Discounted Cash Flow (DCF) Analysis Levered
Agenus Inc. (AGEN)
$1.73
+0.13 (+8.13%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 36.78 | 150.05 | 88.17 | 295.66 | 98.02 | 204.67 | 427.33 | 892.24 | 1,862.92 | 3,889.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -131.09 | -18.68 | -139.10 | 10.14 | -175.37 | -287.39 | -600.04 | -1,252.84 | -2,615.85 | -5,461.70 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.60 | -4.66 | -3.47 | -33.81 | -53.06 | -33.72 | -70.41 | -147.01 | -306.94 | -640.88 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -134.69 | -23.34 | -142.56 | -23.67 | -228.44 | -321.11 | -670.45 | -1,399.85 | -2,922.79 | -6,102.58 |
Weighted Average Cost Of Capital
| Share price | $ 1.73 |
|---|---|
| Beta | 1.417 |
| Diluted Shares Outstanding | 281.74 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 81.50% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.383 |
| Total Debt | 75.91 |
| Total Equity | 487.42 |
| Total Capital | 563.33 |
| Debt Weighting | 13.48 |
| Equity Weighting | 86.52 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 36.78 | 150.05 | 88.17 | 295.66 | 98.02 | 204.67 | 427.33 | 892.24 | 1,862.92 | 3,889.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -131.09 | -18.68 | -139.10 | 10.14 | -175.37 | -287.39 | -600.04 | -1,252.84 | -2,615.85 | -5,461.70 |
| Capital Expenditure | -3.60 | -4.66 | -3.47 | -33.81 | -53.06 | -33.72 | -70.41 | -147.01 | -306.94 | -640.88 |
| Free Cash Flow | -134.69 | -23.34 | -142.56 | -23.67 | -228.44 | -321.11 | -670.45 | -1,399.85 | -2,922.79 | -6,102.58 |
| WACC | ||||||||||
| PV LFCF | -267.66 | -465.82 | -810.71 | -1,410.94 | -2,455.56 | |||||
| SUM PV LFCF | -5,410.68 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 19.97 |
| Free cash flow (t + 1) | -6,224.63 |
| Terminal Value | -34,639.01 |
| Present Value of Terminal Value | -13,938.06 |
Intrinsic Value
| Enterprise Value | -19,348.73 |
|---|---|
| Net Debt | -102.76 |
| Equity Value | -19,245.97 |
| Shares Outstanding | 281.74 |
| Equity Value Per Share | -68.31 |