Discounted Cash Flow (DCF) Analysis Unlevered
Precision BioSciences, Inc. (DTIL)
$2.01
+0.38 (+23.31%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6.48 | 10.88 | 22.24 | 24.28 | 115.53 | 276.43 | 661.44 | 1,582.68 | 3,786.99 | 9,061.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -19.67 | -43.68 | -87.38 | -99.19 | -20.27 | -842.37 | -2,015.59 | -4,822.83 | -11,539.92 | -27,612.36 |
| EBITDA (%) | ||||||||||
| EBIT | -21.10 | -46.04 | -92.69 | -109.01 | -30.47 | -907 | -2,170.24 | -5,192.88 | -12,425.35 | -29,731 |
| EBIT (%) | ||||||||||
| Depreciation | 1.43 | 2.35 | 5.32 | 9.81 | 10.20 | 64.63 | 154.65 | 370.05 | 885.44 | 2,118.64 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 62.80 | 103.19 | 180.89 | 89.80 | 143.66 | 1,782.61 | 4,265.38 | 10,206.08 | 24,420.79 | 58,433.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.02 | 1.03 | 0.96 | 10 | 0.49 | 30.80 | 73.71 | 176.36 | 421.99 | 1,009.72 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.81 | 2.22 | 2.04 | 0.79 | 1.14 | 34.08 | 81.55 | 195.13 | 466.90 | 1,117.18 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.56 | -15.68 | -24.67 | -5.03 | -5.80 | -202.65 | -484.90 | -1,160.24 | -2,776.20 | -6,642.79 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.01 |
|---|---|
| Beta | 1.699 |
| Diluted Shares Outstanding | 58.69 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.869 |
| Total Debt | 9.11 |
| Total Equity | 117.96 |
| Total Capital | 127.08 |
| Debt Weighting | 7.17 |
| Equity Weighting | 92.83 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6.48 | 10.88 | 22.24 | 24.28 | 115.53 | 276.43 | 661.44 | 1,582.68 | 3,786.99 | 9,061.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -19.67 | -43.68 | -87.38 | -99.19 | -20.27 | -842.37 | -2,015.59 | -4,822.83 | -11,539.92 | -27,612.36 |
| EBIT | -21.10 | -46.04 | -92.69 | -109.01 | -30.47 | -907 | -2,170.24 | -5,192.88 | -12,425.35 | -29,731 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -21.10 | -46.04 | -92.69 | -109.01 | -30.47 | -907 | -2,170.24 | -5,192.88 | -12,425.35 | -29,731 |
| Depreciation | 1.43 | 2.35 | 5.32 | 9.81 | 10.20 | 64.63 | 154.65 | 370.05 | 885.44 | 2,118.64 |
| Accounts Receivable | - | -1 | 0.06 | -9.04 | 9.51 | -30.32 | -42.90 | -102.65 | -245.63 | -587.73 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.41 | -0.18 | -1.25 | 0.35 | 32.94 | 47.47 | 113.58 | 271.77 | 650.28 |
| Capital Expenditure | -5.57 | -15.68 | -24.67 | -5.03 | -5.80 | -202.65 | -484.90 | -1,160.24 | -2,776.20 | -6,642.79 |
| UFCF | -25.23 | -59.95 | -112.16 | -114.50 | -16.21 | -1,042.39 | -2,495.92 | -5,972.15 | -14,289.97 | -34,192.60 |
| WACC | ||||||||||
| PV UFCF | -946 | -2,055.63 | -4,463.79 | -9,693.10 | -21,048.50 | |||||
| SUM PV UFCF | -38,207.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.19 |
| Free cash flow (t + 1) | -34,876.46 |
| Terminal Value | -425,841.94 |
| Present Value of Terminal Value | -262,142.55 |
Intrinsic Value
| Enterprise Value | -300,349.58 |
|---|---|
| Net Debt | -134.55 |
| Equity Value | -300,215.03 |
| Shares Outstanding | 58.69 |
| Equity Value Per Share | -5,115.43 |