Discounted Cash Flow (DCF) Analysis Levered
Merus N.V. (MRUS)
$25.13
+0.39 (+1.58%)
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 | 35.97 | 31.13 | 29.94 | 49.11 | 41.59 | 44.85 | 48.37 | 52.17 | 56.27 | 60.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -46.33 | -63.05 | -79.90 | -59.63 | -149.90 | -96.88 | -104.49 | -112.69 | -121.54 | -131.08 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.64 | -3.99 | -4.30 | -4.64 | -5.01 | -5.40 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -50.53 | -65.65 | -81.19 | -60.50 | -157.54 | -100.87 | -108.79 | -117.33 | -126.55 | -136.48 |
Weighted Average Cost Of Capital
| Share price | $ 25.13 |
|---|---|
| Beta | 0.746 |
| Diluted Shares Outstanding | 44.92 |
| Cost of Debt | |
| Tax Rate | -0.74 |
| After-tax Cost of Debt | 20.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.677 |
| Total Debt | 13.47 |
| Total Equity | 1,128.82 |
| Total Capital | 1,142.29 |
| Debt Weighting | 1.18 |
| Equity Weighting | 98.82 |
| 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 | 35.97 | 31.13 | 29.94 | 49.11 | 41.59 | 44.85 | 48.37 | 52.17 | 56.27 | 60.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -46.33 | -63.05 | -79.90 | -59.63 | -149.90 | -96.88 | -104.49 | -112.69 | -121.54 | -131.08 |
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.64 | -3.99 | -4.30 | -4.64 | -5.01 | -5.40 |
| Free Cash Flow | -50.53 | -65.65 | -81.19 | -60.50 | -157.54 | -100.87 | -108.79 | -117.33 | -126.55 | -136.48 |
| WACC | ||||||||||
| PV LFCF | -93.55 | -93.58 | -93.61 | -93.64 | -93.67 | |||||
| SUM PV LFCF | -468.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.82 |
| Free cash flow (t + 1) | -139.21 |
| Terminal Value | -2,391.95 |
| Present Value of Terminal Value | -1,641.55 |
Intrinsic Value
| Enterprise Value | -2,109.60 |
|---|---|
| Net Debt | -134.28 |
| Equity Value | -1,975.33 |
| Shares Outstanding | 44.92 |
| Equity Value Per Share | -43.98 |