Discounted Cash Flow (DCF) Analysis Unlevered

Immunocore Holdings plc (IMCR)

$61.54

-1.73 (-2.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -129.12 | 61.54 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23.6525.6730.1126.5227.7529.0330.3831.7933.26
Revenue (%)
EBITDA -80.63-113.18-75.27-128.10-105.08-109.95-115.05-120.38-125.96
EBITDA (%)
EBIT -87.34-122.39-84.25-135.12-113.44-118.70-124.20-129.95-135.98
EBIT (%)
Depreciation 6.719.218.987.018.368.759.159.5810.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 124.3873.97129.72237.89148.58155.46162.67170.20178.09
Total Cash (%)
Account Receivables 38.5145.5816.7117.1531.9533.4334.9836.6038.29
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 6.4415.735.787.509.439.8710.3310.8111.31
Accounts Payable (%)
Capital Expenditure -3.54-4.28-3.07-1.01-3.16-3.31-3.46-3.63-3.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 61.54
Beta 0.000
Diluted Shares Outstanding 42.49
Cost of Debt
Tax Rate 6.67
After-tax Cost of Debt 8.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.691
Total Debt 63.84
Total Equity 2,614.75
Total Capital 2,678.58
Debt Weighting 2.38
Equity Weighting 97.62
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23.6525.6730.1126.5227.7529.0330.3831.7933.26
EBITDA -80.63-113.18-75.27-128.10-105.08-109.95-115.05-120.38-125.96
EBIT -87.34-122.39-84.25-135.12-113.44-118.70-124.20-129.95-135.98
Tax Rate 18.77%17.64%15.19%6.67%14.57%14.57%14.57%14.57%14.57%
EBIAT -70.95-100.80-71.46-126.10-96.92-101.41-106.11-111.03-116.17
Depreciation 6.719.218.987.018.368.759.159.5810.02
Accounts Receivable --7.0728.87-0.44-14.80-1.48-1.55-1.62-1.70
Inventories ---------
Accounts Payable -9.28-9.951.721.940.440.460.480.50
Capital Expenditure -3.54-4.28-3.07-1.01-3.16-3.31-3.46-3.63-3.79
UFCF -67.78-93.65-46.63-118.82-104.59-97.02-101.51-106.22-111.14
WACC
PV UFCF -104.59-93.46-94.20-94.95-95.70
SUM PV UFCF -465.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.81
Free cash flow (t + 1) -113.36
Terminal Value -6,263.06
Present Value of Terminal Value -5,195.06

Intrinsic Value

Enterprise Value -5,660.23
Net Debt -174.05
Equity Value -5,486.18
Shares Outstanding 42.49
Equity Value Per Share -129.12