Discounted Cash Flow (DCF) Analysis Levered

Adverum Biotechnologies, Inc. (ADVM)

$0.8806

-0.04 (-4.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.13 | 0.8806 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.851.610.250.130.070.030.020.0100
Revenue (%)
Operating Cash Flow -45.42-53.96-49.17-79.29-107.83-16.98-8.72-4.48-2.30-1.18
Operating Cash Flow (%)
Capital Expenditure -1.02-0.81-19.25-11.84-15.12-2.71-1.39-0.71-0.37-0.19
Capital Expenditure (%)
Free Cash Flow -46.44-54.77-68.42-91.13-122.95-19.68-10.11-5.19-2.66-1.37

Weighted Average Cost Of Capital

Share price $ 0.8,806
Beta 1.130
Diluted Shares Outstanding 85.15
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.297
Total Debt -
Total Equity 74.98
Total Capital 74.98
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.851.610.250.130.070.030.020.0100
Operating Cash Flow -45.42-53.96-49.17-79.29-107.83-16.98-8.72-4.48-2.30-1.18
Capital Expenditure -1.02-0.81-19.25-11.84-15.12-2.71-1.39-0.71-0.37-0.19
Free Cash Flow -46.44-54.77-68.42-91.13-122.95-19.68-10.11-5.19-2.66-1.37
WACC
PV LFCF -99.61-122.95-18.01-8.46-3.97-1.87-0.88
SUM PV LFCF -33.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.30
Free cash flow (t + 1) -1.40
Terminal Value -19.12
Present Value of Terminal Value -12.25

Intrinsic Value

Enterprise Value -45.44
Net Debt -34.20
Equity Value -11.25
Shares Outstanding 85.15
Equity Value Per Share -0.13