Discounted Cash Flow (DCF) Analysis Levered
Geron Corporation (GERN)
$1.32
+0.02 (+1.54%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1.06 | 1.07 | 0.46 | 0.25 | 0.03 | 0.02 | 0.01 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -20.56 | -21.01 | -43.83 | -66.65 | -2.95 | -1.55 | -0.81 | -0.43 | -0.22 | -0.12 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | -0.02 | -0.41 | -0.40 | -0.02 | -0.01 | -0.01 | -0 | -0 | -0 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -20.56 | -21.02 | -44.24 | -67.05 | -2.97 | -1.56 | -0.82 | -0.43 | -0.23 | -0.12 |
Weighted Average Cost Of Capital
| Share price | $ 1.32 |
|---|---|
| Beta | 1.076 |
| Diluted Shares Outstanding | 327.63 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -0.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.936 |
| Total Debt | 55 |
| Total Equity | 432.47 |
| Total Capital | 487.47 |
| Debt Weighting | 11.28 |
| Equity Weighting | 88.72 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1.06 | 1.07 | 0.46 | 0.25 | 0.03 | 0.02 | 0.01 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -20.56 | -21.01 | -43.83 | -66.65 | -2.95 | -1.55 | -0.81 | -0.43 | -0.22 | -0.12 |
| Capital Expenditure | - | -0.02 | -0.41 | -0.40 | -0.02 | -0.01 | -0.01 | -0 | -0 | -0 |
| Free Cash Flow | -20.56 | -21.02 | -44.24 | -67.05 | -2.97 | -1.56 | -0.82 | -0.43 | -0.23 | -0.12 |
| WACC | ||||||||||
| PV LFCF | -1.46 | -0.72 | -0.35 | -0.17 | -0.08 | |||||
| SUM PV LFCF | -2.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.04 |
| Free cash flow (t + 1) | -0.12 |
| Terminal Value | -2.40 |
| Present Value of Terminal Value | -1.71 |
Intrinsic Value
| Enterprise Value | -4.49 |
|---|---|
| Net Debt | 20.13 |
| Equity Value | -24.62 |
| Shares Outstanding | 327.63 |
| Equity Value Per Share | -0.08 |