Discounted Cash Flow (DCF) Analysis Levered
Inovio Pharmaceuticals, Inc. (INO)
$0.389
+0.01 (+2.45%)
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 | 30.48 | 4.11 | 7.41 | 1.77 | 10.26 | 20.42 | 40.63 | 80.84 | 160.86 | 320.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -73.55 | -97.85 | -177.98 | -215.71 | -216.22 | -787.52 | -1,566.99 | -3,117.96 | -6,204.03 | -12,344.59 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2.09 | -0.99 | -1.52 | -1.23 | -0.97 | -5.32 | -10.58 | -21.05 | -41.89 | -83.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -75.64 | -98.84 | -179.50 | -216.94 | -217.18 | -792.84 | -1,577.57 | -3,139.01 | -6,245.91 | -12,427.93 |
Weighted Average Cost Of Capital
| Share price | $ 0.389 |
|---|---|
| Beta | 0.969 |
| Diluted Shares Outstanding | 238.62 |
| Cost of Debt | |
| Tax Rate | -3.61 |
| After-tax Cost of Debt | 3.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.144 |
| Total Debt | 32.07 |
| Total Equity | 92.82 |
| Total Capital | 124.90 |
| Debt Weighting | 25.68 |
| Equity Weighting | 74.32 |
| 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 | 30.48 | 4.11 | 7.41 | 1.77 | 10.26 | 20.42 | 40.63 | 80.84 | 160.86 | 320.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -73.55 | -97.85 | -177.98 | -215.71 | -216.22 | -787.52 | -1,566.99 | -3,117.96 | -6,204.03 | -12,344.59 |
| Capital Expenditure | -2.09 | -0.99 | -1.52 | -1.23 | -0.97 | -5.32 | -10.58 | -21.05 | -41.89 | -83.34 |
| Free Cash Flow | -75.64 | -98.84 | -179.50 | -216.94 | -217.18 | -792.84 | -1,577.57 | -3,139.01 | -6,245.91 | -12,427.93 |
| WACC | ||||||||||
| PV LFCF | -735.47 | -1,357.54 | -2,505.74 | -4,625.10 | -8,537 | |||||
| SUM PV LFCF | -17,760.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.80 |
| Free cash flow (t + 1) | -12,676.49 |
| Terminal Value | -218,560.22 |
| Present Value of Terminal Value | -150,133.40 |
Intrinsic Value
| Enterprise Value | -167,894.25 |
|---|---|
| Net Debt | -14.25 |
| Equity Value | -167,879.99 |
| Shares Outstanding | 238.62 |
| Equity Value Per Share | -703.54 |