Discounted Cash Flow (DCF) Analysis Levered
Nektar Therapeutics (NKTR)
$2.61
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 307.71 | 1,193.32 | 114.62 | 152.92 | 101.91 | 152.22 | 227.36 | 339.60 | 507.25 | 757.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -80.41 | 718.21 | -328.68 | -313.29 | -412.66 | -262.58 | -392.21 | -585.83 | -875.03 | -1,307.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -9.68 | -14.24 | -26.29 | -7.26 | -14.99 | -14.22 | -21.25 | -31.74 | -47.40 | -70.80 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -90.09 | 703.97 | -354.97 | -320.55 | -427.65 | -276.80 | -413.45 | -617.56 | -922.44 | -1,377.82 |
Weighted Average Cost Of Capital
| Share price | $ 2.61 |
|---|---|
| Beta | 0.923 |
| Diluted Shares Outstanding | 183.30 |
| Cost of Debt | |
| Tax Rate | -0.11 |
| After-tax Cost of Debt | 33.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.909 |
| Total Debt | 143.18 |
| Total Equity | 478.41 |
| Total Capital | 621.58 |
| Debt Weighting | 23.03 |
| Equity Weighting | 76.97 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 307.71 | 1,193.32 | 114.62 | 152.92 | 101.91 | 152.22 | 227.36 | 339.60 | 507.25 | 757.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -80.41 | 718.21 | -328.68 | -313.29 | -412.66 | -262.58 | -392.21 | -585.83 | -875.03 | -1,307.01 |
| Capital Expenditure | -9.68 | -14.24 | -26.29 | -7.26 | -14.99 | -14.22 | -21.25 | -31.74 | -47.40 | -70.80 |
| Free Cash Flow | -90.09 | 703.97 | -354.97 | -320.55 | -427.65 | -276.80 | -413.45 | -617.56 | -922.44 | -1,377.82 |
| WACC | ||||||||||
| PV LFCF | -243.45 | -319.82 | -420.15 | -551.94 | -725.09 | |||||
| SUM PV LFCF | -2,260.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.70 |
| Free cash flow (t + 1) | -1,405.37 |
| Terminal Value | -12,011.74 |
| Present Value of Terminal Value | -6,321.26 |
Intrinsic Value
| Enterprise Value | -8,581.71 |
|---|---|
| Net Debt | 117.96 |
| Equity Value | -8,699.67 |
| Shares Outstanding | 183.30 |
| Equity Value Per Share | -47.46 |