Discounted Cash Flow (DCF) Analysis Unlevered
Nektar Therapeutics (NKTR)
$0.6157
+0.01 (+2.48%)
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 | 1,193.32 | 114.62 | 152.92 | 101.91 | 92.06 | 69.04 | 51.78 | 38.83 | 29.12 | 21.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 736.37 | -380.54 | -392.65 | -461.82 | -323.04 | -183.81 | -137.85 | -103.39 | -77.54 | -58.15 |
| EBITDA (%) | ||||||||||
| EBIT | 725.50 | -393.70 | -406.83 | -475.97 | -336.07 | -190.67 | -143 | -107.25 | -80.43 | -60.32 |
| EBIT (%) | ||||||||||
| Depreciation | 10.87 | 13.16 | 14.18 | 14.15 | 13.03 | 6.86 | 5.15 | 3.86 | 2.89 | 2.17 |
| 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 | 1,335.35 | 1,324.86 | 1,061.90 | 733.96 | 504.98 | 446.14 | 334.60 | 250.94 | 188.20 | 141.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 43.21 | 36.80 | 38.89 | 22.49 | 5.98 | 12.39 | 9.29 | 6.97 | 5.23 | 3.92 |
| Account Receivables (%) | ||||||||||
| Inventories | 11.38 | 12.67 | 15.29 | 15.80 | 19.20 | 8.06 | 6.04 | 4.53 | 3.40 | 2.55 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.85 | 19.23 | 22.14 | 9.75 | 12.98 | 7.65 | 5.74 | 4.30 | 3.23 | 2.42 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -14.24 | -26.29 | -7.26 | -14.99 | -5.68 | -6.87 | -5.15 | -3.86 | -2.90 | -2.17 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.6,157 |
|---|---|
| Beta | 1.094 |
| Diluted Shares Outstanding | 187.14 |
| Cost of Debt | |
| Tax Rate | -0.88 |
| After-tax Cost of Debt | 21.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.854 |
| Total Debt | 131.50 |
| Total Equity | 115.22 |
| Total Capital | 246.72 |
| Debt Weighting | 53.30 |
| Equity Weighting | 46.70 |
| 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 | 1,193.32 | 114.62 | 152.92 | 101.91 | 92.06 | 69.04 | 51.78 | 38.83 | 29.12 | 21.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 736.37 | -380.54 | -392.65 | -461.82 | -323.04 | -183.81 | -137.85 | -103.39 | -77.54 | -58.15 |
| EBIT | 725.50 | -393.70 | -406.83 | -475.97 | -336.07 | -190.67 | -143 | -107.25 | -80.43 | -60.32 |
| Tax Rate | 0.21% | -0.14% | -0.11% | -0.11% | -0.88% | -0.21% | -0.21% | -0.21% | -0.21% | -0.21% |
| EBIAT | 724 | -394.25 | -407.28 | -476.47 | -339.03 | -191.06 | -143.30 | -107.47 | -80.60 | -60.45 |
| Depreciation | 10.87 | 13.16 | 14.18 | 14.15 | 13.03 | 6.86 | 5.15 | 3.86 | 2.89 | 2.17 |
| Accounts Receivable | - | 6.41 | -2.09 | 16.40 | 16.51 | -6.41 | 3.10 | 2.32 | 1.74 | 1.31 |
| Inventories | - | -1.28 | -2.63 | -0.51 | -3.40 | 11.14 | 2.01 | 1.51 | 1.13 | 0.85 |
| Accounts Payable | - | 13.38 | 2.91 | -12.39 | 3.23 | -5.33 | -1.91 | -1.43 | -1.08 | -0.81 |
| Capital Expenditure | -14.24 | -26.29 | -7.26 | -14.99 | -5.68 | -6.87 | -5.15 | -3.86 | -2.90 | -2.17 |
| UFCF | 720.63 | -388.87 | -402.17 | -473.82 | -315.34 | -191.67 | -140.10 | -105.07 | -78.80 | -59.10 |
| WACC | ||||||||||
| PV UFCF | -165.43 | -104.37 | -67.56 | -43.73 | -28.31 | |||||
| SUM PV UFCF | -409.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.86 |
| Free cash flow (t + 1) | -60.28 |
| Terminal Value | -434.95 |
| Present Value of Terminal Value | -208.34 |
Intrinsic Value
| Enterprise Value | -617.74 |
|---|---|
| Net Debt | 43.27 |
| Equity Value | -661.01 |
| Shares Outstanding | 187.14 |
| Equity Value Per Share | -3.53 |