Discounted Cash Flow (DCF) Analysis Unlevered

uniQure N.V. (QURE)

$18.76

+0.84 (+4.69%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,868,279.87 | 18.76 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.1111.287.2837.515242,702.1013,933.8371,852.03370,516.691,910,629.55
Revenue (%)
EBITDA -69.68-68.50-113.72-126.97347.58-16,065.19-82,842.75-427,192.09-2,202,885.43-11,359,536.69
EBITDA (%)
EBIT -77.23-80.91-120.39-137.62340.28-17,626.70-90,894.94-468,714.52-2,417,002.58-12,463,666.60
EBIT (%)
Depreciation 7.5412.426.6710.657.301,561.518,052.1941,522.43214,117.161,104,129.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 159.37234.90377.79244.93556.2649,964.17257,648.381,328,605.746,851,171.4135,329,178.77
Total Cash (%)
Account Receivables 1.590.230.956.6258.77302.791,561.388,051.5041,518.89214,098.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.913.795.683.772.50780.094,022.6720,743.55106,967.51551,595.35
Accounts Payable (%)
Capital Expenditure -5.58-4.24-6.65-9.48-17.44-1,081.47-5,576.78-28,757.58-148,293.14-764,697.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.76
Beta 1.074
Diluted Shares Outstanding 46.15
Cost of Debt
Tax Rate 0.97
After-tax Cost of Debt 5.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.875
Total Debt 135.72
Total Equity 865.82
Total Capital 1,001.54
Debt Weighting 13.55
Equity Weighting 86.45
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.1111.287.2837.515242,702.1013,933.8371,852.03370,516.691,910,629.55
EBITDA -69.68-68.50-113.72-126.97347.58-16,065.19-82,842.75-427,192.09-2,202,885.43-11,359,536.69
EBIT -77.23-80.91-120.39-137.62340.28-17,626.70-90,894.94-468,714.52-2,417,002.58-12,463,666.60
Tax Rate 0.25%-0.28%0.00%11.61%0.97%2.51%2.51%2.51%2.51%2.51%
EBIAT -77.03-81.14-120.39-121.64336.99-17,184.37-88,613.98-456,952.40-2,356,349.29-12,150,898.02
Depreciation 7.5412.426.6710.657.301,561.518,052.1941,522.43214,117.161,104,129.91
Accounts Receivable -1.35-0.71-5.67-52.15-244.02-1,258.59-6,490.13-33,467.39-172,580.03
Inventories ----------
Accounts Payable -0.881.89-1.91-1.27777.593,242.5816,720.8886,223.96444,627.84
Capital Expenditure -5.58-4.25-6.65-9.48-17.44-1,081.47-5,576.78-28,757.58-148,293.14-764,697.68
UFCF -75.07-70.73-119.19-128.06273.43-16,170.76-84,154.58-433,956.79-2,237,768.70-11,539,417.98
WACC
PV UFCF -14,916.30-71,604.30-340,595.15-1,620,085.06-7,706,145.11
SUM PV UFCF -9,753,345.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.41
Free cash flow (t + 1) -11,770,206.34
Terminal Value -183,622,563.86
Present Value of Terminal Value -122,625,085.98

Intrinsic Value

Enterprise Value -132,378,431.89
Net Debt -420.53
Equity Value -132,378,011.36
Shares Outstanding 46.15
Equity Value Per Share -2,868,279.87