Discounted Cash Flow (DCF) Analysis Levered
Inovio Pharmaceuticals, Inc. (INO)
$1.91
+0.12 (+6.70%)
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 | 42.22 | 30.48 | 4.11 | 7.41 | 1.77 | 1.29 | 0.93 | 0.68 | 0.49 | 0.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -63.21 | -73.55 | -97.85 | -177.98 | -215.71 | -44.57 | -32.30 | -23.41 | -16.96 | -12.29 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10.29 | -2.09 | -0.99 | -1.52 | -1.23 | -0.37 | -0.27 | -0.20 | -0.14 | -0.10 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -73.50 | -75.64 | -98.84 | -179.50 | -216.94 | -44.94 | -32.57 | -23.60 | -17.10 | -12.39 |
Weighted Average Cost Of Capital
| Share price | $ 1.91 |
|---|---|
| Beta | 1.068 |
| Diluted Shares Outstanding | 208.83 |
| Cost of Debt | |
| Tax Rate | -0.14 |
| After-tax Cost of Debt | 5.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.575 |
| Total Debt | 33.02 |
| Total Equity | 398.86 |
| Total Capital | 431.89 |
| Debt Weighting | 7.65 |
| Equity Weighting | 92.35 |
| 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 | 42.22 | 30.48 | 4.11 | 7.41 | 1.77 | 1.29 | 0.93 | 0.68 | 0.49 | 0.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -63.21 | -73.55 | -97.85 | -177.98 | -215.71 | -44.57 | -32.30 | -23.41 | -16.96 | -12.29 |
| Capital Expenditure | -10.29 | -2.09 | -0.99 | -1.52 | -1.23 | -0.37 | -0.27 | -0.20 | -0.14 | -0.10 |
| Free Cash Flow | -73.50 | -75.64 | -98.84 | -179.50 | -216.94 | -44.94 | -32.57 | -23.60 | -17.10 | -12.39 |
| WACC | ||||||||||
| PV LFCF | -27.75 | -18.55 | -12.41 | -8.30 | -5.55 | |||||
| SUM PV LFCF | -108.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.37 |
| Free cash flow (t + 1) | -12.64 |
| Terminal Value | -198.47 |
| Present Value of Terminal Value | -132.78 |
Intrinsic Value
| Enterprise Value | -241.22 |
|---|---|
| Net Debt | -38.12 |
| Equity Value | -203.10 |
| Shares Outstanding | 208.83 |
| Equity Value Per Share | -0.97 |