Discounted Cash Flow (DCF) Analysis Levered
AcelRx Pharmaceuticals, Inc. (ACRX)
$0.86
+0.06 (+7.50%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 2.29 | 5.42 | 2.82 | 1.77 | 0.65 | 0.63 | 0.61 | 0.60 | 0.58 | 0.56 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -51.18 | -38.51 | -30 | -28.33 | -17.49 | -10.49 | -10.18 | -9.88 | -9.59 | -9.31 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -3.47 | -1.85 | -1.83 | -0.36 | -0.10 | -0.36 | -0.35 | -0.34 | -0.33 | -0.32 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -54.65 | -40.36 | -31.83 | -28.70 | -17.59 | -10.85 | -10.53 | -10.22 | -9.92 | -9.63 |
Weighted Average Cost Of Capital
Share price | $ 0.86 |
---|---|
Beta | 0.517 |
Diluted Shares Outstanding | 14,263.74 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.796 |
Total Debt | - |
Total Equity | 12,266.82 |
Total Capital | 12,266.82 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 2.29 | 5.42 | 2.82 | 1.77 | 0.65 | 0.63 | 0.61 | 0.60 | 0.58 | 0.56 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -51.18 | -38.51 | -30 | -28.33 | -17.49 | -10.49 | -10.18 | -9.88 | -9.59 | -9.31 |
Capital Expenditure | -3.47 | -1.85 | -1.83 | -0.36 | -0.10 | -0.36 | -0.35 | -0.34 | -0.33 | -0.32 |
Free Cash Flow | -54.65 | -40.36 | -31.83 | -28.70 | -17.59 | -10.85 | -10.53 | -10.22 | -9.92 | -9.63 |
WACC | ||||||||||
PV LFCF | -10.16 | -9.23 | -8.39 | -7.63 | -6.93 | |||||
SUM PV LFCF | -42.33 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.80 |
Free cash flow (t + 1) | -9.82 |
Terminal Value | -204.61 |
Present Value of Terminal Value | -147.26 |
Intrinsic Value
Enterprise Value | -189.59 |
---|---|
Net Debt | -5.72 |
Equity Value | -183.87 |
Shares Outstanding | 14,263.74 |
Equity Value Per Share | -0.01 |