Discounted Cash Flow (DCF) Analysis Levered
Arcus Biosciences, Inc. (RCUS)
$20.38
+0.58 (+2.93%)
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 | 8.35 | 15 | 77.52 | 382.88 | 112 | 341.47 | 1,041.10 | 3,174.15 | 9,677.51 | 29,505.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -43 | -73.46 | 111.17 | -256.17 | 438 | -366.68 | -1,117.94 | -3,408.43 | -10,391.80 | -31,683.07 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.74 | -1.92 | -3.06 | -26.08 | -12 | -54.03 | -164.72 | -502.21 | -1,531.17 | -4,668.32 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -46.74 | -75.39 | 108.12 | -282.25 | 426 | -420.70 | -1,282.66 | -3,910.64 | -11,922.98 | -36,351.40 |
Weighted Average Cost Of Capital
| Share price | $ 20.38 |
|---|---|
| Beta | 0.812 |
| Diluted Shares Outstanding | 54.79 |
| Cost of Debt | |
| Tax Rate | -0.38 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.311 |
| Total Debt | - |
| Total Equity | 1,116.56 |
| Total Capital | 1,116.56 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 8.35 | 15 | 77.52 | 382.88 | 112 | 341.47 | 1,041.10 | 3,174.15 | 9,677.51 | 29,505.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -43 | -73.46 | 111.17 | -256.17 | 438 | -366.68 | -1,117.94 | -3,408.43 | -10,391.80 | -31,683.07 |
| Capital Expenditure | -3.74 | -1.92 | -3.06 | -26.08 | -12 | -54.03 | -164.72 | -502.21 | -1,531.17 | -4,668.32 |
| Free Cash Flow | -46.74 | -75.39 | 108.12 | -282.25 | 426 | -420.70 | -1,282.66 | -3,910.64 | -11,922.98 | -36,351.40 |
| WACC | ||||||||||
| PV LFCF | -388.42 | -1,093.39 | -3,077.82 | -8,663.84 | -24,388.12 | |||||
| SUM PV LFCF | -37,611.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.31 |
| Free cash flow (t + 1) | -37,078.42 |
| Terminal Value | -587,613.69 |
| Present Value of Terminal Value | -394,229.51 |
Intrinsic Value
| Enterprise Value | -431,841.10 |
|---|---|
| Net Debt | -206 |
| Equity Value | -431,635.10 |
| Shares Outstanding | 54.79 |
| Equity Value Per Share | -7,878.40 |