Discounted Cash Flow (DCF) Analysis Unlevered

Surface Oncology, Inc. (SURF)

$0.798

-0.00 (-0.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -58,905.32 | 0.798 | 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 59.4215.36126.162.6930147.44724.593,561.0917,501.2686,011.49
Revenue (%)
EBITDA -5.25-5363.26-74.37-60.44-965.13-4,743.22-23,310.96-114,563.74-563,033.52
EBITDA (%)
EBIT -6.60-54.7961.59-75.94-60.44-986.83-4,849.88-23,835.18-117,140.07-575,695.11
EBIT (%)
Depreciation 1.351.791.671.57021.70106.67524.222,576.3312,661.60
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 158.83105.16175.14154.15124.822,135.9910,497.5151,590.93253,548.121,246,084.40
Total Cash (%)
Account Receivables 0.320.342.570.040.482.3411.5256.61278.211,367.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.413.381.670.262.9114.3070.29345.431,697.668,343.28
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 59.4215.36126.162.6930147.44724.593,561.0917,501.2686,011.49
EBITDA -5.25-5363.26-74.37-60.44-965.13-4,743.22-23,310.96-114,563.74-563,033.52
EBIT -6.60-54.7961.59-75.94-60.44-986.83-4,849.88-23,835.18-117,140.07-575,695.11
Tax Rate 0.00%0.00%0.00%100.00%0.00%20.00%20.00%20.00%20.00%20.00%
EBIAT -6.60-54.7961.59--60.44-789.47-3,879.91-19,068.14-93,712.06-460,556.09
Depreciation 1.351.791.671.57021.70106.67524.222,576.3312,661.60
Accounts Receivable --0.01-2.232.53-0.43-1.87-9.17-45.09-221.60-1,089.08
Inventories ----------
Accounts Payable --0.03-1.71-1.412.6511.3955.99275.151,352.226,645.62
Capital Expenditure -2.02-1.54-0.04-0.12-0-5.28-25.96-127.57-626.93-3,081.12
UFCF -7.27-54.5859.272.56-58.22-763.52-3,752.39-18,441.43-90,632.04-445,419.06
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