Discounted Cash Flow (DCF) Analysis Levered
Seres Therapeutics, Inc. (MCRB)
$1.175
+0.04 (+3.98%)
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 | 28.27 | 34.51 | 33.21 | 144.93 | 7.13 | 11.75 | 19.38 | 31.96 | 52.70 | 86.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -62.85 | -76.52 | -93.61 | 6.69 | -228.82 | -92.42 | -152.39 | -251.29 | -414.36 | -683.25 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.94 | -1 | -0.59 | -9.57 | -9.82 | -3.67 | -6.04 | -9.97 | -16.43 | -27.10 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -64.79 | -77.52 | -94.20 | -2.88 | -238.64 | -96.08 | -158.44 | -261.25 | -430.79 | -710.35 |
Weighted Average Cost Of Capital
| Share price | $ 1.175 |
|---|---|
| Beta | 2.767 |
| Diluted Shares Outstanding | 108.08 |
| Cost of Debt | |
| Tax Rate | -1.47 |
| After-tax Cost of Debt | 4.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.274 |
| Total Debt | 162.59 |
| Total Equity | 126.99 |
| Total Capital | 289.58 |
| Debt Weighting | 56.15 |
| Equity Weighting | 43.85 |
| 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 | 28.27 | 34.51 | 33.21 | 144.93 | 7.13 | 11.75 | 19.38 | 31.96 | 52.70 | 86.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -62.85 | -76.52 | -93.61 | 6.69 | -228.82 | -92.42 | -152.39 | -251.29 | -414.36 | -683.25 |
| Capital Expenditure | -1.94 | -1 | -0.59 | -9.57 | -9.82 | -3.67 | -6.04 | -9.97 | -16.43 | -27.10 |
| Free Cash Flow | -64.79 | -77.52 | -94.20 | -2.88 | -238.64 | -96.08 | -158.44 | -261.25 | -430.79 | -710.35 |
| WACC | ||||||||||
| PV LFCF | -87.40 | -131.08 | -196.60 | -294.88 | -442.27 | |||||
| SUM PV LFCF | -1,152.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.94 |
| Free cash flow (t + 1) | -724.55 |
| Terminal Value | -9,125.37 |
| Present Value of Terminal Value | -5,681.61 |
Intrinsic Value
| Enterprise Value | -6,833.85 |
|---|---|
| Net Debt | -0.44 |
| Equity Value | -6,833.41 |
| Shares Outstanding | 108.08 |
| Equity Value Per Share | -63.23 |