Discounted Cash Flow (DCF) Analysis Unlevered

Adaptimmune Therapeutics PLC

Adaptimmune Therapeutics PLC (ADAP)

$5
0.2 (+4.17%)

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 8.9814.2037.8359.511.121.642.393.495.097.43
Revenue (%)
EBITDA -21.32-66.29-62.03-86.83-126.13-40.14-58.57-85.48-124.75-182.07
EBITDA (%)
EBIT -22.57-69.58-67.46-94.64-134.14-42.68-62.29-90.91-132.68-193.63
EBIT (%)
Depreciation 1.253.295.427.818.012.553.725.437.9211.56
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 248.88181.47208.26205.1389.5442.3361.7890.16131.58192.02
Total Cash (%)
Account Receivables 0.741.480.2118.1620.676.209.0413.2019.2628.11
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.8811.358.384.086.362.503.655.327.7711.34
Accounts Payable (%)
Capital Expenditure -9.84-12.79-25.01-4.71-3.07-1.79-2.62-3.82-5.57-8.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5
Beta 2.268
Diluted Shares Outstanding 629,805.22
Cost of Debt
Tax Rate -0.18
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 20.514
Total Debt 39.13
Total Equity 3,149,026.09
Total Capital 3,149,065.22
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 8.9814.2037.8359.511.121.642.393.495.097.43
EBITDA -21.32-66.29-62.03-86.83-126.13-40.14-58.57-85.48-124.75-182.07
EBIT -22.57-69.58-67.46-94.64-134.14-42.68-62.29-90.91-132.68-193.63
Tax Rate 0.24%-1.26%-0.65%-0.52%-0.18%-0.47%-0.47%-0.47%-0.47%-0.47%
EBIAT -22.51-70.45-67.89-95.14-134.38-42.89-62.59-91.34-133.31-194.55
Depreciation 1.253.295.427.818.012.553.725.437.9211.56
Accounts Receivable --0.741.27-17.95-2.5114.47-2.85-4.15-6.06-8.85
Inventories ----------
Accounts Payable -3.47-2.97-4.292.27-3.861.151.682.453.57
Capital Expenditure -9.84-12.79-25.01-4.71-3.07-1.79-2.62-3.82-5.57-8.14
UFCF -31.11-77.22-89.18-114.28-129.68-31.51-63.19-92.21-134.57-196.40
WACC
PV UFCF -37.98-63.19-76.52-92.67-112.22
SUM PV UFCF -263.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 20.51
Free cash flow (t + 1) -204.25
Terminal Value -1,237.16
Present Value of Terminal Value -486.75

Intrinsic Value

Enterprise Value -750.18
Net Debt -50.41
Equity Value -699.77
Shares Outstanding 629,805.22
Equity Value Per Share -0.00