Discounted Cash Flow (DCF) Analysis Levered
Adaptimmune Therapeutics plc (ADAP)
$2.38
+0.13 (+5.78%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 37.83 | 59.50 | 1.12 | 3.96 | 6.15 | 10.26 | 17.11 | 28.55 | 47.62 | 79.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -54.32 | -104.39 | -112.51 | -53.59 | 10.73 | -236.46 | -394.47 | -658.06 | -1,097.80 | -1,831.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -25.01 | -4.71 | -3.07 | -2.91 | -8.57 | -11.51 | -19.20 | -32.02 | -53.42 | -89.12 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -79.33 | -109.10 | -115.58 | -56.50 | 2.15 | -247.97 | -413.67 | -690.09 | -1,151.21 | -1,920.48 |
Weighted Average Cost Of Capital
| Share price | $ 2.38 |
|---|---|
| Beta | 1.778 |
| Diluted Shares Outstanding | 155.81 |
| Cost of Debt | |
| Tax Rate | 0.50 |
| After-tax Cost of Debt | 4.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.239 |
| Total Debt | 245.10 |
| Total Equity | 370.82 |
| Total Capital | 615.92 |
| Debt Weighting | 39.79 |
| Equity Weighting | 60.21 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 37.83 | 59.50 | 1.12 | 3.96 | 6.15 | 10.26 | 17.11 | 28.55 | 47.62 | 79.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -54.32 | -104.39 | -112.51 | -53.59 | 10.73 | -236.46 | -394.47 | -658.06 | -1,097.80 | -1,831.36 |
| Capital Expenditure | -25.01 | -4.71 | -3.07 | -2.91 | -8.57 | -11.51 | -19.20 | -32.02 | -53.42 | -89.12 |
| Free Cash Flow | -79.33 | -109.10 | -115.58 | -56.50 | 2.15 | -247.97 | -413.67 | -690.09 | -1,151.21 | -1,920.48 |
| WACC | ||||||||||
| PV LFCF | -228.02 | -349.78 | -536.56 | -823.07 | -1,262.59 | |||||
| SUM PV LFCF | -3,200.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.75 |
| Free cash flow (t + 1) | -1,958.89 |
| Terminal Value | -29,020.58 |
| Present Value of Terminal Value | -19,079.18 |
Intrinsic Value
| Enterprise Value | -22,279.20 |
|---|---|
| Net Debt | 95.15 |
| Equity Value | -22,374.35 |
| Shares Outstanding | 155.81 |
| Equity Value Per Share | -143.60 |