Perform a DCF valuation and write a very short memo that lists your intrinsic value for Moderna based on the info below.

1. Cost of goods sold will be 15% of revenue from 2022 to 2024, 13% of revenue from 2025 to 2027, 11% of revenue from 2028 to 2031, and 10% thereafter; the company will improve its margins through operational efficiencies.
2. Research and Development (R&D) expense will be 10% of revenues from 2022 to 2024, 9% of revenues from 2025 to 2028, 8% of revenues from 2029 to 2032, and 7% of revenues thereafter.
3. Selling, General, and Administrative (SG&A) expense will be 15% of revenue from 2022 to 2028, 12% of revenue from 2029 to 2032, and 10% of revenue thereafter.
4. Capital expenditures will be .6% of sales in all years.
5. Depreciation & Amortization will be 80% of capex from 2022 2025, 85% of capex from 2026 2028, 90% of capex from 2029 2031, 95% from 2032 2034, and 100% in 2035.
6. The company will make investments in NWC equal to .1% of sales in each year.w
7. Use the statutory tax rate of 26% in all years.
8. The companys WACC is 10%.
9. Assume a 3% growth rate in perpetuity; use the Gordon Growth method for terminal value.
10. Assume that Cash and Equivalents are required cash (part of NWC).
11. Assume that Short Term Investments and Long Term Investments are excess cash.
12. Do not worry about making any adjustments for operating leases the amounts are immaterial
13. Do not worry about forecasting unearned revenue (long-term). Assume the balance will remain the same in all future years (thus there will be no impact to free cash flows).
14. There are 473 million shares of stock outstanding

Voluation of Moderna (MRNA) Balance Sheet Balance Sheet as of: Currency De c-31-2020 USD ASSETS Cash And Equivalents Short Term Investments Total Cash \& ST Investments Accounts Receivable Other Receivables Total Receivables Inventory Prepaid Exp. Restricted Cash Other Current Assets Total Current Assets Gross Property, Plant \& Equipment Accumulated Depreciation Net Property, Plant \& Equipment Long-term Investments Deferred Tax Assets, LT Other Long-Term Assets Total Assets LIABILITIES Accounts Payable Accrued Exp. Curr. Port. of Leases Curr. Income Taxes Payable Unearned Revenue, Current Other Current Liabilities Total Current Liabilities Long-Term Leases Unearned Revenue, Non-Current Other Non-Current Liabilities Total Liabilities Common Stock Additional Paid In Capital Retained Earnings Treasury Stock Comprehensive Inc. and Other Total Comm on Equity Total Equity Total Liabilities And Equity Source: Capital IQ \begin{tabular}{|r|r|} \hline Dec-31-2020 & Sep-30-2021 \\ USD \end{tabular} 7.336 .8 Voluation of Moderna (MRNA) Balance Sheet Balance Sheet as of: Currency De c-31-2020 USD ASSETS Cash And Equivalents Short Term Investments Total Cash \& ST Investments Accounts Receivable Other Receivables Total Receivables Inventory Prepaid Exp. Restricted Cash Other Current Assets Total Current Assets Gross Property, Plant \& Equipment Accumulated Depreciation Net Property, Plant \& Equipment Long-term Investments Deferred Tax Assets, LT Other Long-Term Assets Total Assets LIABILITIES Accounts Payable Accrued Exp. Curr. Port. of Leases Curr. Income Taxes Payable Unearned Revenue, Current Other Current Liabilities Total Current Liabilities Long-Term Leases Unearned Revenue, Non-Current Other Non-Current Liabilities Total Liabilities Common Stock Additional Paid In Capital Retained Earnings Treasury Stock Comprehensive Inc. and Other Total Comm on Equity Total Equity Total Liabilities And Equity Source: Capital IQ \begin{tabular}{|r|r|} \hline Dec-31-2020 & Sep-30-2021 \\ USD \end{tabular} 7.336 .8