Discounted Cash Flow (DCF) Analysis Unlevered

Exicure, Inc. (XCUR)

$1.01

-0.05 (-4.72%)
All numbers are in Millions, Currency in USD
Stock DCF: -161,029,202.79 | 1.01 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.720.121.3016.61131.871,046.808,309.4865,960.31523,589.984,156,233.70
Revenue (%)
EBITDA -11.01-21.38-24.79-22.651.12-42,464.66-337,082.55-2,675,746.07-21,239,951.73-168,601,780
EBITDA (%)
EBIT -11.24-21.74-25.52-24.10--43,241.81-343,251.55-2,724,715.35-21,628,667.69-171,687,389.76
EBIT (%)
Depreciation 0.230.360.721.451.12777.156,16948,969.28388,715.963,085,609.76
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 25.7626.27110.7982.0839.1466,154.15525,128.694,168,447.8933,088,951.54262,658,606.63
Total Cash (%)
Account Receivables 0.030.010.270.0110.6584.54671.045,326.6842,282.93335,639.98
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.050.501.811.873.411,231.699,777.1377,610.40616,067.854,890,318.87
Accounts Payable (%)
Capital Expenditure -0.93-0.09-1.08-3.17-0.97-403.02-3,199.12-25,394.44-201,579.89-1,600,132.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.01
Beta 1.022
Diluted Shares Outstanding 2.91
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 24.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.339
Total Debt 6.87
Total Equity 2.94
Total Capital 9.81
Debt Weighting 70.06
Equity Weighting 29.94
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.720.121.3016.61131.871,046.808,309.4865,960.31523,589.984,156,233.70
EBITDA -11.01-21.38-24.79-22.651.12-42,464.66-337,082.55-2,675,746.07-21,239,951.73-168,601,780
EBIT -11.24-21.74-25.52-24.10--43,241.81-343,251.55-2,724,715.35-21,628,667.69-171,687,389.76
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -11.24-21.74-25.52-24.10--43,241.81-343,251.55-2,724,715.35-21,628,667.69-171,687,389.76
Depreciation 0.230.360.721.451.12777.156,16948,969.28388,715.963,085,609.76
Accounts Receivable -0.02-0.260.26-10.64-73.89-586.50-4,655.64-36,956.25-293,357.05
Inventories ----------
Accounts Payable --0.551.310.051.551,228.288,545.4367,833.27538,457.454,274,251.02
Capital Expenditure -0.93-0.09-1.08-3.17-0.97-403.02-3,199.12-25,394.44-201,579.89-1,600,132.10
UFCF -11.94-22.01-24.82-25.51-8.94-41,713.28-332,322.73-2,637,962.87-20,940,030.42-166,221,018.13
WACC
PV UFCF -8.94-34,839.45-231,821.70-1,536,949.97-10,189,793.39-67,557,104.22
SUM PV UFCF -79,550,508.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 19.73
Free cash flow (t + 1) -169,545,438.50
Terminal Value -956,263,048.49
Present Value of Terminal Value -388,653,391.43

Intrinsic Value

Enterprise Value -468,203,900.16
Net Debt -27.77
Equity Value -468,203,872.39
Shares Outstanding 2.91
Equity Value Per Share -161,029,202.79