Discounted Cash Flow (DCF) Analysis Levered
Inovio Pharmaceuticals, Inc. (INO)
$0.575
-0.00 (-0.67%)
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 | $ 0.575 |
|---|---|
| Beta | 1.065 |
| Diluted Shares Outstanding | 238.62 |
| Cost of Debt | |
| Tax Rate | -0.78 |
| After-tax Cost of Debt | 3.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.719 |
| Total Debt | 32.07 |
| Total Equity | 137.21 |
| Total Capital | 169.28 |
| Debt Weighting | 18.95 |
| Equity Weighting | 81.05 |
| 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 | -735.41 | -1,357.29 | -2,505.05 | -4,623.38 | -8,533.04 | |||||
| SUM PV LFCF | -17,754.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.81 |
| Free cash flow (t + 1) | -12,676.49 |
| Terminal Value | -218,184.04 |
| Present Value of Terminal Value | -149,805.50 |
Intrinsic Value
| Enterprise Value | -167,559.65 |
|---|---|
| Net Debt | -14.25 |
| Equity Value | -167,545.40 |
| Shares Outstanding | 238.62 |
| Equity Value Per Share | -702.14 |