Discounted Cash Flow (DCF) Analysis Unlevered

Prophase Labs Inc

Prophase Labs Inc (PRPH)

$10.76
0.28 (+2.67%)

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 25.0322.0720.6021.019.8713.139.888.877.967.156.425.76
Revenue (%)
EBITDA 0.66-3.97-3.21-2.23-3.27-1.25-2.84-1.43-1.29-1.15-1.04-0.93
EBITDA (%)
EBIT 0.42-4.25-3.58-2.65-3.61-1.63-3.24-1.64-1.47-1.32-1.19-1.07
EBIT (%)
Depreciation 0.240.280.370.430.340.380.400.210.190.170.150.14
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 1.642.931.660.4421.948.241.364.173.743.363.022.71
Total Cash (%)
Account Receivables 5.325.844.005.774.957.806.823.463.112.792.512.25
Account Receivables (%)
Inventories 2.523.294.332.741.531.901.461.321.181.060.950.85
Inventories (%)
Accounts Payable 1.010.670.992.160.560.440.430.450.400.360.330.29
Accounts Payable (%)
Capital Expenditure -0.44-0.31-0.72-0.65-0.21-0.14-0.23-0.19-0.17-0.16-0.14-0.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.76
Beta 0.567
Diluted Shares Outstanding 11.56
Cost of Debt
Tax Rate -1.29
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.974
Total Debt 0.93
Total Equity 124.43
Total Capital 125.35
Debt Weighting 0.74
Equity Weighting 99.26
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 25.0322.0720.6021.019.8713.139.888.877.967.156.425.76
EBITDA 0.66-3.97-3.21-2.23-3.27-1.25-2.84-1.43-1.29-1.15-1.04-0.93
EBIT 0.42-4.25-3.58-2.65-3.61-1.63-3.24-1.64-1.47-1.32-1.19-1.07
Tax Rate 0.00%0.00%0.00%0.00%1,241.99%-18.61%-1.29%174.58%174.58%174.58%174.58%174.58%
EBIAT 0.42-4.25-3.58-2.6541.21-1.94-3.281.221.100.990.890.79
Depreciation 0.240.280.370.430.340.380.400.210.190.170.150.14
Accounts Receivable --0.521.84-1.770.82-2.850.983.360.350.320.280.26
Inventories --0.77-1.041.601.20-0.370.440.140.130.120.110.10
Accounts Payable --0.340.321.17-1.59-0.13-0.000.02-0.05-0.04-0.04-0.03
Capital Expenditure -0.44-0.31-0.72-0.65-0.21-0.14-0.23-0.19-0.17-0.16-0.14-0.13
UFCF 0.22-5.91-2.81-1.8941.78-5.04-1.704.761.551.391.251.12
WACC
PV UFCF 4.451.361.140.960.80
SUM PV UFCF 8.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.96
Free cash flow (t + 1) 1.17
Terminal Value 39.49
Present Value of Terminal Value 28.21

Intrinsic Value

Enterprise Value 36.92
Net Debt -0.43
Equity Value 37.35
Shares Outstanding 11.56
Equity Value Per Share 3.23