Discounted Cash Flow (DCF) Analysis Unlevered

Vaxart Inc

Vaxart Inc (VXRT)

$7.4
0.51 (+7.40%)

Operating Data

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 (%)
EBITDA -4.50-8.70-17.80-25.20-8.84-13.87-14.24-15.23-16.47-17.83-19.29-20.87
EBITDA (%)
EBIT -7.50-11.10-18.90-25.30-9.22-17.08-17.84-17.33-18.75-20.29-21.95-23.75
EBIT (%)
Depreciation 3.002.401.100.100.383.203.602.102.282.462.662.88
Depreciation (%)

Balance Sheet Data

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
Total Cash 66.8081.7057.6069.002.9911.5113.5326.8129.0131.3933.9636.75
Total Cash (%)
Account Receivables 11.0018.7012.600.700.631.803.623.193.453.744.044.37
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable 2.402.801.903.901.390.960.851.781.922.082.252.43
Accounts Payable (%)
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 (%)

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

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
EBITDA -4.50-8.70-17.80-25.20-8.84-13.87-14.24-15.23-16.47-17.83-19.29-20.87
EBIT -7.50-11.10-18.90-25.30-9.22-17.08-17.84-17.33-18.75-20.29-21.95-23.75
Tax Rate -1.14%2.65%0.52%0.00%0.00%-0.61%-2.70%-0.18%-0.18%-0.18%-0.18%-0.18%
EBIAT -7.59-10.81-18.80-25.30-9.22-17.18-18.32-17.36-18.78-20.32-21.99-23.80
Depreciation 3.002.401.100.100.383.203.602.102.282.462.662.88
Accounts Receivable --7.706.1011.900.07-1.17-1.820.43-0.26-0.28-0.31-0.33
Inventories ------------
Accounts Payable -0.40-0.902.00-2.51-0.43-0.110.920.150.160.170.18
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
UFCF -5.59-15.81-12.60-11.50-11.39-16.28-17.51-14.41-17.17-18.58-20.11-21.76
WACC
PV UFCF -14.48-17.33-18.83-20.46-22.24
SUM PV UFCF -93.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -0.44
Free cash flow (t + 1) -22.63
Terminal Value 509.59
Present Value of Terminal Value 520.95

Intrinsic Value

Enterprise Value 427.62
Net Debt -13.53
Equity Value 441.14
Shares Outstanding 21.57
Equity Value Per Share 20.45