Discounted Cash Flow (DCF) Analysis Levered
Nevro Corp. (NVRO)
$53.03
+1.34 (+2.59%)
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 | 326.67 | 387.29 | 390.25 | 362.05 | 386.90 | 405.24 | 424.45 | 444.57 | 465.64 | 487.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -14.27 | -5.71 | -50.22 | 1.19 | -41.88 | -23.67 | -24.80 | -25.97 | -27.20 | -28.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4.33 | -8.22 | -3.47 | -6.03 | -12.34 | -7.45 | -7.80 | -8.17 | -8.56 | -8.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -18.60 | -13.92 | -53.70 | -4.83 | -54.22 | -31.12 | -32.60 | -34.14 | -35.76 | -37.45 |
Weighted Average Cost Of Capital
| Share price | $ 53.03 |
|---|---|
| Beta | 0.964 |
| Diluted Shares Outstanding | 34.88 |
| Cost of Debt | |
| Tax Rate | -0.41 |
| After-tax Cost of Debt | 11.85% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.340 |
| Total Debt | 166.71 |
| Total Equity | 1,849.60 |
| Total Capital | 2,016.32 |
| Debt Weighting | 8.27 |
| Equity Weighting | 91.73 |
| 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 | 326.67 | 387.29 | 390.25 | 362.05 | 386.90 | 405.24 | 424.45 | 444.57 | 465.64 | 487.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -14.27 | -5.71 | -50.22 | 1.19 | -41.88 | -23.67 | -24.80 | -25.97 | -27.20 | -28.49 |
| Capital Expenditure | -4.33 | -8.22 | -3.47 | -6.03 | -12.34 | -7.45 | -7.80 | -8.17 | -8.56 | -8.96 |
| Free Cash Flow | -18.60 | -13.92 | -53.70 | -4.83 | -54.22 | -31.12 | -32.60 | -34.14 | -35.76 | -37.45 |
| WACC | ||||||||||
| PV LFCF | -28.89 | -28.10 | -27.32 | -26.57 | -25.84 | |||||
| SUM PV LFCF | -136.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.71 |
| Free cash flow (t + 1) | -38.20 |
| Terminal Value | -669.06 |
| Present Value of Terminal Value | -461.51 |
Intrinsic Value
| Enterprise Value | -598.23 |
|---|---|
| Net Debt | 132 |
| Equity Value | -730.23 |
| Shares Outstanding | 34.88 |
| Equity Value Per Share | -20.94 |