Discounted Cash Flow (DCF) Analysis Levered

Repligen Corporation (RGEN)

$167.26

+0.19 (+0.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 119.93 | 167.26 | overvalue

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	194.03	270.25	366.26	670.53	801.54	1,157.06	1,670.27	2,411.12	3,480.58	5,024.39
Revenue (%)
Operating Cash Flow	32.77	67.22	62.62	119.02	172.08	226.96	327.63	472.96	682.74	985.57
Operating Cash Flow (%)
Capital Expenditure	-14.04	-23.15	-26.34	-71.28	-88.35	-103.32	-149.14	-215.30	-310.79	-448.64
Capital Expenditure (%)
Free Cash Flow	18.73	44.06	36.28	47.74	83.74	123.65	178.49	257.66	371.95	536.92

Weighted Average Cost Of Capital

Share price	$ 167.26
Beta	1.078
Diluted Shares Outstanding	57.45
Cost of Debt
Tax Rate	15.14
After-tax Cost of Debt	0.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.781
Total Debt	422.96
Total Equity	9,609.92
Total Capital	10,032.88
Debt Weighting	4.22
Equity Weighting	95.78
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	194.03	270.25	366.26	670.53	801.54	1,157.06	1,670.27	2,411.12	3,480.58	5,024.39
Operating Cash Flow	32.77	67.22	62.62	119.02	172.08	226.96	327.63	472.96	682.74	985.57
Capital Expenditure	-14.04	-23.15	-26.34	-71.28	-88.35	-103.32	-149.14	-215.30	-310.79	-448.64
Free Cash Flow	18.73	44.06	36.28	47.74	83.74	123.65	178.49	257.66	371.95	536.92
WACC
PV LFCF						114.04	151.84	202.17	269.18	358.40
SUM PV LFCF										1,095.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.42
Free cash flow (t + 1)	547.66
Terminal Value	8,530.55
Present Value of Terminal Value	5,694.17

Intrinsic Value

Enterprise Value	6,789.80
Net Debt	-100.50
Equity Value	6,890.30
Shares Outstanding	57.45
Equity Value Per Share	119.93