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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Akorn Inc.

Akorn Inc. (AKRX)

$0.09
-0.0937 (-51.01%)

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 317.71593.07985.091,116.90841.13694.10682.51821.61989.051,190.621,433.27
Revenue (%)
EBITDA 101.60188.24390.59426.3272.76-300.41-86.27110.67133.23160.38193.06
EBITDA (%)
EBIT 88.2096.73294.54327.59-17.66-388.42-188.1020.7925.0230.1236.26
EBIT (%)
Depreciation 13.4191.5196.0598.7390.4288.01101.8389.88108.20130.25156.80
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 34.1977.93352.17201.82368.08224.89144.83205.57247.46297.89358.60
Total Cash (%)
Account Receivables 65.00220.74150.62283.13141.39153.12134.18184.12221.65266.82321.20
Account Receivables (%)
Inventories 55.98131.31185.30174.79183.54173.66170.01171.31206.22248.24298.84
Inventories (%)
Accounts Payable 23.0044.1246.0059.5351.9839.5644.9850.6160.9373.3488.29
Accounts Payable (%)
Capital Expenditure 11.6338.0831.7278.8595.3869.1330.5154.1465.1878.4694.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.09
Diluted Shares Outstanding 125.98
Cost of Debt
Tax Rate 21.20
After-tax Cost of Debt -1.01
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.25
Total Debt 843.33
Total Equity 11.34
Total Capital 854.67
Debt Weighting 98.67
Equity Weighting 1.33
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 317.71593.07985.091,116.90841.13694.10682.51821.61989.051,190.621,433.27
EBITDA 101.60188.24390.59426.3272.76-300.41-86.27110.67133.23160.38193.06
EBIT 88.2096.73294.54327.59-17.66-388.42-188.1020.7925.0230.1236.26
Tax Rate 36.83%40.23%35.04%32.09%58.53%8.28%21.20%33.17%33.17%33.17%33.17%
EBIAT 55.7157.81191.32222.47-7.33-356.27-148.2213.8916.7220.1324.23
Depreciation 13.4191.5196.0598.7390.4288.01101.8389.88108.20130.25156.80
Accounts Receivable --155.7470.12-132.51141.74-11.7218.94-49.94-37.52-45.17-54.38
Inventories --75.33-53.9910.50-8.749.873.65-1.29-34.91-42.03-50.59
Accounts Payable -21.121.8813.53-7.55-12.425.415.6310.3112.4214.95
Capital Expenditure --26.456.36-47.13-16.5326.2538.62-23.64-11.03-13.28-15.99
UFCF 69.12-87.06311.73165.58192.01-256.2720.2334.5451.7762.3275.02
WACC
PV UFCF 33.1747.7555.2163.83
SUM PV UFCF 524.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.12
Free cash flow (t + 1) 78.02
Terminal Value 65,016.93
Present Value of Terminal Value 53,131.94

Intrinsic Value

Enterprise Value 53,656.84
Net Debt 698.50
Equity Value 52,958.34
Shares Outstanding 125.98
Equity Value Per Share 420.38