Discounted Cash Flow (DCF) Analysis Unlevered
Editas Medicine, Inc. (EDIT)
$8.865
-0.10 (-1.06%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.94 | 20.53 | 90.73 | 25.54 | 19.71 | 30.14 | 46.07 | 70.44 | 107.69 | 164.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -110.15 | -138.23 | -109.41 | -185.11 | -209.87 | -176.48 | -269.82 | -412.50 | -630.65 | -964.16 |
| EBITDA (%) | ||||||||||
| EBIT | -113.40 | -141.06 | -113.37 | -190.16 | -216.21 | -181.32 | -277.21 | -423.81 | -647.94 | -990.59 |
| EBIT (%) | ||||||||||
| Depreciation | 3.25 | 2.83 | 3.96 | 5.05 | 6.34 | 4.84 | 7.40 | 11.31 | 17.29 | 26.43 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 368.96 | 457.14 | 402.11 | 499.84 | 344.27 | 453.76 | 693.72 | 1,060.58 | 1,621.46 | 2,478.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.03 | 0.42 | 6.05 | 0.27 | 5.15 | 2.17 | 3.31 | 5.06 | 7.74 | 11.83 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.33 | 5.84 | 6.41 | 5.05 | 9.51 | 7.25 | 11.08 | 16.94 | 25.89 | 39.59 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.75 | -6.17 | -7.16 | -7.98 | -4.12 | -6.32 | -9.67 | -14.78 | -22.60 | -34.55 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.865 |
|---|---|
| Beta | 1.855 |
| Diluted Shares Outstanding | 68.66 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 9.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.420 |
| Total Debt | 43.95 |
| Total Equity | 608.71 |
| Total Capital | 652.66 |
| Debt Weighting | 6.73 |
| Equity Weighting | 93.27 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.94 | 20.53 | 90.73 | 25.54 | 19.71 | 30.14 | 46.07 | 70.44 | 107.69 | 164.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -110.15 | -138.23 | -109.41 | -185.11 | -209.87 | -176.48 | -269.82 | -412.50 | -630.65 | -964.16 |
| EBIT | -113.40 | -141.06 | -113.37 | -190.16 | -216.21 | -181.32 | -277.21 | -423.81 | -647.94 | -990.59 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -113.40 | -141.06 | -113.37 | -190.16 | -216.21 | -181.32 | -277.21 | -423.81 | -647.94 | -990.59 |
| Depreciation | 3.25 | 2.83 | 3.96 | 5.05 | 6.34 | 4.84 | 7.40 | 11.31 | 17.29 | 26.43 |
| Accounts Receivable | - | -0.39 | -5.63 | 5.78 | -4.88 | 2.98 | -1.15 | -1.75 | -2.68 | -4.09 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.52 | 0.57 | -1.36 | 4.46 | -2.26 | 3.83 | 5.86 | 8.96 | 13.69 |
| Capital Expenditure | -4.75 | -6.17 | -7.16 | -7.98 | -4.12 | -6.32 | -9.67 | -14.78 | -22.60 | -34.55 |
| UFCF | -114.90 | -144.27 | -121.64 | -188.66 | -214.41 | -182.09 | -276.80 | -423.18 | -646.97 | -989.12 |
| WACC | ||||||||||
| PV UFCF | -162.25 | -219.76 | -299.36 | -407.80 | -555.52 | |||||
| SUM PV UFCF | -1,644.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.23 |
| Free cash flow (t + 1) | -1,008.90 |
| Terminal Value | -9,862.15 |
| Present Value of Terminal Value | -5,538.94 |
Intrinsic Value
| Enterprise Value | -7,183.64 |
|---|---|
| Net Debt | -97.58 |
| Equity Value | -7,086.06 |
| Shares Outstanding | 68.66 |
| Equity Value Per Share | -103.20 |