Discounted Cash Flow (DCF) Analysis Levered
Geron Corporation (GERN)
$3.6
-0.09 (-2.44%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.07 | 0.46 | 0.25 | 1.39 | 3.01 | 6.51 | 14.09 | 30.46 | 65.87 | 142.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -21.01 | -43.83 | -66.65 | -95.56 | -127.38 | -637.50 | -1,378.58 | -2,981.15 | -6,446.68 | -13,940.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.02 | -0.41 | -0.40 | -0.21 | -0.43 | -3.63 | -7.86 | -16.99 | -36.75 | -79.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -21.02 | -44.24 | -67.05 | -95.76 | -127.81 | -641.13 | -1,386.43 | -2,998.14 | -6,483.43 | -14,020.30 |
Weighted Average Cost Of Capital
| Share price | $ 3.6 |
|---|---|
| Beta | 0.912 |
| Diluted Shares Outstanding | 380.78 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 19.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.050 |
| Total Debt | 34.81 |
| Total Equity | 1,370.83 |
| Total Capital | 1,405.63 |
| Debt Weighting | 2.48 |
| Equity Weighting | 97.52 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.07 | 0.46 | 0.25 | 1.39 | 3.01 | 6.51 | 14.09 | 30.46 | 65.87 | 142.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -21.01 | -43.83 | -66.65 | -95.56 | -127.38 | -637.50 | -1,378.58 | -2,981.15 | -6,446.68 | -13,940.83 |
| Capital Expenditure | -0.02 | -0.41 | -0.40 | -0.21 | -0.43 | -3.63 | -7.86 | -16.99 | -36.75 | -79.47 |
| Free Cash Flow | -21.02 | -44.24 | -67.05 | -95.76 | -127.81 | -641.13 | -1,386.43 | -2,998.14 | -6,483.43 | -14,020.30 |
| WACC | ||||||||||
| PV LFCF | -127.81 | -591.78 | -1,181.20 | -2,357.68 | -4,705.97 | -9,393.19 | ||||
| SUM PV LFCF | -18,229.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.34 |
| Free cash flow (t + 1) | -14,300.71 |
| Terminal Value | -225,563.25 |
| Present Value of Terminal Value | -151,120.78 |
Intrinsic Value
| Enterprise Value | -169,350.60 |
|---|---|
| Net Debt | -22.04 |
| Equity Value | -169,328.57 |
| Shares Outstanding | 380.78 |
| Equity Value Per Share | -444.68 |