Discounted Cash Flow (DCF) Analysis Levered
Verona Pharma plc (VRNA)
$13.605
+0.17 (+1.23%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -22.98 | -44.34 | -45.08 | -33.25 | -59.86 | -26.79 | -22.63 | -19.12 | -16.15 | -13.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.34 | -0.37 | -0.08 | -0.01 | -0.03 | -0.08 | -0.07 | -0.06 | -0.05 | -0.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -23.32 | -44.71 | -45.16 | -33.27 | -59.89 | -26.87 | -22.70 | -19.18 | -16.20 | -13.69 |
Weighted Average Cost Of Capital
| Share price | $ 13.605 |
|---|---|
| Beta | 0.276 |
| Diluted Shares Outstanding | 591.49 |
| Cost of Debt | |
| Tax Rate | -0.37 |
| After-tax Cost of Debt | 4.89% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.552 |
| Total Debt | 10.65 |
| Total Equity | 8,047.16 |
| Total Capital | 8,057.81 |
| Debt Weighting | 0.13 |
| Equity Weighting | 99.87 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -22.98 | -44.34 | -45.08 | -33.25 | -59.86 | -26.79 | -22.63 | -19.12 | -16.15 | -13.64 |
| Capital Expenditure | -0.34 | -0.37 | -0.08 | -0.01 | -0.03 | -0.08 | -0.07 | -0.06 | -0.05 | -0.04 |
| Free Cash Flow | -23.32 | -44.71 | -45.16 | -33.27 | -59.89 | -26.87 | -22.70 | -19.18 | -16.20 | -13.69 |
| WACC | ||||||||||
| PV LFCF | -50.31 | -35.11 | -59.89 | -25.46 | -20.38 | -16.31 | -13.05 | -10.45 | ||
| SUM PV LFCF | -85.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.55 |
| Free cash flow (t + 1) | -13.96 |
| Terminal Value | -393.22 |
| Present Value of Terminal Value | -300.16 |
Intrinsic Value
| Enterprise Value | -385.80 |
|---|---|
| Net Debt | -217.18 |
| Equity Value | -168.62 |
| Shares Outstanding | 591.49 |
| Equity Value Per Share | -0.29 |