Discounted Cash Flow (DCF) Analysis Unlevered
Cue Biopharma, Inc. (CUE)
$2.23
-0.06 (-2.62%)
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 | 62.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.76 | 5.17 | 1.06 | -1.78 | 1.81 | 2.09 | 4.57 | 10 | 21.90 | 47.96 |
| 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 | 39.21 | 44.29 | 84.87 | 64.37 | 76.29 | 76.13 | 166.70 | 365.03 | 799.29 | 1,750.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | - | 15.12 | 13.79 | 65.33 | 5.44 | 11.92 | 26.11 | 57.16 | 125.17 | 274.08 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.04 | 0.88 | 2.07 | 2.59 | 2.73 | 2.76 | 6.04 | 13.23 | 28.97 | 63.43 |
| 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 | 1.14 | 3.46 | 3.15 | 14.94 | 1.25 | 2.73 | 5.97 | 13.07 | 28.63 | 62.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.76 | 5.17 | 1.06 | -1.78 | 1.81 | 2.09 | 4.57 | 10 | 21.90 | 47.96 |
| Accounts Receivable | - | - | -0.66 | -1.73 | 3.09 | -0.57 | -0.75 | -1.64 | -3.59 | -7.87 |
| Inventories | - | - | 1.33 | -51.54 | 59.89 | -6.48 | -14.18 | -31.06 | -68.01 | -148.91 |
| Accounts Payable | - | -1.15 | 1.19 | 0.52 | 0.14 | 0.03 | 3.28 | 7.19 | 15.74 | 34.46 |
| 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 | -97.84 | 12.39 | -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 |