Discounted Cash Flow (DCF) Analysis Levered
Avidity Biosciences, Inc. (RNA)
$11.55
+0.29 (+2.58%)
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 | 0.38 | 2.32 | 6.79 | 9.33 | 9.22 | 26.31 | 75.03 | 214.01 | 610.39 | 1,740.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -9.66 | 2.49 | -37.12 | -94.81 | -136.27 | -288.39 | -822.53 | -2,345.97 | -6,691.05 | -19,083.87 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.05 | -0.23 | -1.09 | -3.74 | -2.82 | -5.78 | -16.49 | -47.02 | -134.11 | -382.51 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -9.70 | 2.26 | -38.21 | -98.55 | -139.09 | -294.17 | -839.01 | -2,392.99 | -6,825.17 | -19,466.38 |
Weighted Average Cost Of Capital
| Share price | $ 11.55 |
|---|---|
| Beta | -0.109 |
| Diluted Shares Outstanding | 52.16 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.186 |
| Total Debt | 7.58 |
| Total Equity | 602.47 |
| Total Capital | 610.05 |
| Debt Weighting | 1.24 |
| Equity Weighting | 98.76 |
| 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 | 0.38 | 2.32 | 6.79 | 9.33 | 9.22 | 26.31 | 75.03 | 214.01 | 610.39 | 1,740.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -9.66 | 2.49 | -37.12 | -94.81 | -136.27 | -288.39 | -822.53 | -2,345.97 | -6,691.05 | -19,083.87 |
| Capital Expenditure | -0.05 | -0.23 | -1.09 | -3.74 | -2.82 | -5.78 | -16.49 | -47.02 | -134.11 | -382.51 |
| Free Cash Flow | -9.70 | 2.26 | -38.21 | -98.55 | -139.09 | -294.17 | -839.01 | -2,392.99 | -6,825.17 | -19,466.38 |
| WACC | ||||||||||
| PV LFCF | -276.16 | -763.14 | -2,108.89 | -5,827.80 | -16,104.77 | |||||
| SUM PV LFCF | -25,885.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.21 |
| Free cash flow (t + 1) | -19,855.71 |
| Terminal Value | -1,640,967.74 |
| Present Value of Terminal Value | -1,401,171.04 |
Intrinsic Value
| Enterprise Value | -1,427,056.90 |
|---|---|
| Net Debt | -332.81 |
| Equity Value | -1,426,724.08 |
| Shares Outstanding | 52.16 |
| Equity Value Per Share | -27,351.79 |