Discounted Cash Flow (DCF) Analysis Unlevered
Surface Oncology, Inc. (SURF)
$0.798
-0.00 (-0.25%)
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 | 59.42 | 15.36 | 126.16 | 2.69 | 30 | 147.44 | 724.59 | 3,561.09 | 17,501.26 | 86,011.49 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -5.25 | -53 | 63.26 | -74.37 | -60.44 | -965.13 | -4,743.22 | -23,310.96 | -114,563.74 | -563,033.52 |
EBITDA (%) | ||||||||||
EBIT | -6.60 | -54.79 | 61.59 | -75.94 | -60.44 | -986.83 | -4,849.88 | -23,835.18 | -117,140.07 | -575,695.11 |
EBIT (%) | ||||||||||
Depreciation | 1.35 | 1.79 | 1.67 | 1.57 | 0 | 21.70 | 106.67 | 524.22 | 2,576.33 | 12,661.60 |
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 | 158.83 | 105.16 | 175.14 | 154.15 | 124.82 | 2,135.99 | 10,497.51 | 51,590.93 | 253,548.12 | 1,246,084.40 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.32 | 0.34 | 2.57 | 0.04 | 0.48 | 2.34 | 11.52 | 56.61 | 278.21 | 1,367.29 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 3.41 | 3.38 | 1.67 | 0.26 | 2.91 | 14.30 | 70.29 | 345.43 | 1,697.66 | 8,343.28 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -2.02 | -1.54 | -0.04 | -0.12 | -0 | -5.28 | -25.96 | -127.57 | -626.93 | -3,081.12 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 0.798 |
---|---|
Beta | 1.683 |
Diluted Shares Outstanding | 55.76 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 10.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.644 |
Total Debt | 30.45 |
Total Equity | 44.50 |
Total Capital | 74.95 |
Debt Weighting | 40.63 |
Equity Weighting | 59.37 |
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 | 59.42 | 15.36 | 126.16 | 2.69 | 30 | 147.44 | 724.59 | 3,561.09 | 17,501.26 | 86,011.49 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -5.25 | -53 | 63.26 | -74.37 | -60.44 | -965.13 | -4,743.22 | -23,310.96 | -114,563.74 | -563,033.52 |
EBIT | -6.60 | -54.79 | 61.59 | -75.94 | -60.44 | -986.83 | -4,849.88 | -23,835.18 | -117,140.07 | -575,695.11 |
Tax Rate | 0.00% | 0.00% | 0.00% | 100.00% | 0.00% | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% |
EBIAT | -6.60 | -54.79 | 61.59 | - | -60.44 | -789.47 | -3,879.91 | -19,068.14 | -93,712.06 | -460,556.09 |
Depreciation | 1.35 | 1.79 | 1.67 | 1.57 | 0 | 21.70 | 106.67 | 524.22 | 2,576.33 | 12,661.60 |
Accounts Receivable | - | -0.01 | -2.23 | 2.53 | -0.43 | -1.87 | -9.17 | -45.09 | -221.60 | -1,089.08 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -0.03 | -1.71 | -1.41 | 2.65 | 11.39 | 55.99 | 275.15 | 1,352.22 | 6,645.62 |
Capital Expenditure | -2.02 | -1.54 | -0.04 | -0.12 | -0 | -5.28 | -25.96 | -127.57 | -626.93 | -3,081.12 |
UFCF | -7.27 | -54.58 | 59.27 | 2.56 | -58.22 | -763.52 | -3,752.39 | -18,441.43 | -90,632.04 | -445,419.06 |
WACC | ||||||||||
PV UFCF | -687.18 | -3,039.49 | -13,444.21 | -59,466.06 | -263,028.65 | |||||
SUM PV UFCF | -339,665.59 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.11 |
Free cash flow (t + 1) | -454,327.45 |
Terminal Value | -4,987,128.93 |
Present Value of Terminal Value | -2,944,997.01 |
Intrinsic Value
Enterprise Value | -3,284,662.60 |
---|---|
Net Debt | -20.46 |
Equity Value | -3,284,642.14 |
Shares Outstanding | 55.76 |
Equity Value Per Share | -58,905.32 |