Discounted Cash Flow (DCF) Analysis Unlevered

Dynavax Technologies Corporation (DVAX)

$10.45

+0.52 (+5.24%)
All numbers are in Millions, Currency in USD
Stock DCF: -258,542,869.41 | 10.45 | 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 0.338.2035.2246.55439.444,408.5044,226.23443,679.284,451,007.6344,652,680.29
Revenue (%)
EBITDA -90.72-135.08-114.09-46.8495.71-262,679.46-2,635,210.49-26,436,533.35-265,212,322.74-2,660,620,256.29
EBITDA (%)
EBIT -95.15-149.56-135.62-56.1888.70-276,933.30-2,778,205.59-27,871,065.64-279,603,606.05-2,804,994,165.80
EBIT (%)
Depreciation 4.4414.4821.539.347.0114,253.84142,995.091,434,532.2914,391,283.31144,373,909.50
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 191.85145.54151.06165.04545.95540,957.025,426,901.7054,442,887.29546,173,146.285,479,230,080.35
Total Cash (%)
Account Receivables 0.853.708.8922.66131.823,617.1836,287.69364,039.463,652,057.9536,637,586.25
Account Receivables (%)
Inventories 0.3119.0241.3363.6961.335,251.1952,680.09528,488.725,301,819.2153,188,054.87
Inventories (%)
Accounts Payable 4.545.289.283.312.6013,106.51131,485.041,319,063.0413,232,891.30132,752,876.20
Accounts Payable (%)
Capital Expenditure -0.67-15.19-29.40-11.07-9.48-4,401.99-44,160.90-443,023.90-4,444,432.87-44,586,722.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.45
Beta 1.353
Diluted Shares Outstanding 101.50
Cost of Debt
Tax Rate 1.04
After-tax Cost of Debt 4.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.351
Total Debt 254.81
Total Equity 1,060.72
Total Capital 1,315.52
Debt Weighting 19.37
Equity Weighting 80.63
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 0.338.2035.2246.55439.444,408.5044,226.23443,679.284,451,007.6344,652,680.29
EBITDA -90.72-135.08-114.09-46.8495.71-262,679.46-2,635,210.49-26,436,533.35-265,212,322.74-2,660,620,256.29
EBIT -95.15-149.56-135.62-56.1888.70-276,933.30-2,778,205.59-27,871,065.64-279,603,606.05-2,804,994,165.80
Tax Rate 0.00%0.00%0.00%0.00%1.04%0.21%0.21%0.21%0.21%0.21%
EBIAT -95.15-149.56-135.62-56.1887.77-276,356.01-2,772,414.15-27,812,965.72-279,020,745.37-2,799,146,884.97
Depreciation 4.4414.4821.539.347.0114,253.84142,995.091,434,532.2914,391,283.31144,373,909.50
Accounts Receivable --2.85-5.18-13.77-109.16-3,485.36-32,670.51-327,751.78-3,288,018.48-32,985,528.30
Inventories --18.71-22.31-22.362.35-5,189.85-47,428.91-475,808.63-4,773,330.49-47,886,235.66
Accounts Payable -0.744-5.97-0.7113,103.91118,378.531,187,577.9911,913,828.26119,519,984.90
Capital Expenditure -0.67-15.19-29.40-11.07-9.48-4,401.99-44,160.90-443,023.90-4,444,432.87-44,586,722.03
UFCF -91.38-171.09-166.99-100.01-22.21-262,075.45-2,635,300.84-26,437,439.73-265,221,415.64-2,660,711,476.56
WACC
PV UFCF -240,017.82-2,210,367.41-20,308,170.30-186,585,170.98-1,714,286,688.86
SUM PV UFCF -1,923,630,415.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.19
Free cash flow (t + 1) -2,713,925,706.09
Terminal Value -37,745,837,358.73
Present Value of Terminal Value -24,319,505,182.65

Intrinsic Value

Enterprise Value -26,243,135,598.01
Net Debt -181.38
Equity Value -26,243,135,416.63
Shares Outstanding 101.50
Equity Value Per Share -258,542,869.41