Discounted Cash Flow (DCF) Analysis Levered
ViewRay, Inc. (VRAY)
$0.025
-0.02 (-39.90%)
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 | 80.96 | 87.78 | 57.02 | 70.12 | 102.21 | 112.97 | 124.86 | 138.01 | 152.54 | 168.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -122.19 | -79.57 | -63.47 | -62.09 | -91.71 | -120.01 | -132.65 | -146.61 | -162.05 | -179.11 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.69 | -7.82 | -6.18 | -1.56 | -3.90 | -6.85 | -7.58 | -8.37 | -9.26 | -10.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -125.88 | -87.38 | -69.66 | -63.65 | -95.61 | -126.86 | -140.22 | -154.99 | -171.31 | -189.34 |
Weighted Average Cost Of Capital
| Share price | $ 0.025 |
|---|---|
| Beta | 0.696 |
| Diluted Shares Outstanding | 180.70 |
| Cost of Debt | |
| Tax Rate | -0.19 |
| After-tax Cost of Debt | 5.85% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.842 |
| Total Debt | 86.40 |
| Total Equity | 4.52 |
| Total Capital | 90.92 |
| Debt Weighting | 95.03 |
| Equity Weighting | 4.97 |
| 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 | 80.96 | 87.78 | 57.02 | 70.12 | 102.21 | 112.97 | 124.86 | 138.01 | 152.54 | 168.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -122.19 | -79.57 | -63.47 | -62.09 | -91.71 | -120.01 | -132.65 | -146.61 | -162.05 | -179.11 |
| Capital Expenditure | -3.69 | -7.82 | -6.18 | -1.56 | -3.90 | -6.85 | -7.58 | -8.37 | -9.26 | -10.23 |
| Free Cash Flow | -125.88 | -87.38 | -69.66 | -63.65 | -95.61 | -126.86 | -140.22 | -154.99 | -171.31 | -189.34 |
| WACC | ||||||||||
| PV LFCF | -119.74 | -124.92 | -130.31 | -135.95 | -141.82 | |||||
| SUM PV LFCF | -652.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.95 |
| Free cash flow (t + 1) | -193.13 |
| Terminal Value | -4,889.36 |
| Present Value of Terminal Value | -3,662.24 |
Intrinsic Value
| Enterprise Value | -4,314.98 |
|---|---|
| Net Debt | -49.56 |
| Equity Value | -4,265.42 |
| Shares Outstanding | 180.70 |
| Equity Value Per Share | -23.61 |