Discounted Cash Flow (DCF) Analysis Unlevered
TScan Therapeutics, Inc. (TCRX)
$6.56
-0.14 (-2.09%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | - | - | - | - | - | - | - | - | - |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | - | - | - | - | - |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.56 |
|---|---|
| Beta | 0.818 |
| Diluted Shares Outstanding | 24.05 |
| Cost of Debt | |
| Tax Rate | 0.63 |
| After-tax Cost of Debt | 4.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.116 |
| Total Debt | 85.98 |
| Total Equity | 157.76 |
| Total Capital | 243.74 |
| Debt Weighting | 35.28 |
| Equity Weighting | 64.72 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | - | - | - | - | - | - | - |
| Tax Rate | 4.04% | 0.41% | 0.00% | 0.63% | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
| EBIAT | - | - | - | - | - | - | - | - | - |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -1.25 | -4.24 | -9.94 | -4.22 | - | - | - | - | - |
| UFCF | - | - | - | - | - | - | - | - | - |
| WACC | |||||||||
| PV UFCF | - | - | - | - | - | ||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.74 |
| Free cash flow (t + 1) | - |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -34.04 |
| Equity Value | - |
| Shares Outstanding | 24.05 |
| Equity Value Per Share | - |