Discounted Cash Flow (DCF) Analysis Levered
Merus N.V. (MRUS)
$23.29
+0.90 (+4.02%)
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 | 35.75 | 31.13 | 29.94 | 49.11 | 29.60 | 30.16 | 30.73 | 31.31 | 31.90 | 32.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -46.33 | -63.05 | -79.90 | -59.63 | -149.90 | -74 | -75.40 | -76.82 | -78.27 | -79.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.59 | -3.13 | -3.18 | -3.24 | -3.31 | -3.37 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -50.53 | -65.65 | -81.19 | -60.50 | -157.49 | -77.13 | -78.58 | -80.07 | -81.58 | -83.12 |
Weighted Average Cost Of Capital
| Share price | $ 23.29 |
|---|---|
| Beta | 0.755 |
| Diluted Shares Outstanding | 38.64 |
| Cost of Debt | |
| Tax Rate | -0.70 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.280 |
| Total Debt | 1.68 |
| Total Equity | 899.89 |
| Total Capital | 901.57 |
| Debt Weighting | 0.19 |
| Equity Weighting | 99.81 |
| 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 | 35.75 | 31.13 | 29.94 | 49.11 | 29.60 | 30.16 | 30.73 | 31.31 | 31.90 | 32.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -46.33 | -63.05 | -79.90 | -59.63 | -149.90 | -74 | -75.40 | -76.82 | -78.27 | -79.75 |
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.59 | -3.13 | -3.18 | -3.24 | -3.31 | -3.37 |
| Free Cash Flow | -50.53 | -65.65 | -81.19 | -60.50 | -157.49 | -77.13 | -78.58 | -80.07 | -81.58 | -83.12 |
| WACC | ||||||||||
| PV LFCF | -71.89 | -68.28 | -64.85 | -61.59 | -58.49 | |||||
| SUM PV LFCF | -325.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.28 |
| Free cash flow (t + 1) | -84.78 |
| Terminal Value | -1,605.70 |
| Present Value of Terminal Value | -1,129.98 |
Intrinsic Value
| Enterprise Value | -1,455.09 |
|---|---|
| Net Debt | -146.06 |
| Equity Value | -1,309.02 |
| Shares Outstanding | 38.64 |
| Equity Value Per Share | -33.88 |