Discounted Cash Flow (DCF) Analysis Unlevered

Omeros Corporation (OMER)

$4.53

+0.09 (+2.03%)

All numbers are in Millions, Currency in USD

Stock DCF: -15,923.30 | 4.53 | overvalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	29.87	111.80	73.81	162.52	357.82	787.84	1,734.62	3,819.20	8,408.91	18,514.31
Revenue (%)
EBITDA	-122.47	-60.04	-121.70	215.29	71.07	-750.48	-1,652.37	-3,638.11	-8,010.21	-17,636.47
EBITDA (%)
EBIT	-123.43	-61.83	-123.32	213.90	70.12	-763.29	-1,680.58	-3,700.21	-8,146.94	-17,937.52
EBIT (%)
Depreciation	0.96	1.79	1.62	1.39	0.95	12.81	28.21	62.10	136.73	301.04
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	60.50	60.79	134.95	157.27	194.92	931.21	2,050.30	4,514.24	9,939.22	21,883.68
Total Cash (%)
Account Receivables	22.82	35.18	3.84	82.47	242.02	364.70	802.97	1,767.93	3,892.55	8,570.41
Account Receivables (%)
Inventories	0.09	1.15	1.36	1.71	3.76	8.29	18.25	40.18	88.47	194.79
Inventories (%)
Accounts Payable	6.28	5.33	4.20	13.40	5.99	65.24	143.63	316.25	696.30	1,533.07
Accounts Payable (%)
Capital Expenditure	-0.57	-0.33	-0.28	-0.28	-0.11	-4.38	-9.65	-21.25	-46.80	-103.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 4.53
Beta	1.023
Diluted Shares Outstanding	62.74
Cost of Debt
Tax Rate	126.05
After-tax Cost of Debt	-1.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.346
Total Debt	342.02
Total Equity	284.20
Total Capital	626.22
Debt Weighting	54.62
Equity Weighting	45.38
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	29.87	111.80	73.81	162.52	357.82	787.84	1,734.62	3,819.20	8,408.91	18,514.31
EBITDA	-122.47	-60.04	-121.70	215.29	71.07	-750.48	-1,652.37	-3,638.11	-8,010.21	-17,636.47
EBIT	-123.43	-61.83	-123.32	213.90	70.12	-763.29	-1,680.58	-3,700.21	-8,146.94	-17,937.52
Tax Rate	9.26%	0.00%	8.00%	201.40%	126.05%	68.94%	68.94%	68.94%	68.94%	68.94%
EBIAT	-112.01	-61.83	-113.45	-216.91	-18.27	-237.06	-521.95	-1,149.20	-2,530.24	-5,570.95
Depreciation	0.96	1.79	1.62	1.39	0.95	12.81	28.21	62.10	136.73	301.04
Accounts Receivable	-	-12.37	31.34	-78.63	-159.54	-122.68	-438.27	-964.97	-2,124.61	-4,677.86
Inventories	-	-1.06	-0.21	-0.35	-2.05	-4.52	-9.96	-21.93	-48.29	-106.32
Accounts Payable	-	-0.95	-1.13	9.20	-7.41	59.25	78.40	172.61	380.05	836.77
Capital Expenditure	-0.57	-0.33	-0.28	-0.28	-0.11	-4.38	-9.65	-21.25	-46.80	-103.03
UFCF	-111.61	-74.75	-82.11	-285.58	-186.44	-296.59	-873.23	-1,922.63	-4,233.16	-9,320.35
WACC
PV UFCF				-293.70	-186.44	-288.40	-825.67	-1,767.71	-3,784.57	-8,102.55
SUM PV UFCF										-14,768.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.84
Free cash flow (t + 1)	-9,506.76
Terminal Value	-1,131,756.67
Present Value of Terminal Value	-983,881.34

Intrinsic Value

Enterprise Value	-998,650.23
Net Debt	331.01
Equity Value	-998,981.24
Shares Outstanding	62.74
Equity Value Per Share	-15,923.30