Discounted Cash Flow (DCF) Analysis Unlevered
Cue Biopharma, Inc. (CUE)
$3.74
-0.04 (-1.06%)
All numbers are in Millions, Currency in USD
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 | 1.14 | 3.46 | 3.15 | 14.94 | 1.25 | 2.73 | 5.97 | 13.07 | 28.63 | 62.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -37.40 | -31.12 | -43.06 | -45.40 | -52.30 | -54.76 | -119.91 | -262.57 | -574.95 | -1,258.99 |
| EBITDA (%) | ||||||||||
| EBIT | -38.16 | -36.29 | -44.11 | -43.62 | -53.78 | -56.70 | -124.17 | -271.90 | -595.38 | -1,303.72 |
| EBIT (%) | ||||||||||
| Depreciation | 0.76 | 5.17 | 1.06 | -1.78 | 1.49 | 1.95 | 4.26 | 9.33 | 20.43 | 44.74 |
| 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 | 39.21 | 59.41 | 84.87 | 64.37 | 76.29 | 78.52 | 171.93 | 376.48 | 824.39 | 1,805.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 0.75 | 1.42 | 3.14 | 0.06 | 0.63 | 1.38 | 3.02 | 6.61 | 14.48 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.04 | 0.88 | 2.07 | 2.59 | 2.73 | 2.76 | 6.04 | 13.23 | 28.97 | 63.44 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.85 | -0.05 | -0.60 | -0.91 | -0.17 | -1.10 | -2.42 | -5.29 | -11.58 | -25.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.74 |
|---|---|
| Beta | 2.011 |
| Diluted Shares Outstanding | 35.65 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.279 |
| Total Debt | 19.32 |
| Total Equity | 133.33 |
| Total Capital | 152.64 |
| Debt Weighting | 12.65 |
| Equity Weighting | 87.35 |
| 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 | 1.14 | 3.46 | 3.15 | 14.94 | 1.25 | 2.73 | 5.97 | 13.07 | 28.63 | 62.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -37.40 | -31.12 | -43.06 | -45.40 | -52.30 | -54.76 | -119.91 | -262.57 | -574.95 | -1,258.99 |
| EBIT | -38.16 | -36.29 | -44.11 | -43.62 | -53.78 | -56.70 | -124.17 | -271.90 | -595.38 | -1,303.72 |
| Tax Rate | -2.16% | -1.14% | -0.46% | -1.13% | 0.00% | -0.98% | -0.98% | -0.98% | -0.98% | -0.98% |
| EBIAT | -38.98 | -36.70 | -44.32 | -44.11 | -53.78 | -57.26 | -125.38 | -274.56 | -601.21 | -1,316.49 |
| Depreciation | 0.76 | 5.17 | 1.06 | -1.78 | 1.49 | 1.95 | 4.26 | 9.33 | 20.43 | 44.74 |
| Accounts Receivable | - | - | -0.66 | -1.73 | 3.09 | -0.57 | -0.75 | -1.64 | -3.59 | -7.87 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.15 | 1.19 | 0.52 | 0.14 | 0.03 | 3.28 | 7.19 | 15.74 | 34.47 |
| Capital Expenditure | -1.85 | -0.05 | -0.60 | -0.91 | -0.17 | -1.10 | -2.42 | -5.29 | -11.58 | -25.37 |
| UFCF | -40.07 | -32.73 | -43.33 | -48.01 | -49.24 | -56.96 | -121.01 | -264.97 | -580.22 | -1,270.52 |
| WACC | ||||||||||
| PV UFCF | -50.83 | -96.34 | -188.25 | -367.82 | -718.68 | |||||
| SUM PV UFCF | -1,421.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.07 |
| Free cash flow (t + 1) | -1,295.93 |
| Terminal Value | -12,869.19 |
| Present Value of Terminal Value | -7,279.55 |
Intrinsic Value
| Enterprise Value | -8,701.46 |
|---|---|
| Net Debt | -32.30 |
| Equity Value | -8,669.16 |
| Shares Outstanding | 35.65 |
| Equity Value Per Share | -243.18 |