Discounted Cash Flow (DCF) Analysis Levered
AC Immune SA (ACIU)
$2.22
+0.03 (+1.37%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7.19 | 111.03 | 15.43 | 120.15 | 935.47 | 7,283.63 | 56,710.77 | 441,553.54 | 3,437,963.32 | 26,768,195.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -44.08 | 55.22 | -59.52 | -65.69 | -73.57 | -14,730.48 | -114,692.40 | -893,002.15 | -6,952,970.22 | -54,136,257.87 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.86 | -1.89 | -1.71 | -2.64 | -1.24 | -595.89 | -4,639.64 | -36,124.51 | -281,267.65 | -2,189,967.40 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -45.94 | 53.33 | -61.22 | -68.32 | -74.81 | -15,326.37 | -119,332.04 | -929,126.66 | -7,234,237.88 | -56,326,225.27 |
Weighted Average Cost Of Capital
| Share price | $ 2.22 |
|---|---|
| Beta | 0.582 |
| Diluted Shares Outstanding | 83.55 |
| Cost of Debt | |
| Tax Rate | -0.02 |
| After-tax Cost of Debt | 12.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.127 |
| Total Debt | 2.80 |
| Total Equity | 185.49 |
| Total Capital | 188.29 |
| Debt Weighting | 1.49 |
| Equity Weighting | 98.51 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7.19 | 111.03 | 15.43 | 120.15 | 935.47 | 7,283.63 | 56,710.77 | 441,553.54 | 3,437,963.32 | 26,768,195.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -44.08 | 55.22 | -59.52 | -65.69 | -73.57 | -14,730.48 | -114,692.40 | -893,002.15 | -6,952,970.22 | -54,136,257.87 |
| Capital Expenditure | -1.86 | -1.89 | -1.71 | -2.64 | -1.24 | -595.89 | -4,639.64 | -36,124.51 | -281,267.65 | -2,189,967.40 |
| Free Cash Flow | -45.94 | 53.33 | -61.22 | -68.32 | -74.81 | -15,326.37 | -119,332.04 | -929,126.66 | -7,234,237.88 | -56,326,225.27 |
| WACC | ||||||||||
| PV LFCF | -72.57 | -74.81 | -14,428.89 | -105,765.61 | -775,275.45 | -5,682,868.37 | -41,656,153.24 | |||
| SUM PV LFCF | -48,234,491.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.22 |
| Free cash flow (t + 1) | -57,452,749.78 |
| Terminal Value | -1,361,439,568.15 |
| Present Value of Terminal Value | -1,006,854,888.82 |
Intrinsic Value
| Enterprise Value | -1,055,089,380.38 |
|---|---|
| Net Debt | - |
| Equity Value | -1,055,089,380.38 |
| Shares Outstanding | 83.55 |
| Equity Value Per Share | -12,627,572.32 |