Discounted Cash Flow (DCF) Analysis Levered
Ocular Therapeutix, Inc. (OCUL)
$3.19
-0.07 (-2.15%)
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 | 1.99 | 4.23 | 17.40 | 43.52 | 51.49 | 127.77 | 317.04 | 786.68 | 1,952 | 4,843.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -49.23 | -77.58 | -53.55 | -65.55 | -59.60 | -1,247.85 | -3,096.31 | -7,682.89 | -19,063.60 | -47,302.66 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.89 | -2.24 | -0.84 | -1.19 | -3.72 | -41.57 | -103.14 | -255.92 | -635.02 | -1,575.69 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -51.12 | -79.82 | -54.39 | -66.74 | -63.32 | -1,289.42 | -3,199.45 | -7,938.81 | -19,698.63 | -48,878.35 |
Weighted Average Cost Of Capital
| Share price | $ 3.19 |
|---|---|
| Beta | 1.224 |
| Diluted Shares Outstanding | 82.64 |
| Cost of Debt | |
| Tax Rate | 10.72 |
| After-tax Cost of Debt | 9.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.214 |
| Total Debt | 64.28 |
| Total Equity | 263.64 |
| Total Capital | 327.92 |
| Debt Weighting | 19.60 |
| Equity Weighting | 80.40 |
| 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 | 1.99 | 4.23 | 17.40 | 43.52 | 51.49 | 127.77 | 317.04 | 786.68 | 1,952 | 4,843.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -49.23 | -77.58 | -53.55 | -65.55 | -59.60 | -1,247.85 | -3,096.31 | -7,682.89 | -19,063.60 | -47,302.66 |
| Capital Expenditure | -1.89 | -2.24 | -0.84 | -1.19 | -3.72 | -41.57 | -103.14 | -255.92 | -635.02 | -1,575.69 |
| Free Cash Flow | -51.12 | -79.82 | -54.39 | -66.74 | -63.32 | -1,289.42 | -3,199.45 | -7,938.81 | -19,698.63 | -48,878.35 |
| WACC | ||||||||||
| PV LFCF | -1,170.92 | -2,638.41 | -5,945.07 | -13,395.88 | -30,184.61 | |||||
| SUM PV LFCF | -53,334.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.12 |
| Free cash flow (t + 1) | -49,855.92 |
| Terminal Value | -613,989.19 |
| Present Value of Terminal Value | -379,166.28 |
Intrinsic Value
| Enterprise Value | -432,501.17 |
|---|---|
| Net Debt | -38.02 |
| Equity Value | -432,463.15 |
| Shares Outstanding | 82.64 |
| Equity Value Per Share | -5,232.83 |