Discounted Cash Flow (DCF) Analysis Levered
Luna Innovations Incorporated (LUNA)
$8.92
+0.41 (+4.82%)
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 | 42.92 | 70.52 | 82.68 | 87.51 | 109.50 | 140.30 | 179.77 | 230.34 | 295.13 | 378.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -3.31 | 4.80 | 2.86 | 4.48 | -8.57 | -0.04 | -0.05 | -0.07 | -0.09 | -0.12 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.76 | -0.81 | -1.06 | -1.77 | -2.94 | -2.50 | -3.20 | -4.10 | -5.26 | -6.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -4.07 | 3.99 | 1.80 | 2.71 | -11.51 | -2.54 | -3.26 | -4.17 | -5.35 | -6.85 |
Weighted Average Cost Of Capital
| Share price | $ 8.92 |
|---|---|
| Beta | 1.295 |
| Diluted Shares Outstanding | 32.59 |
| Cost of Debt | |
| Tax Rate | 468.21 |
| After-tax Cost of Debt | -11.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.920 |
| Total Debt | 28.32 |
| Total Equity | 290.72 |
| Total Capital | 319.04 |
| Debt Weighting | 8.88 |
| Equity Weighting | 91.12 |
| 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 | 42.92 | 70.52 | 82.68 | 87.51 | 109.50 | 140.30 | 179.77 | 230.34 | 295.13 | 378.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -3.31 | 4.80 | 2.86 | 4.48 | -8.57 | -0.04 | -0.05 | -0.07 | -0.09 | -0.12 |
| Capital Expenditure | -0.76 | -0.81 | -1.06 | -1.77 | -2.94 | -2.50 | -3.20 | -4.10 | -5.26 | -6.74 |
| Free Cash Flow | -4.07 | 3.99 | 1.80 | 2.71 | -11.51 | -2.54 | -3.26 | -4.17 | -5.35 | -6.85 |
| WACC | ||||||||||
| PV LFCF | -2.35 | -2.79 | -3.31 | -3.92 | -4.65 | |||||
| SUM PV LFCF | -17.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.05 |
| Free cash flow (t + 1) | -6.99 |
| Terminal Value | -115.55 |
| Present Value of Terminal Value | -78.46 |
Intrinsic Value
| Enterprise Value | -95.49 |
|---|---|
| Net Debt | 22.30 |
| Equity Value | -117.79 |
| Shares Outstanding | 32.59 |
| Equity Value Per Share | -3.61 |