Discounted Cash Flow (DCF) Analysis Levered
Alpine Immune Sciences, Inc. (ALPN)
$7
-0.45 (-6.04%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.70 | 1.74 | 9.34 | 23.44 | 30.06 | 87.39 | 254.01 | 738.32 | 2,146.06 | 6,237.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -28.42 | -35.35 | 30.08 | -15.25 | -43.75 | -1,039.96 | -3,022.84 | -8,786.45 | -25,539.49 | -74,235.37 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.50 | -0.82 | -0.80 | -0.12 | -0.41 | -22.35 | -64.96 | -188.80 | -548.80 | -1,595.18 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -28.91 | -36.17 | 29.28 | -15.37 | -44.17 | -1,062.31 | -3,087.79 | -8,975.26 | -26,088.29 | -75,830.55 |
Weighted Average Cost Of Capital
| Share price | $ 7 |
|---|---|
| Beta | 1.289 |
| Diluted Shares Outstanding | 33.44 |
| Cost of Debt | |
| Tax Rate | -4.20 |
| After-tax Cost of Debt | 3.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.612 |
| Total Debt | 14.22 |
| Total Equity | 234.05 |
| Total Capital | 248.27 |
| Debt Weighting | 5.73 |
| Equity Weighting | 94.27 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.70 | 1.74 | 9.34 | 23.44 | 30.06 | 87.39 | 254.01 | 738.32 | 2,146.06 | 6,237.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -28.42 | -35.35 | 30.08 | -15.25 | -43.75 | -1,039.96 | -3,022.84 | -8,786.45 | -25,539.49 | -74,235.37 |
| Capital Expenditure | -0.50 | -0.82 | -0.80 | -0.12 | -0.41 | -22.35 | -64.96 | -188.80 | -548.80 | -1,595.18 |
| Free Cash Flow | -28.91 | -36.17 | 29.28 | -15.37 | -44.17 | -1,062.31 | -3,087.79 | -8,975.26 | -26,088.29 | -75,830.55 |
| WACC | ||||||||||
| PV LFCF | -972.36 | -2,587.05 | -6,883.08 | -18,313.01 | -48,723.33 | |||||
| SUM PV LFCF | -77,478.84 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.25 |
| Free cash flow (t + 1) | -77,347.16 |
| Terminal Value | -1,066,857.44 |
| Present Value of Terminal Value | -685,486.90 |
Intrinsic Value
| Enterprise Value | -762,965.74 |
|---|---|
| Net Debt | 0.84 |
| Equity Value | -762,966.58 |
| Shares Outstanding | 33.44 |
| Equity Value Per Share | -22,819.21 |