Discounted Cash Flow (DCF) Analysis Unlevered

Harpoon Therapeutics, Inc. (HARP)

$0.941

-0.08 (-7.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -27,883.95 | 0.941 | 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 0.714.755.7817.4423.6572.74223.69687.902,115.436,505.38
Revenue (%)
EBITDA -16.18-26.72-54.67-47.83-114.53-662.30-2,036.71-6,263.29-19,260.89-59,231.13
EBITDA (%)
EBIT -16.55-27.37-55.57-49.91-116.72-677.14-2,082.35-6,403.66-19,692.55-60,558.56
EBIT (%)
Depreciation 0.370.640.902.082.1914.8445.64140.37431.661,327.43
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 29.4289.49148.07126.03135.101,439.784,427.6113,615.7841,871.28128,762.62
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.174.362.591.572.6746.95144.38444.011,365.434,198.97
Accounts Payable (%)
Capital Expenditure -2.28-0.66-3.52-0.68-0.10-58.26-179.17-550.99-1,694.40-5,210.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.941
Beta 1.421
Diluted Shares Outstanding 25.03
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.406
Total Debt 12.19
Total Equity 23.56
Total Capital 35.74
Debt Weighting 34.09
Equity Weighting 65.91
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 0.714.755.7817.4423.6572.74223.69687.902,115.436,505.38
EBITDA -16.18-26.72-54.67-47.83-114.53-662.30-2,036.71-6,263.29-19,260.89-59,231.13
EBIT -16.55-27.37-55.57-49.91-116.72-677.14-2,082.35-6,403.66-19,692.55-60,558.56
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -16.55-27.37-55.57-49.91-116.72-677.14-2,082.35-6,403.66-19,692.55-60,558.56
Depreciation 0.370.640.902.082.1914.8445.64140.37431.661,327.43
Accounts Receivable ----------
Inventories ----------
Accounts Payable -3.18-1.76-1.021.0944.2997.43299.63921.422,833.54
Capital Expenditure -2.27-0.66-3.52-0.68-0.10-58.26-179.17-550.99-1,694.40-5,210.62
UFCF -18.45-24.20-59.95-49.53-113.54-676.28-2,118.45-6,514.65-20,033.88-61,608.21
WACC
PV UFCF -622.95-1,797.54-5,091.92-14,424-40,859.16
SUM PV UFCF -62,795.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.56
Free cash flow (t + 1) -62,840.38
Terminal Value -957,932.59
Present Value of Terminal Value -635,310.12

Intrinsic Value

Enterprise Value -698,105.70
Net Debt -32.50
Equity Value -698,073.20
Shares Outstanding 25.03
Equity Value Per Share -27,883.95