Discounted Cash Flow (DCF) Analysis Unlevered

Adaptimmune Therapeutics plc (ADAP)

$1.2

+0.03 (+2.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -246.49 | 1.2 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 37.8359.501.123.966.1510.2617.1128.5547.6279.45
Revenue (%)
EBITDA -62.03-86.83-126.13-122.34-151.67-351-585.54-976.81-1,629.54-2,718.42
EBITDA (%)
EBIT -67.46-94.64-134.14-129.93-157.30-372.02-620.61-1,035.32-1,727.14-2,881.25
EBIT (%)
Depreciation 5.427.818.017.595.6321.0235.0758.5197.61162.83
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 208.26205.1389.54368.22369.58496.26827.871,381.082,303.943,843.48
Total Cash (%)
Account Receivables 0.2118.1620.6720.720.7549.4382.46137.55229.47382.80
Account Receivables (%)
Inventories ---2.093.245.419.0215.0525.1041.87
Inventories (%)
Accounts Payable 8.384.086.366.398.1118.2430.4250.7584.67141.25
Accounts Payable (%)
Capital Expenditure -25.01-4.71-3.07-2.91-8.57-11.51-19.20-32.02-53.42-89.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.2
Beta 1.754
Diluted Shares Outstanding 155.81
Cost of Debt
Tax Rate 0.50
After-tax Cost of Debt 4.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.156
Total Debt 245.10
Total Equity 186.97
Total Capital 432.07
Debt Weighting 56.73
Equity Weighting 43.27
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 37.8359.501.123.966.1510.2617.1128.5547.6279.45
EBITDA -62.03-86.83-126.13-122.34-151.67-351-585.54-976.81-1,629.54-2,718.42
EBIT -67.46-94.64-134.14-129.93-157.30-372.02-620.61-1,035.32-1,727.14-2,881.25
Tax Rate -0.65%-0.52%-0.18%-0.12%0.50%-0.19%-0.19%-0.19%-0.19%-0.19%
EBIAT -67.89-95.14-134.38-130.09-156.51-372.74-621.82-1,037.33-1,730.49-2,886.84
Depreciation 5.427.818.017.595.6321.0235.0758.5197.61162.83
Accounts Receivable --17.95-2.51-0.0519.97-48.67-33.03-55.10-91.92-153.34
Inventories -----1.15-2.17-3.61-6.03-10.05-16.77
Accounts Payable --4.292.270.031.7210.1212.1920.3333.9156.58
Capital Expenditure -25.01-4.71-3.07-2.91-8.57-11.51-19.20-32.02-53.42-89.12
UFCF -87.48-114.28-129.68-125.43-138.91-403.94-630.39-1,051.63-1,754.36-2,926.65
WACC
PV UFCF -373.74-539.66-832.97-1,285.69-1,984.47
SUM PV UFCF -5,016.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.08
Free cash flow (t + 1) -2,985.19
Terminal Value -49,098.46
Present Value of Terminal Value -33,292.10

Intrinsic Value

Enterprise Value -38,308.63
Net Debt 95.15
Equity Value -38,403.78
Shares Outstanding 155.81
Equity Value Per Share -246.49