Discounted Cash Flow (DCF) Analysis Levered

Vaxart Inc

Vaxart Inc (VXRT)

$7.4
0.51 (+7.40%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.6068.7024.609.305.844.169.8610.6711.5512.4913.5214.63
Revenue (%)
Operating Cash Flow -13.90-3.30-9.60-14.10-10.04-14.55-13.09-13.59-14.70-15.91-17.21-18.62
Operating Cash Flow (%)
Capital Expenditure -1.00-0.10-0.10-0.20-0.12-0.71-0.85-0.51-0.55-0.59-0.64-0.70
Capital Expenditure (%)
Free Cash Flow -14.90-3.40-9.70-14.30-10.16-15.26-13.94-14.09-15.25-16.50-17.86-19.32

Weighted Average Cost Of Capital

Share price $ 7.4
Beta -0.364
Diluted Shares Outstanding 21.57
Cost of Debt
Tax Rate -2.70
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity -0.441
Total Debt -
Total Equity 159.61
Total Capital 159.61
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.6068.7024.609.305.844.169.8610.6711.5512.4913.5214.63
Operating Cash Flow -13.90-3.30-9.60-14.10-10.04-14.55-13.09-13.59-14.70-15.91-17.21-18.62
Capital Expenditure -1.00-0.10-0.10-0.20-0.12-0.71-0.85-0.51-0.55-0.59-0.64-0.70
Free Cash Flow -14.90-3.40-9.70-14.30-10.16-15.26-13.94-14.09-15.25-16.50-17.86-19.32
WACC
PV LFCF -14.16-15.39-16.72-18.17-19.75
SUM PV LFCF -84.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -0.44
Free cash flow (t + 1) -20.09
Terminal Value 452.53
Present Value of Terminal Value 462.62

Intrinsic Value

Enterprise Value 378.43
Net Debt -13.53
Equity Value 391.96
Shares Outstanding 21.57
Equity Value Per Share 18.17