Discounted Cash Flow (DCF) Analysis Levered

AcelRx Pharmaceuticals, Inc. (ACRX)

$0.86

+0.06 (+7.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.01 | 0.86 | overvalue

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 2.295.422.821.770.650.630.610.600.580.56
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 2.295.422.821.770.650.630.610.600.580.56
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