Discounted Cash Flow (DCF) Analysis Unlevered

Sesen Bio, Inc. (SESN)

$ 1.15
-0.10 (-8.00%)
Stock DCF: 0.42 | 1.15 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 29.980.420.010000000
Revenue (%)
EBITDA 2.32-19.87-25.49-36.65-20.83-0.06-0-0-0-0
EBITDA (%)
EBIT 2.14-20.16-25.70-36.87-20.95-0.06-0-0-0-0
EBIT (%)
Depreciation 0.180.280.210.220.1200000
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 25.3414.6850.4248.1252.390.150000
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.670.911.371.903.100.010000
Accounts Payable (%)
Capital Expenditure ---0-0.14-0.01-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.15
Beta 0.530
Diluted Shares Outstanding 117.89
Cost of Debt
Tax Rate -6.90
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.157
Total Debt -
Total Equity 135.57
Total Capital 135.57
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 29.980.420.010000000
EBITDA 2.32-19.87-25.49-36.65-20.83-0.06-0-0-0-0
EBIT 2.14-20.16-25.70-36.87-20.95-0.06-0-0-0-0
Tax Rate 0.26%0.00%0.00%0.00%-6.90%-1.33%-1.33%-1.33%-1.33%-1.33%
EBIAT 2.14-20.16-25.70-36.87-22.40-0.06-0-0-0-0
Depreciation 0.180.280.210.220.1200000
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.760.460.531.20-3.09-0.01-0-0-0
Capital Expenditure ---0-0.14-0.01-0-0-0-0-0
UFCF 2.32-20.63-25.03-36.25-21.08-3.15-0.01-0-0-0
WACC
PV UFCF -27.16-37.76-21.08-3.03-0.01-0-0-0
SUM PV UFCF -3.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.16
Free cash flow (t + 1) -0
Terminal Value 0
Present Value of Terminal Value 0

Intrinsic Value

Enterprise Value -3.04
Net Debt -52.39
Equity Value 49.35
Shares Outstanding 117.89
Equity Value Per Share 0.42