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 | - |