Discounted Cash Flow (DCF) Analysis Levered
Veracyte, Inc. (VCYT)
$25.92
-0.80 (-2.99%)
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 | 92.01 | 120.37 | 117.48 | 219.51 | 296.54 | 408.01 | 561.38 | 772.40 | 1,062.75 | 1,462.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -13.52 | -3.23 | -9.71 | -31.62 | 7.54 | -30.61 | -42.11 | -57.95 | -79.73 | -109.70 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.87 | -2.76 | -2.84 | -5.38 | -8.55 | -9.85 | -13.56 | -18.65 | -25.66 | -35.31 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -15.39 | -5.99 | -12.55 | -37 | -1.01 | -40.46 | -55.67 | -76.60 | -105.39 | -145.01 |
Weighted Average Cost Of Capital
| Share price | $ 25.92 |
|---|---|
| Beta | 1.400 |
| Diluted Shares Outstanding | 71.55 |
| Cost of Debt | |
| Tax Rate | -0.37 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.300 |
| Total Debt | 14.72 |
| Total Equity | 1,854.56 |
| Total Capital | 1,869.27 |
| Debt Weighting | 0.79 |
| Equity Weighting | 99.21 |
| 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 | 92.01 | 120.37 | 117.48 | 219.51 | 296.54 | 408.01 | 561.38 | 772.40 | 1,062.75 | 1,462.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.52 | -3.23 | -9.71 | -31.62 | 7.54 | -30.61 | -42.11 | -57.95 | -79.73 | -109.70 |
| Capital Expenditure | -1.87 | -2.76 | -2.84 | -5.38 | -8.55 | -9.85 | -13.56 | -18.65 | -25.66 | -35.31 |
| Free Cash Flow | -15.39 | -5.99 | -12.55 | -37 | -1.01 | -40.46 | -55.67 | -76.60 | -105.39 | -145.01 |
| WACC | ||||||||||
| PV LFCF | -36.70 | -45.79 | -57.14 | -71.31 | -88.98 | |||||
| SUM PV LFCF | -299.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.26 |
| Free cash flow (t + 1) | -147.91 |
| Terminal Value | -1,790.63 |
| Present Value of Terminal Value | -1,098.80 |
Intrinsic Value
| Enterprise Value | -1,398.71 |
|---|---|
| Net Debt | -139.53 |
| Equity Value | -1,259.18 |
| Shares Outstanding | 71.55 |
| Equity Value Per Share | -17.60 |