Discounted Cash Flow (DCF) Analysis Unlevered

Cue Biopharma, Inc. (CUE)

$3.74

-0.04 (-1.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -243.18 | 3.74 | 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 1.143.463.1514.941.252.735.9713.0728.6362.69
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 0.765.171.06-1.781.491.954.269.3320.4344.74
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 39.2159.4184.8764.3776.2978.52171.93376.48824.391,805.20
Total Cash (%)
Account Receivables -0.751.423.140.060.631.383.026.6114.48
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.040.882.072.592.732.766.0413.2328.9763.44
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 1.143.463.1514.941.252.735.9713.0728.6362.69
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 0.765.171.06-1.781.491.954.269.3320.4344.74
Accounts Receivable ---0.66-1.733.09-0.57-0.75-1.64-3.59-7.87
Inventories ----------
Accounts Payable --1.151.190.520.140.033.287.1915.7434.47
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