Discounted Cash Flow (DCF) Analysis Levered
Aclaris Therapeutics, Inc. (ACRS)
$6.65
-0.17 (-2.49%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.09 | 4.23 | 6.48 | 6.76 | 29.75 | 55.01 | 101.71 | 188.07 | 347.74 | 642.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -100.81 | -96.44 | -38.63 | -52.13 | -67.57 | -536.34 | -991.69 | -1,833.62 | -3,390.33 | -6,268.67 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.36 | -1.61 | -0.45 | -0.31 | -0.61 | -7.17 | -13.26 | -24.51 | -45.33 | -83.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -102.17 | -98.06 | -39.09 | -52.44 | -68.17 | -543.51 | -1,004.95 | -1,858.13 | -3,435.66 | -6,352.48 |
Weighted Average Cost Of Capital
| Share price | $ 6.65 |
|---|---|
| Beta | 0.659 |
| Diluted Shares Outstanding | 65.21 |
| Cost of Debt | |
| Tax Rate | -2.02 |
| After-tax Cost of Debt | 687.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.550 |
| Total Debt | 0.68 |
| Total Equity | 433.67 |
| Total Capital | 434.36 |
| Debt Weighting | 0.16 |
| Equity Weighting | 99.84 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.09 | 4.23 | 6.48 | 6.76 | 29.75 | 55.01 | 101.71 | 188.07 | 347.74 | 642.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -100.81 | -96.44 | -38.63 | -52.13 | -67.57 | -536.34 | -991.69 | -1,833.62 | -3,390.33 | -6,268.67 |
| Capital Expenditure | -1.36 | -1.61 | -0.45 | -0.31 | -0.61 | -7.17 | -13.26 | -24.51 | -45.33 | -83.81 |
| Free Cash Flow | -102.17 | -98.06 | -39.09 | -52.44 | -68.17 | -543.51 | -1,004.95 | -1,858.13 | -3,435.66 | -6,352.48 |
| WACC | ||||||||||
| PV LFCF | -500.38 | -851.77 | -1,449.93 | -2,468.14 | -4,201.40 | |||||
| SUM PV LFCF | -9,471.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.62 |
| Free cash flow (t + 1) | -6,479.52 |
| Terminal Value | -97,878.01 |
| Present Value of Terminal Value | -64,734.55 |
Intrinsic Value
| Enterprise Value | -74,206.18 |
|---|---|
| Net Debt | -44.59 |
| Equity Value | -74,161.59 |
| Shares Outstanding | 65.21 |
| Equity Value Per Share | -1,137.20 |