDA (%)
EBIT -3.58-3.06-3.99-4.38-6.10-4.83-6-5.93-9.27-10.78-12.54-14.59-16.97
EBIT (%)
Depreciation 0.010.020.040.040.030.040.030.030.060.070.080.090.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.131.250.862.121.566.973.839.608.179.5011.0512.8614.96
Total Cash (%)
Account Receivables 0.210.100.190.200.070.030.040.110.130.160.180.210.24
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 0.820.520.340.240.480.120.130.290.450.530.610.710.83
Accounts Payable (%)
Capital Expenditure -------------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.22
Beta 0.563
Diluted Shares Outstanding 3.41
Cost of Debt
Tax Rate 0.10
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.943
Total Debt 0.14
Total Equity 17.83
Total Capital 17.97
Debt Weighting 0.79
Equity Weighting 99.21
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1.231.620.760.890.390.150.230.650.760.881.021.191.38
EBITDA -3.56-3.03-3.96-4.35-6.07-4.80-5.97-5.90-9.21-10.72-12.47-14.50-16.87
EBIT -3.58-3.06-3.99-4.38-6.10-4.83-6-5.93-9.27-10.78-12.54-14.59-16.97
Tax Rate 0.00%0.61%2.61%1.74%0.42%0.36%0.40%0.10%0.78%0.78%0.78%0.78%0.78%
EBIAT -3.58-3.04-3.89-4.31-6.07-4.81-5.98-5.92-9.20-10.70-12.45-14.48-16.84
Depreciation 0.010.020.040.040.030.040.030.030.060.070.080.090.11
Accounts Receivable -0.11-0.10-0.010.130.04-0.01-0.07-0.02-0.02-0.03-0.03-0.03
Inventories -------------
Accounts Payable --0.31-0.18-0.100.24-0.360.010.150.170.070.090.100.12
Capital Expenditure --0.10--0.01-0.02-0.02--0.15-----
UFCF -------------
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.93
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -9.46
Equity Value -
Shares Outstanding 3.41
Equity Value Per Share -