Discounted Cash Flow (DCF) Analysis Unlevered

Veracyte, Inc. (VCYT)

$26.03

-0.03 (-0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -49.22 | 26.03 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 71.9592.01120.37117.48219.51298.07404.74549.58746.261,013.32
Revenue (%)
EBITDA -23.76-17.12-7.81-27.45-62.06-65.42-88.83-120.62-163.78-222.39
EBITDA (%)
EBIT -27.60-21.04-11.92-35.39-81.65-82.53-112.07-152.17-206.63-280.57
EBIT (%)
Depreciation 3.843.924.127.9419.5917.1123.2431.5542.8558.18
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 33.8978159.32349.36173.20381.83518.48704.02955.961,298.07
Total Cash (%)
Account Receivables 12.7213.1719.3318.4641.4649.2766.9090.84123.35167.49
Account Receivables (%)
Inventories 5.323.406.816.5612.2616.6422.6030.6941.6756.58
Inventories (%)
Accounts Payable 3.852.522.333.1212.3610.9114.8220.1227.3237.10
Accounts Payable (%)
Capital Expenditure -1.75-1.87-2.76-2.84-5.38-6.93-9.41-12.78-17.36-23.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.03
Beta 1.464
Diluted Shares Outstanding 53.24
Cost of Debt
Tax Rate 7.45
After-tax Cost of Debt 4.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.426
Total Debt 18.85
Total Equity 1,385.82
Total Capital 1,404.67
Debt Weighting 1.34
Equity Weighting 98.66
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 71.9592.01120.37117.48219.51298.07404.74549.58746.261,013.32
EBITDA -23.76-17.12-7.81-27.45-62.06-65.42-88.83-120.62-163.78-222.39
EBIT -27.60-21.04-11.92-35.39-81.65-82.53-112.07-152.17-206.63-280.57
Tax Rate 0.00%0.00%0.00%1.86%7.45%1.86%1.86%1.86%1.86%1.86%
EBIAT -27.60-21.04-11.92-34.73-75.56-80.99-109.98-149.33-202.78-275.34
Depreciation 3.843.924.127.9419.5917.1123.2431.5542.8558.18
Accounts Receivable --0.45-6.160.87-23-7.81-17.63-23.94-32.51-44.14
Inventories -1.92-3.400.25-5.70-4.39-5.96-8.09-10.98-14.91
Accounts Payable --1.34-0.190.799.24-1.453.915.307.209.78
Capital Expenditure -1.75-1.87-2.76-2.84-5.38-6.93-9.41-12.78-17.36-23.57
UFCF -25.51-18.86-20.31-27.72-80.80-84.45-115.84-157.29-213.58-290.01
WACC
PV UFCF -76.53-95.13-117.05-144.03-177.24
SUM PV UFCF -609.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.35
Free cash flow (t + 1) -295.81
Terminal Value -3,542.63
Present Value of Terminal Value -2,165.03

Intrinsic Value

Enterprise Value -2,775.01
Net Debt -154.34
Equity Value -2,620.67
Shares Outstanding 53.24
Equity Value Per Share -49.22