Discounted Cash Flow (DCF) Analysis Levered
ImmunoGen, Inc. (IMGN)
$15.87
-0.13 (-0.81%)
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 | 53.82 | 82.27 | 132.30 | 69.86 | 108.78 | 142.02 | 185.41 | 242.05 | 316 | 412.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -166.42 | -88.37 | -78.62 | -169.42 | -229.80 | -264.11 | -344.80 | -450.14 | -587.67 | -767.22 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5.25 | -2.85 | -0.92 | -1.43 | -1.36 | -4.89 | -6.38 | -8.33 | -10.87 | -14.20 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -171.67 | -91.21 | -79.54 | -170.85 | -231.17 | -269 | -351.18 | -458.47 | -598.55 | -781.41 |
Weighted Average Cost Of Capital
| Share price | $ 15.87 |
|---|---|
| Beta | 0.999 |
| Diluted Shares Outstanding | 253.63 |
| Cost of Debt | |
| Tax Rate | -0.55 |
| After-tax Cost of Debt | 27.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.288 |
| Total Debt | 15.24 |
| Total Equity | 4,025.12 |
| Total Capital | 4,040.37 |
| Debt Weighting | 0.38 |
| Equity Weighting | 99.62 |
| 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 | 53.82 | 82.27 | 132.30 | 69.86 | 108.78 | 142.02 | 185.41 | 242.05 | 316 | 412.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -166.42 | -88.37 | -78.62 | -169.42 | -229.80 | -264.11 | -344.80 | -450.14 | -587.67 | -767.22 |
| Capital Expenditure | -5.25 | -2.85 | -0.92 | -1.43 | -1.36 | -4.89 | -6.38 | -8.33 | -10.87 | -14.20 |
| Free Cash Flow | -171.67 | -91.21 | -79.54 | -170.85 | -231.17 | -269 | -351.18 | -458.47 | -598.55 | -781.41 |
| WACC | ||||||||||
| PV LFCF | -245.97 | -293.64 | -350.54 | -418.47 | -499.56 | |||||
| SUM PV LFCF | -1,808.18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.36 |
| Free cash flow (t + 1) | -797.04 |
| Terminal Value | -10,829.38 |
| Present Value of Terminal Value | -6,923.27 |
Intrinsic Value
| Enterprise Value | -8,731.45 |
|---|---|
| Net Debt | -259.89 |
| Equity Value | -8,471.56 |
| Shares Outstanding | 253.63 |
| Equity Value Per Share | -33.40 |