Discounted Cash Flow (DCF) Analysis Levered
Burning Rock Biotech Limited (BNR)
$2.9
-0.02 (-0.68%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 33.42 | 61.07 | 68.78 | 81.26 | 112 | 154.38 | 212.79 | 293.30 | 404.27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -23.80 | -36.49 | -11.77 | -76.46 | -67.81 | -93.47 | -128.83 | -177.58 | -244.77 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -3.95 | -7.32 | -12.73 | -34.15 | -23.62 | -32.55 | -44.87 | -61.85 | -85.25 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -27.76 | -43.80 | -24.49 | -110.61 | -91.43 | -126.02 | -173.70 | -239.43 | -330.01 |
Weighted Average Cost Of Capital
| Share price | $ 2.9 |
|---|---|
| Beta | 0.197 |
| Diluted Shares Outstanding | 104.21 |
| Cost of Debt | |
| Tax Rate | -0.11 |
| After-tax Cost of Debt | 1.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.310 |
| Total Debt | 13.87 |
| Total Equity | 302.20 |
| Total Capital | 316.07 |
| Debt Weighting | 4.39 |
| Equity Weighting | 95.61 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 33.42 | 61.07 | 68.78 | 81.26 | 112 | 154.38 | 212.79 | 293.30 | 404.27 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -23.80 | -36.49 | -11.77 | -76.46 | -67.81 | -93.47 | -128.83 | -177.58 | -244.77 |
| Capital Expenditure | -3.95 | -7.32 | -12.73 | -34.15 | -23.62 | -32.55 | -44.87 | -61.85 | -85.25 |
| Free Cash Flow | -27.76 | -43.80 | -24.49 | -110.61 | -91.43 | -126.02 | -173.70 | -239.43 | -330.01 |
| WACC | |||||||||
| PV LFCF | -91.43 | -120.94 | -159.98 | -211.63 | -279.94 | ||||
| SUM PV LFCF | -829.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.20 |
| Free cash flow (t + 1) | -336.61 |
| Terminal Value | -15,300.63 |
| Present Value of Terminal Value | -12,455.77 |
Intrinsic Value
| Enterprise Value | -13,284.87 |
|---|---|
| Net Debt | -215.14 |
| Equity Value | -13,069.73 |
| Shares Outstanding | 104.21 |
| Equity Value Per Share | -125.42 |