Complete ANIP Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
ANIP DCF Analysis
ANIP (ANI Pharmaceuticals, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $316.4M | $486.8M | $614.4M | $768.0M | $960.0M | $1.2B | $1.5B | $1.9B |
| Revenue Growth % | - | 53.9% | 26.2% | 25.0% | 25.0% | 25.0% | 25.0% | 23.8% |
| EBIT | $-25.1M | $47.0M | $584.0K | $38.4M | $48.0M | $60.0M | $75.0M | $92.9M |
| EBIT Margin % | -7.9% | 9.6% | 0.1% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 5.5% | 25.0% | 21.1% | 21.5% | 21.9% | 22.3% | 22.7% |
| NOPAT | $-18.8M | $44.4M | $438.0K | $30.3M | $37.7M | $46.9M | $58.3M | $71.8M |
| NOPAT Margin % | -5.9% | 9.1% | 0.1% | 3.9% | 3.9% | 3.9% | 3.9% | 3.9% |
| Capex | $16.5M | $18.5M | $17.0M | $43.6M | $51.8M | $61.5M | $73.0M | $85.8M |
| Capex / Revenue % | 5.2% | 3.8% | 2.8% | 5.7% | 5.4% | 5.1% | 4.9% | 4.6% |
| Depreciation | $59.7M | $59.8M | $67.7M | $107.9M | $134.9M | $168.6M | $210.8M | $261.0M |
| D&A / Revenue % | 18.9% | 12.3% | 11.0% | 14.1% | 14.1% | 14.1% | 14.1% | 14.1% |
| Change in NWC | $10.6M | $129.5M | $-40.3M | $-8.2M | $-8.2M | $-8.2M | $-8.2M | $-8.2M |
| NWC Change / Revenue % | 3.3% | 26.6% | -6.6% | -1.1% | -0.9% | -0.7% | -0.5% | -0.4% |
| Unlevered FCF | $13.8M | $-43.8M | $91.6M | $102.9M | $129.1M | $162.3M | $204.4M | $255.1M |
| UFCF % Chg. | - | -417.4% | 308.8% | 12.4% | 25.5% | 25.7% | 25.9% | 24.8% |
| FCF / Revenue % | 4.4% | -9.0% | 14.9% | 13.4% | 13.4% | 13.5% | 13.6% | 13.7% |
| Discount Factor | - | - | - | 0.940 | 0.884 | 0.832 | 0.782 | 0.735 |
| Present Value of FCF | - | - | - | $96.7M | $114.1M | $135.0M | $159.8M | $187.6M |
| Sum of PV of UFCF | - | - | - | $96.7M | $210.9M | $345.8M | $505.6M | $693.2M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 21.1% |
| After Tax Cost of Debt | 5.4% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 0.55 |
| Cost of Equity | 6.8% |
| Total Debt | $624.1M |
| Market Cap | $1.3B |
| Total Capital | $1.9B |
| Debt Weighting | 32.2% |
| Equity Weighting | 67.8% |
| WACC | 6.3% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $255.1M |
| Terminal Value | $6.8B |
| PV of Terminal Value | $5.0B |
| Cumulative PV of UFCF | $693.2M |
| Net Debt | $479.2M |
| Equity Value | $5.2B |
| Shares Outstanding | 19.3M |
| Implied Share Price | $270 |
| Current Share Price | $61 |
| Implied Upside/(Downside) | +344.9% |
Valuation Summary
$270.14
Implied Price
$60.72
Current Price
+344.9%
Upside/Downside
6.3%
WACC
ANIP Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Healthcare
P/E Ratio
$-65.51
-207.9%
Peer Median: 62.4x
EV/EBITDA
$82.85
+36.5%
Peer Median: 28.7x
P/S Ratio
$111.15
+83.1%
Peer Median: 3.6x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for ANIP's business model and current situation.
Multiple Comparison
| Multiple | ANIP Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -57.8x | 62.4x | 43.0x | -192.7% | Undervalued |
| EV/EBITDA | 28.7x | 28.7x | 27.1x | 0.0% | Fair Value |
| P/S Ratio | 2.0x | 3.6x | 5.3x | -45.4% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $1.89B | 0.0x | 0.0x | 8.1x | |
| $1.61B | 0.0x | 0.0x | 0.0x | |
| $1.57B | 0.0x | 0.0x | 111.0x | |
| $1.31B | 74.5x | 28.7x | 2.0x | |
| $1.21B | 9.1x | 7.1x | 1.7x | |
| $1.33B | 25.8x | 355.7x | 3.6x | |
| $1.24B | 1244.3x | 79.4x | 1.8x | |
| $729.23B | 62.4x | 45.6x | 14.9x |