Discounted Cash Flow (DCF) Analysis Unlevered
Keros Therapeutics, Inc. (KROS)
$49.15
-1.10 (-2.19%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10 | 10 | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.93 | -12.12 | - | - | - | - | - | - | - | - |
| EBITDA (%) | ||||||||||
| EBIT | -1.08 | -12.33 | - | - | - | - | - | - | - | - |
| EBIT (%) | ||||||||||
| Depreciation | 0.15 | 0.21 | - | - | - | - | - | - | - | - |
| 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 | 23.26 | 7.02 | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 0.92 | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.50 | 2.09 | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.22 | -0.27 | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 49.15 |
|---|---|
| Beta | 1.228 |
| Diluted Shares Outstanding | 25.24 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.608 |
| Total Debt | 13.27 |
| Total Equity | 1,240.60 |
| Total Capital | 1,253.86 |
| Debt Weighting | 1.06 |
| Equity Weighting | 98.94 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10 | 10 | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.93 | -12.12 | - | - | - | - | - | - | - | - |
| EBIT | -1.08 | -12.33 | - | - | - | - | - | - | - | - |
| Tax Rate | -23.84% | 0.00% | 0.38% | -3.54% | 0.00% | -5.40% | -5.40% | -5.40% | -5.40% | -5.40% |
| EBIAT | -1.34 | -12.33 | - | - | - | - | - | - | - | - |
| Depreciation | 0.15 | 0.21 | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.59 | - | - | - | - | - | - | - | - |
| Capital Expenditure | -0.22 | -0.27 | -0.29 | -1.02 | -1.24 | - | - | - | - | - |
| UFCF | -1.41 | -10.80 | - | - | - | - | - | - | - | - |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | - | - | - | ||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.51 |
| Free cash flow (t + 1) | - |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -265.78 |
| Equity Value | - |
| Shares Outstanding | 25.24 |
| Equity Value Per Share | - |