Discounted Cash Flow (DCF) Analysis Unlevered

Cue Biopharma, Inc. (CUE)

$2.23

-0.06 (-2.62%)
All numbers are in Millions, Currency in USD
Stock DCF: -275.54 | 2.23 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.143.463.1514.941.252.735.9713.0728.6362.68
Revenue (%)
EBITDA -37.94-36.77-43.99-43.71-50.77-55.34-121.17-265.33-580.98-1,272.16
EBITDA (%)
EBIT -38.70-41.93-45.04-41.93-52.57-57.42-125.74-275.33-602.88-1,320.12
EBIT (%)
Depreciation 0.765.171.06-1.781.812.094.571021.9047.96
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 39.2144.2984.8764.3776.2976.13166.70365.03799.291,750.20
Total Cash (%)
Account Receivables -0.751.423.140.060.631.383.026.6114.48
Account Receivables (%)
Inventories -15.1213.7965.335.4411.9226.1157.16125.17274.08
Inventories (%)
Accounts Payable 2.040.882.072.592.732.766.0413.2328.9763.43
Accounts Payable (%)
Capital Expenditure -1.85-0.05-0.60-0.91-0.17-1.10-2.42-5.29-11.58-25.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.23
Beta 2.017
Diluted Shares Outstanding 35.65
Cost of Debt
Tax Rate 0.40
After-tax Cost of Debt 3.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.064
Total Debt 19.32
Total Equity 79.50
Total Capital 98.81
Debt Weighting 19.55
Equity Weighting 80.45
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.143.463.1514.941.252.735.9713.0728.6362.68
EBITDA -37.94-36.77-43.99-43.71-50.77-55.34-121.17-265.33-580.98-1,272.16
EBIT -38.70-41.93-45.04-41.93-52.57-57.42-125.74-275.33-602.88-1,320.12
Tax Rate -2.16%-1.14%-0.46%-1.13%0.40%-0.90%-0.90%-0.90%-0.90%-0.90%
EBIAT -39.53-42.41-45.25-42.41-52.36-57.94-126.87-277.80-608.29-1,331.97
Depreciation 0.765.171.06-1.781.812.094.571021.9047.96
Accounts Receivable ---0.66-1.733.09-0.57-0.75-1.64-3.59-7.87
Inventories --1.33-51.5459.89-6.48-14.18-31.06-68.01-148.91
Accounts Payable --1.151.190.520.140.033.287.1915.7434.46
Capital Expenditure -1.85-0.05-0.60-0.91-0.17-1.10-2.42-5.29-11.58-25.36
UFCF -40.63-38.44-42.94-97.8412.39-63.98-136.37-298.60-653.83-1,431.69
WACC
PV UFCF -57.11-108.65-212.37-415.08-811.29
SUM PV UFCF -1,604.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.03
Free cash flow (t + 1) -1,460.32
Terminal Value -14,559.57
Present Value of Terminal Value -8,250.43

Intrinsic Value

Enterprise Value -9,854.93
Net Debt -32.30
Equity Value -9,822.63
Shares Outstanding 35.65
Equity Value Per Share -275.54