Discounted Cash Flow (DCF) Analysis Unlevered
Nkarta, Inc. (NKTX)
$4.85
+0.02 (+0.41%)
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 | 6.55 | 0.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.09 | -20.20 | -90.26 | -83.95 | -105.61 | -0.38 | -0.01 | -0 | -0 | -0 |
| EBITDA (%) | ||||||||||
| EBIT | -0.27 | -20.60 | -91.05 | -85.71 | -108.25 | -0.39 | -0.01 | -0 | -0 | -0 |
| EBIT (%) | ||||||||||
| Depreciation | 0.18 | 0.40 | 0.79 | 1.76 | 2.64 | 0.01 | 0 | 0 | 0 | 0 |
| 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 | 7.87 | 36.99 | 314.91 | 238.09 | 352.14 | 1.26 | 0.02 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.37 | 1.88 | 1.18 | 1.11 | 1.76 | 0.01 | 0 | 0 | 0 | 0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.76 | -1.93 | -7.51 | -5.02 | -47.11 | -0.17 | -0 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.85 |
|---|---|
| Beta | 0.166 |
| Diluted Shares Outstanding | 16.81 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 6.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.568 |
| Total Debt | 82.93 |
| Total Equity | 81.51 |
| Total Capital | 164.44 |
| Debt Weighting | 50.43 |
| Equity Weighting | 49.57 |
| 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 | 6.55 | 0.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.09 | -20.20 | -90.26 | -83.95 | -105.61 | -0.38 | -0.01 | -0 | -0 | -0 |
| EBIT | -0.27 | -20.60 | -91.05 | -85.71 | -108.25 | -0.39 | -0.01 | -0 | -0 | -0 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -0.27 | -20.60 | -91.05 | -85.71 | -108.25 | -0.39 | -0.01 | -0 | -0 | -0 |
| Depreciation | 0.18 | 0.40 | 0.79 | 1.76 | 2.64 | 0.01 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | 0.15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.51 | -0.71 | -0.06 | 0.65 | -1.75 | -0.01 | -0 | -0 | -0 |
| Capital Expenditure | -0.76 | -1.93 | -7.51 | -5.03 | -47.11 | -0.17 | -0 | -0 | -0 | -0 |
| UFCF | -0.85 | -20.47 | -98.48 | -89.04 | -152.07 | -2.30 | -0.02 | -0 | -0 | -0 |
| WACC | ||||||||||
| PV UFCF | -109.94 | -94.08 | -152.07 | -2.18 | -0.01 | -0 | -0 | -0 | ||
| SUM PV UFCF | -2.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.66 |
| Free cash flow (t + 1) | -0 |
| Terminal Value | -0 |
| Present Value of Terminal Value | -0 |
Intrinsic Value
| Enterprise Value | -2.19 |
|---|---|
| Net Debt | 45.44 |
| Equity Value | -47.63 |
| Shares Outstanding | 16.81 |
| Equity Value Per Share | -2.83 |