Discounted Cash Flow (DCF) Analysis Levered
Nektar Therapeutics (NKTR)
$0.718
-0.03 (-3.38%)
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 | 1,193.32 | 114.62 | 152.92 | 101.91 | 92.06 | 69.04 | 51.78 | 38.83 | 29.12 | 21.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 718.21 | -328.68 | -313.29 | -412.66 | -304.01 | -161.09 | -120.81 | -90.61 | -67.96 | -50.97 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -14.24 | -26.29 | -7.26 | -14.99 | -5.68 | -6.87 | -5.15 | -3.86 | -2.90 | -2.17 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 703.97 | -354.97 | -320.55 | -427.65 | -309.68 | -167.96 | -125.97 | -94.47 | -70.85 | -53.14 |
Weighted Average Cost Of Capital
| Share price | $ 0.718 |
|---|---|
| Beta | 1.102 |
| Diluted Shares Outstanding | 187.14 |
| Cost of Debt | |
| Tax Rate | -0.88 |
| After-tax Cost of Debt | 21.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.580 |
| Total Debt | 131.50 |
| Total Equity | 134.37 |
| Total Capital | 265.86 |
| Debt Weighting | 49.46 |
| Equity Weighting | 50.54 |
| 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 | 1,193.32 | 114.62 | 152.92 | 101.91 | 92.06 | 69.04 | 51.78 | 38.83 | 29.12 | 21.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 718.21 | -328.68 | -313.29 | -412.66 | -304.01 | -161.09 | -120.81 | -90.61 | -67.96 | -50.97 |
| Capital Expenditure | -14.24 | -26.29 | -7.26 | -14.99 | -5.68 | -6.87 | -5.15 | -3.86 | -2.90 | -2.17 |
| Free Cash Flow | 703.97 | -354.97 | -320.55 | -427.65 | -309.68 | -167.96 | -125.97 | -94.47 | -70.85 | -53.14 |
| WACC | ||||||||||
| PV LFCF | -145.78 | -94.90 | -61.78 | -40.22 | -26.18 | |||||
| SUM PV LFCF | -368.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.21 |
| Free cash flow (t + 1) | -54.20 |
| Terminal Value | -410.31 |
| Present Value of Terminal Value | -202.14 |
Intrinsic Value
| Enterprise Value | -571 |
|---|---|
| Net Debt | 43.27 |
| Equity Value | -614.27 |
| Shares Outstanding | 187.14 |
| Equity Value Per Share | -3.28 |