Discounted Cash Flow (DCF) Analysis Unlevered

Vaccitech plc (VACC)

$5.25

-0.58 (-9.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,377.76 | 5.25 | undervalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4.820.270.010000
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 0.210.600.020000
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 43.27214.056.020.330.0200
Total Cash (%)
Account Receivables 3.236.250.180.01000
Account Receivables (%)
Inventories -------
Inventories (%)
Accounts Payable 4.672.420.070000
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 4.820.270.010000
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 0.210.600.020000
Accounts Receivable --3.026.070.170.0100
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 -13.99-53.782.360.02000
WACC
PV UFCF 4.340.03000
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