Discounted Cash Flow (DCF) Analysis Levered
Veracyte, Inc. (VCYT)
$26.03
-0.03 (-0.12%)
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 | 71.95 | 92.01 | 120.37 | 117.48 | 219.51 | 298.07 | 404.74 | 549.58 | 746.26 | 1,013.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -23.91 | -13.52 | -3.23 | -9.71 | -31.62 | -43.69 | -59.33 | -80.56 | -109.38 | -148.53 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.75 | -1.87 | -2.76 | -2.84 | -5.38 | -6.93 | -9.41 | -12.78 | -17.36 | -23.57 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -25.67 | -15.39 | -5.99 | -12.55 | -37 | -50.62 | -68.74 | -93.34 | -126.74 | -172.10 |
Weighted Average Cost Of Capital
| Share price | $ 26.03 |
|---|---|
| Beta | 1.464 |
| Diluted Shares Outstanding | 53.24 |
| Cost of Debt | |
| Tax Rate | 7.45 |
| After-tax Cost of Debt | 4.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.426 |
| Total Debt | 18.85 |
| Total Equity | 1,385.82 |
| Total Capital | 1,404.67 |
| Debt Weighting | 1.34 |
| Equity Weighting | 98.66 |
| 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 | 71.95 | 92.01 | 120.37 | 117.48 | 219.51 | 298.07 | 404.74 | 549.58 | 746.26 | 1,013.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -23.91 | -13.52 | -3.23 | -9.71 | -31.62 | -43.69 | -59.33 | -80.56 | -109.38 | -148.53 |
| Capital Expenditure | -1.75 | -1.87 | -2.76 | -2.84 | -5.38 | -6.93 | -9.41 | -12.78 | -17.36 | -23.57 |
| Free Cash Flow | -25.67 | -15.39 | -5.99 | -12.55 | -37 | -50.62 | -68.74 | -93.34 | -126.74 | -172.10 |
| WACC | ||||||||||
| PV LFCF | -45.87 | -56.45 | -69.46 | -85.47 | -105.18 | |||||
| SUM PV LFCF | -362.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.35 |
| Free cash flow (t + 1) | -175.54 |
| Terminal Value | -2,102.27 |
| Present Value of Terminal Value | -1,284.78 |
Intrinsic Value
| Enterprise Value | -1,647.21 |
|---|---|
| Net Debt | -154.34 |
| Equity Value | -1,492.87 |
| Shares Outstanding | 53.24 |
| Equity Value Per Share | -28.04 |