Discounted Cash Flow (DCF) Analysis Unlevered

Precision BioSciences, Inc. (DTIL)

$2.01

+0.38 (+23.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -5,115.43 | 2.01 | overvalue

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 6.4810.8822.2424.28115.53276.43661.441,582.683,786.999,061.39
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 1.432.355.329.8110.2064.63154.65370.05885.442,118.64
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 62.80103.19180.8989.80143.661,782.614,265.3810,206.0824,420.7958,433.31
Total Cash (%)
Account Receivables 0.021.030.96100.4930.8073.71176.36421.991,009.72
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.812.222.040.791.1434.0881.55195.13466.901,117.18
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 6.4810.8822.2424.28115.53276.43661.441,582.683,786.999,061.39
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 1.432.355.329.8110.2064.63154.65370.05885.442,118.64
Accounts Receivable --10.06-9.049.51-30.32-42.90-102.65-245.63-587.73
Inventories ----------
Accounts Payable -0.41-0.18-1.250.3532.9447.47113.58271.77650.28
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