Discounted Cash Flow (DCF) Analysis Unlevered
Vaccitech plc (VACC)
$5.25
-0.58 (-9.95%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4.82 | 0.27 | 0.01 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | -13.80 | -47.62 | -1.35 | -0.07 | -0 | -0 | -0 |
| EBITDA (%) | |||||||
| EBIT | -14.01 | -48.23 | -1.36 | -0.08 | -0 | -0 | -0 |
| EBIT (%) | |||||||
| Depreciation | 0.21 | 0.60 | 0.02 | 0 | 0 | 0 | 0 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 43.27 | 214.05 | 6.02 | 0.33 | 0.02 | 0 | 0 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 3.23 | 6.25 | 0.18 | 0.01 | 0 | 0 | 0 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 4.67 | 2.42 | 0.07 | 0 | 0 | 0 | 0 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | -0.29 | -1.15 | -0.03 | -0 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.25 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 0.05 |
| Cost of Debt | |
| Tax Rate | 0.54 |
| After-tax Cost of Debt | 36.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.206 |
| Total Debt | 7.22 |
| Total Equity | 0.25 |
| Total Capital | 7.47 |
| Debt Weighting | 96.65 |
| Equity Weighting | 3.35 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4.82 | 0.27 | 0.01 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|
| EBITDA | -13.80 | -47.62 | -1.35 | -0.07 | -0 | -0 | -0 |
| EBIT | -14.01 | -48.23 | -1.36 | -0.08 | -0 | -0 | -0 |
| Tax Rate | 0.74% | 0.54% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| EBIAT | -13.91 | -47.97 | -1.35 | -0.08 | -0 | -0 | -0 |
| Depreciation | 0.21 | 0.60 | 0.02 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | -3.02 | 6.07 | 0.17 | 0.01 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.25 | -2.34 | -0.07 | -0 | -0 | -0 |
| Capital Expenditure | -0.29 | -1.15 | -0.03 | -0 | -0 | -0 | -0 |
| UFCF | -13.99 | -53.78 | 2.36 | 0.02 | 0 | 0 | 0 |
| WACC | |||||||
| PV UFCF | 4.34 | 0.03 | 0 | 0 | 0 | ||
| SUM PV UFCF | 1.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 35.62 |
| Free cash flow (t + 1) | 0 |
| Terminal Value | 0 |
| Present Value of Terminal Value | 0 |
Intrinsic Value
| Enterprise Value | 1.75 |
|---|---|
| Net Debt | -206.83 |
| Equity Value | 208.58 |
| Shares Outstanding | 0.05 |
| Equity Value Per Share | 4,377.76 |