Discounted Cash Flow (DCF) Analysis Unlevered
Merus N.V. (MRUS)
$20.72
+0.06 (+0.29%)
All numbers are in Millions, Currency in USD
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 | 35.75 | 31.13 | 29.94 | 49.11 | 29.60 | 30.16 | 30.73 | 31.31 | 31.90 | 32.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -26.62 | -53.82 | -83.27 | -65.22 | 1.29 | -39.45 | -40.19 | -40.95 | -41.72 | -42.51 |
| EBITDA (%) | ||||||||||
| EBIT | -27.35 | -54.96 | -84.71 | -66.71 | - | -40.52 | -41.29 | -42.07 | -42.86 | -43.67 |
| EBIT (%) | ||||||||||
| Depreciation | 0.73 | 1.14 | 1.44 | 1.49 | 1.29 | 1.08 | 1.10 | 1.12 | 1.14 | 1.16 |
| 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 | 215.74 | 239.76 | 207.76 | 410.43 | 290.23 | 234.28 | 238.70 | 243.21 | 247.80 | 252.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.86 | 2.91 | 1.75 | 6.67 | 4.05 | 3.38 | 3.45 | 3.51 | 3.58 | 3.64 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.37 | 3.03 | 3.13 | 13.24 | 9.83 | 5.58 | 5.69 | 5.80 | 5.91 | 6.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.59 | -3.13 | -3.18 | -3.24 | -3.31 | -3.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.72 |
|---|---|
| Beta | 0.755 |
| Diluted Shares Outstanding | 38.64 |
| Cost of Debt | |
| Tax Rate | -0.70 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.376 |
| Total Debt | 1.68 |
| Total Equity | 800.59 |
| Total Capital | 802.27 |
| Debt Weighting | 0.21 |
| Equity Weighting | 99.79 |
| 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 | 35.75 | 31.13 | 29.94 | 49.11 | 29.60 | 30.16 | 30.73 | 31.31 | 31.90 | 32.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -26.62 | -53.82 | -83.27 | -65.22 | 1.29 | -39.45 | -40.19 | -40.95 | -41.72 | -42.51 |
| EBIT | -27.35 | -54.96 | -84.71 | -66.71 | - | -40.52 | -41.29 | -42.07 | -42.86 | -43.67 |
| Tax Rate | -1.49% | -0.35% | -0.59% | -0.36% | -0.70% | -0.70% | -0.70% | -0.70% | -0.70% | -0.70% |
| EBIAT | -27.76 | -55.15 | -85.21 | -66.95 | - | -40.81 | -41.58 | -42.36 | -43.16 | -43.98 |
| Depreciation | 0.73 | 1.14 | 1.44 | 1.49 | 1.29 | 1.08 | 1.10 | 1.12 | 1.14 | 1.16 |
| Accounts Receivable | - | 1.95 | 1.16 | -4.92 | 2.62 | 0.67 | -0.06 | -0.07 | -0.07 | -0.07 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.34 | 0.10 | 10.11 | -3.40 | -4.25 | 0.11 | 0.11 | 0.11 | 0.11 |
| Capital Expenditure | -4.21 | -2.60 | -1.29 | -0.87 | -7.59 | -3.13 | -3.18 | -3.24 | -3.31 | -3.37 |
| UFCF | -31.23 | -56 | -83.80 | -61.14 | -7.08 | -46.44 | -43.62 | -44.45 | -45.28 | -46.14 |
| WACC | ||||||||||
| PV UFCF | -43.25 | -37.84 | -35.91 | -34.07 | -32.33 | |||||
| SUM PV UFCF | -183.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.37 |
| Free cash flow (t + 1) | -47.06 |
| Terminal Value | -876.39 |
| Present Value of Terminal Value | -614.16 |
Intrinsic Value
| Enterprise Value | -797.56 |
|---|---|
| Net Debt | -146.06 |
| Equity Value | -651.50 |
| Shares Outstanding | 38.64 |
| Equity Value Per Share | -16.86 |