Discounted Cash Flow (DCF) Analysis Levered
Adverum Biotechnologies, Inc. (ADVM)
$0.9001
-0.11 (-10.88%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.61 | 0.25 | 0.04 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -53.96 | -49.17 | -79.29 | -107.83 | -108.09 | -3.94 | -0.61 | -0.09 | -0.01 | -0 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.81 | -19.25 | -11.84 | -15.12 | -11.82 | -0.45 | -0.07 | -0.01 | -0 | -0 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -54.77 | -68.42 | -91.13 | -122.95 | -119.91 | -4.39 | -0.68 | -0.11 | -0.02 | -0 |
Weighted Average Cost Of Capital
| Share price | $ 0.9,001 |
|---|---|
| Beta | 0.722 |
| Diluted Shares Outstanding | 99.25 |
| Cost of Debt | |
| Tax Rate | -0.05 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.663 |
| Total Debt | 106.80 |
| Total Equity | 89.34 |
| Total Capital | 196.14 |
| Debt Weighting | 54.45 |
| Equity Weighting | 45.55 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.61 | 0.25 | 0.04 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -53.96 | -49.17 | -79.29 | -107.83 | -108.09 | -3.94 | -0.61 | -0.09 | -0.01 | -0 |
| Capital Expenditure | -0.81 | -19.25 | -11.84 | -15.12 | -11.82 | -0.45 | -0.07 | -0.01 | -0 | -0 |
| Free Cash Flow | -54.77 | -68.42 | -91.13 | -122.95 | -119.91 | -4.39 | -0.68 | -0.11 | -0.02 | -0 |
| WACC | ||||||||||
| PV LFCF | -102.03 | -130.10 | -119.91 | -4.15 | -0.61 | -0.09 | -0.01 | -0 | ||
| SUM PV LFCF | -4.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.81 |
| Free cash flow (t + 1) | -0 |
| Terminal Value | -0.07 |
| Present Value of Terminal Value | -0.05 |
Intrinsic Value
| Enterprise Value | -4.91 |
|---|---|
| Net Debt | 38.37 |
| Equity Value | -43.28 |
| Shares Outstanding | 99.25 |
| Equity Value Per Share | -0.44 |