Discounted Cash Flow (DCF) Analysis Levered
Moderna, Inc. (MRNA)
$103.08
-0.23 (-0.22%)
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 | 122.51 | 48.04 | 274.49 | 17,736 | 19,263 | 345,803.69 | 6,207,765.86 | 111,439,981.43 | 2,000,537,671.84 | 35,913,062,126.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -330.87 | -458.97 | 2,026.97 | 13,620 | 4,981 | -265,877.03 | -4,772,946 | -85,682,518.63 | -1,538,147,298.11 | -27,612,366,542.20 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -105.77 | -31.55 | -67.45 | -284 | -400 | -124,675.56 | -2,238,138.84 | -40,178,408.20 | -721,270,931.42 | -12,948,042,985.94 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -436.63 | -490.52 | 1,959.52 | 13,336 | 4,581 | -390,552.59 | -7,011,084.84 | -125,860,926.83 | -2,259,418,229.53 | -40,560,409,528.14 |
Weighted Average Cost Of Capital
| Share price | $ 103.08 |
|---|---|
| Beta | 1.622 |
| Diluted Shares Outstanding | 416 |
| Cost of Debt | |
| Tax Rate | 12.67 |
| After-tax Cost of Debt | 2.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.457 |
| Total Debt | 1,200 |
| Total Equity | 42,881.28 |
| Total Capital | 44,081.28 |
| Debt Weighting | 2.72 |
| Equity Weighting | 97.28 |
| 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 | 122.51 | 48.04 | 274.49 | 17,736 | 19,263 | 345,803.69 | 6,207,765.86 | 111,439,981.43 | 2,000,537,671.84 | 35,913,062,126.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -330.87 | -458.97 | 2,026.97 | 13,620 | 4,981 | -265,877.03 | -4,772,946 | -85,682,518.63 | -1,538,147,298.11 | -27,612,366,542.20 |
| Capital Expenditure | -105.77 | -31.55 | -67.45 | -284 | -400 | -124,675.56 | -2,238,138.84 | -40,178,408.20 | -721,270,931.42 | -12,948,042,985.94 |
| Free Cash Flow | -436.63 | -490.52 | 1,959.52 | 13,336 | 4,581 | -390,552.59 | -7,011,084.84 | -125,860,926.83 | -2,259,418,229.53 | -40,560,409,528.14 |
| WACC | ||||||||||
| PV LFCF | -348,148.14 | -5,571,271.86 | -89,154,777.10 | -1,426,707,307.69 | -22,831,011,507.32 | |||||
| SUM PV LFCF | -24,352,793,012.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.18 |
| Free cash flow (t + 1) | -41,371,617,718.70 |
| Terminal Value | -406,400,959,908.68 |
| Present Value of Terminal Value | -228,758,661,468.28 |
Intrinsic Value
| Enterprise Value | -253,111,454,480.39 |
|---|---|
| Net Debt | -2,005 |
| Equity Value | -253,111,452,475.39 |
| Shares Outstanding | 416 |
| Equity Value Per Share | -608,440,991.53 |