Discounted Cash Flow (DCF) Analysis Unlevered

Arcus Biosciences, Inc. (RCUS)

$15.64

-0.17 (-1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -19,461.18 | 15.64 | overvalue

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 8.351577.52382.88112341.471,041.103,174.159,677.5129,505.30
Revenue (%)
EBITDA -56.09-88.71-124.8554.90-264-1,123.64-3,425.83-10,444.84-31,844.77-97,090.02
EBITDA (%)
EBIT -59.75-92.29-129.0451.06-270-1,177.93-3,591.33-10,949.44-33,383.21-101,780.49
EBIT (%)
Depreciation 3.663.584.193.84654.28165.50504.601,538.444,690.47
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 256.54188.27735.09681.301,1384,417.7613,469.1141,065.32125,202.09381,722.71
Total Cash (%)
Account Receivables 0.080.131.70746.8243162.21494.541,507.784,597.0114,015.60
Account Receivables (%)
Inventories ---7.17-762.44-172-411.99-1,256.09-3,829.63-11,675.98-35,598.35
Inventories (%)
Accounts Payable 3.104.7015.6810.262074.62227.51693.642,114.806,447.72
Accounts Payable (%)
Capital Expenditure -3.74-1.92-3.06-26.08-12-54.03-164.72-502.21-1,531.17-4,668.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.64
Beta 0.757
Diluted Shares Outstanding 54.79
Cost of Debt
Tax Rate -0.38
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.683
Total Debt -
Total Equity 856.87
Total Capital 856.87
Debt Weighting 0.00
Equity Weighting 100.00
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 8.351577.52382.88112341.471,041.103,174.159,677.5129,505.30
EBITDA -56.09-88.71-124.8554.90-264-1,123.64-3,425.83-10,444.84-31,844.77-97,090.02
EBIT -59.75-92.29-129.0451.06-270-1,177.93-3,591.33-10,949.44-33,383.21-101,780.49
Tax Rate 0.00%10.36%5.03%3.32%-0.38%3.67%3.67%3.67%3.67%3.67%
EBIAT -59.75-82.72-122.5549.37-271.02-1,134.72-3,459.60-10,547.81-32,158.71-98,047.16
Depreciation 3.663.584.193.84654.28165.50504.601,538.444,690.47
Accounts Receivable --0.05-1.57-745.12703.82-119.21-332.34-1,013.24-3,089.22-9,418.59
Inventories ---755.27-590.44239.99844.102,573.547,846.3523,922.37
Accounts Payable -1.6010.98-5.429.7454.62152.89466.131,421.164,332.92
Capital Expenditure -3.74-1.93-3.06-26.08-12-54.03-164.72-502.21-1,531.17-4,668.32
UFCF -59.83-79.52-11231.86-153.90-959.06-2,794.16-8,518.99-25,973.15-79,188.31
WACC
PV UFCF -890.66-2,409.80-6,823.12-19,318.99-54,699.81
SUM PV UFCF -84,142.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.68
Free cash flow (t + 1) -80,772.08
Terminal Value -1,422,043.64
Present Value of Terminal Value -982,285.40

Intrinsic Value

Enterprise Value -1,066,427.80
Net Debt -206
Equity Value -1,066,221.80
Shares Outstanding 54.79
Equity Value Per Share -19,461.18