Discounted Cash Flow (DCF) Analysis Levered
Surface Oncology, Inc. (SURF)
$0.8
-0.02 (-2.45%)
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 | 59.42 | 15.36 | 126.16 | 2.69 | 30 | 147.44 | 724.59 | 3,561.09 | 17,501.26 | 86,011.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -13.22 | -60.14 | 30 | -3.49 | -39 | -191.68 | -942 | -4,629.56 | -22,752.39 | -111,818.61 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2.02 | -1.54 | -0.04 | -0.12 | -0 | -5.28 | -25.96 | -127.57 | -626.93 | -3,081.12 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -15.24 | -61.68 | 29.95 | -3.61 | -39 | -196.96 | -967.96 | -4,757.13 | -23,379.32 | -114,899.72 |
Weighted Average Cost Of Capital
| Share price | $ 0.8 |
|---|---|
| Beta | 1.683 |
| Diluted Shares Outstanding | 55.76 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 10.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.614 |
| Total Debt | 30.45 |
| Total Equity | 44.61 |
| Total Capital | 75.06 |
| Debt Weighting | 40.57 |
| Equity Weighting | 59.43 |
| 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 | 59.42 | 15.36 | 126.16 | 2.69 | 30 | 147.44 | 724.59 | 3,561.09 | 17,501.26 | 86,011.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.22 | -60.14 | 30 | -3.49 | -39 | -191.68 | -942 | -4,629.56 | -22,752.39 | -111,818.61 |
| Capital Expenditure | -2.02 | -1.54 | -0.04 | -0.12 | -0 | -5.28 | -25.96 | -127.57 | -626.93 | -3,081.12 |
| Free Cash Flow | -15.24 | -61.68 | 29.95 | -3.61 | -39 | -196.96 | -967.96 | -4,757.13 | -23,379.32 | -114,899.72 |
| WACC | ||||||||||
| PV LFCF | -143.66 | -635.56 | -2,811.71 | -12,438.90 | -55,029.33 | |||||
| SUM PV LFCF | -87,694.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.09 |
| Free cash flow (t + 1) | -117,197.72 |
| Terminal Value | -1,289,303.81 |
| Present Value of Terminal Value | -762,044.68 |
Intrinsic Value
| Enterprise Value | -849,738.71 |
|---|---|
| Net Debt | -20.46 |
| Equity Value | -849,718.25 |
| Shares Outstanding | 55.76 |
| Equity Value Per Share | -15,238.47 |