Discounted Cash Flow (DCF) Analysis Levered
Velan Inc. (VLN.TO)
$12.75
0.00 (0.00%)
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 | 337.96 | 366.87 | 371.63 | 302.06 | 411.24 | 439.28 | 469.24 | 501.23 | 535.41 | 571.92 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -1.89 | -9.59 | 9.64 | -9.09 | 17.87 | 0.66 | 0.71 | 0.76 | 0.81 | 0.86 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -6.64 | -8.65 | -12.08 | -10.90 | -8.62 | -11.67 | -12.46 | -13.31 | -14.22 | -15.19 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -8.53 | -18.24 | -2.44 | -20 | 9.25 | -11 | -11.75 | -12.56 | -13.41 | -14.33 |
Weighted Average Cost Of Capital
Share price | $ 12.75 |
---|---|
Beta | 0.739 |
Diluted Shares Outstanding | 21.61 |
Cost of Debt | |
Tax Rate | 158.44 |
After-tax Cost of Debt | -3.71% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.893 |
Total Debt | 44.02 |
Total Equity | 275.59 |
Total Capital | 319.61 |
Debt Weighting | 13.77 |
Equity Weighting | 86.23 |
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 | 337.96 | 366.87 | 371.63 | 302.06 | 411.24 | 439.28 | 469.24 | 501.23 | 535.41 | 571.92 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -1.89 | -9.59 | 9.64 | -9.09 | 17.87 | 0.66 | 0.71 | 0.76 | 0.81 | 0.86 |
Capital Expenditure | -6.64 | -8.65 | -12.08 | -10.90 | -8.62 | -11.67 | -12.46 | -13.31 | -14.22 | -15.19 |
Free Cash Flow | -8.53 | -18.24 | -2.44 | -20 | 9.25 | -11 | -11.75 | -12.56 | -13.41 | -14.33 |
WACC | ||||||||||
PV LFCF | -10.44 | -10.58 | -10.71 | -10.86 | -11 | |||||
SUM PV LFCF | -53.58 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.43 |
Free cash flow (t + 1) | -14.61 |
Terminal Value | -426.05 |
Present Value of Terminal Value | -327.07 |
Intrinsic Value
Enterprise Value | -380.65 |
---|---|
Net Debt | -9.99 |
Equity Value | -370.66 |
Shares Outstanding | 21.61 |
Equity Value Per Share | -17.15 |