Discounted Cash Flow (DCF) Analysis Unlevered

Cassava Sciences, Inc. (SAVA)

$ 84.77
4.88 (+6.10%)

Operating Data

Year
A/P
2013
Actual
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 41.12------------
Revenue (%)
EBITDA 31.37------------
EBITDA (%)
EBIT -------------
EBIT (%)
Depreciation -------------
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 49.84------------
Total Cash (%)
Account Receivables -------------
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 0.45------------
Accounts Payable (%)
Capital Expenditure -------------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 84.77
Beta 1.120
Diluted Shares Outstanding 26.11
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.372
Total Debt 0.29
Total Equity 2,212.92
Total Capital 2,213.21
Debt Weighting 0.01
Equity Weighting 99.99
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 41.12------------
EBITDA 31.37------------
EBIT -------------
Tax Rate -0.23%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-0.03%-0.03%-0.03%-0.03%-0.03%
EBIAT -------------
Depreciation -------------
Accounts Receivable -------------
Inventories -------------
Accounts Payable -------------
Capital Expenditure --0.08-0.20-0.07---0.02-0.35-----
UFCF -------------
WACC
PV UFCF ------------
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.37
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -93.21
Equity Value -
Shares Outstanding 26.11
Equity Value Per Share -