Discounted Cash Flow (DCF) Analysis Levered
ImmunoGen, Inc. (IMGN)
$3.95
+0.13 (+3.40%)
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 | 115.45 | 53.45 | 82.27 | 132.30 | 69.86 | 72.27 | 74.77 | 77.36 | 80.04 | 82.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 7.64 | -166.42 | -88.37 | -78.62 | -169.42 | -103.22 | -106.79 | -110.49 | -114.31 | -118.27 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.12 | -5.25 | -2.85 | -0.92 | -1.43 | -2.46 | -2.54 | -2.63 | -2.72 | -2.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6.53 | -171.67 | -91.21 | -79.54 | -170.85 | -105.68 | -109.33 | -113.12 | -117.03 | -121.08 |
Weighted Average Cost Of Capital
| Share price | $ 3.95 |
|---|---|
| Beta | 1.237 |
| Diluted Shares Outstanding | 206.15 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 70.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.808 |
| Total Debt | 18.78 |
| Total Equity | 814.28 |
| Total Capital | 833.06 |
| Debt Weighting | 2.25 |
| Equity Weighting | 97.75 |
| 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 | 115.45 | 53.45 | 82.27 | 132.30 | 69.86 | 72.27 | 74.77 | 77.36 | 80.04 | 82.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 7.64 | -166.42 | -88.37 | -78.62 | -169.42 | -103.22 | -106.79 | -110.49 | -114.31 | -118.27 |
| Capital Expenditure | -1.12 | -5.25 | -2.85 | -0.92 | -1.43 | -2.46 | -2.54 | -2.63 | -2.72 | -2.81 |
| Free Cash Flow | 6.53 | -171.67 | -91.21 | -79.54 | -170.85 | -105.68 | -109.33 | -113.12 | -117.03 | -121.08 |
| WACC | ||||||||||
| PV LFCF | -78.99 | -74.16 | -69.63 | -65.38 | -61.39 | |||||
| SUM PV LFCF | -424.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.19 |
| Free cash flow (t + 1) | -123.50 |
| Terminal Value | -1,507.93 |
| Present Value of Terminal Value | -928.26 |
Intrinsic Value
| Enterprise Value | -1,352.68 |
|---|---|
| Net Debt | -459.97 |
| Equity Value | -892.71 |
| Shares Outstanding | 206.15 |
| Equity Value Per Share | -4.33 |