Discounted Cash Flow (DCF) Analysis Levered
Vericel Corporation (VCEL)
$24.01
+0.28 (+1.18%)
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 | 63.92 | 90.86 | 117.85 | 124.18 | 156.18 | 196.40 | 246.96 | 310.54 | 390.50 | 491.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -13.18 | -0.41 | -7.18 | 17.57 | 29.04 | 2.19 | 2.75 | 3.46 | 4.35 | 5.47 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.51 | -2.68 | -2.62 | -2.63 | -7.92 | -5.78 | -7.27 | -9.14 | -11.49 | -14.45 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -14.69 | -3.09 | -9.80 | 14.95 | 21.12 | -3.59 | -4.51 | -5.68 | -7.14 | -8.98 |
Weighted Average Cost Of Capital
| Share price | $ 24.01 |
|---|---|
| Beta | 2.062 |
| Diluted Shares Outstanding | 46.47 |
| Cost of Debt | |
| Tax Rate | 1.46 |
| After-tax Cost of Debt | 0.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.489 |
| Total Debt | 50.18 |
| Total Equity | 1,115.79 |
| Total Capital | 1,165.97 |
| Debt Weighting | 4.30 |
| Equity Weighting | 95.70 |
| 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 | 63.92 | 90.86 | 117.85 | 124.18 | 156.18 | 196.40 | 246.96 | 310.54 | 390.50 | 491.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.18 | -0.41 | -7.18 | 17.57 | 29.04 | 2.19 | 2.75 | 3.46 | 4.35 | 5.47 |
| Capital Expenditure | -1.51 | -2.68 | -2.62 | -2.63 | -7.92 | -5.78 | -7.27 | -9.14 | -11.49 | -14.45 |
| Free Cash Flow | -14.69 | -3.09 | -9.80 | 14.95 | 21.12 | -3.59 | -4.51 | -5.68 | -7.14 | -8.98 |
| WACC | ||||||||||
| PV LFCF | -1.73 | -1.93 | -2.15 | -2.39 | -2.67 | |||||
| SUM PV LFCF | -19.95 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.91 |
| Free cash flow (t + 1) | -9.16 |
| Terminal Value | -83.91 |
| Present Value of Terminal Value | -45.73 |
Intrinsic Value
| Enterprise Value | -65.67 |
|---|---|
| Net Debt | -18.15 |
| Equity Value | -47.53 |
| Shares Outstanding | 46.47 |
| Equity Value Per Share | -1.02 |