Discounted Cash Flow (DCF) Analysis Unlevered
Inovio Pharmaceuticals, Inc. (INO)
$1.91
+0.12 (+6.70%)
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 | 42.22 | 30.48 | 4.11 | 7.41 | 1.77 | 1.29 | 0.93 | 0.68 | 0.49 | 0.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -84.74 | -89.80 | -106.15 | -153.08 | -296.99 | -56.27 | -40.78 | -29.55 | -21.42 | -15.52 |
| EBITDA (%) | ||||||||||
| EBIT | -88.21 | -94.80 | -111.67 | -157.71 | -301.72 | -57.53 | -41.69 | -30.21 | -21.89 | -15.87 |
| EBIT (%) | ||||||||||
| Depreciation | 3.47 | 5 | 5.52 | 4.63 | 4.73 | 1.25 | 0.91 | 0.66 | 0.48 | 0.35 |
| 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 | 127.43 | 81.23 | 89.53 | 411.64 | 401.31 | 79.51 | 57.62 | 41.76 | 30.26 | 21.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.49 | 4.05 | 2.03 | 19.06 | 8.03 | 2.03 | 1.47 | 1.06 | 0.77 | 0.56 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.56 | 10.04 | 6.92 | 0.83 | 24.76 | 4.18 | 3.03 | 2.20 | 1.59 | 1.15 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -10.29 | -2.09 | -0.99 | -1.52 | -1.23 | -0.37 | -0.27 | -0.20 | -0.14 | -0.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.91 |
|---|---|
| Beta | 1.068 |
| Diluted Shares Outstanding | 208.83 |
| Cost of Debt | |
| Tax Rate | -0.14 |
| After-tax Cost of Debt | 5.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.575 |
| Total Debt | 33.02 |
| Total Equity | 398.86 |
| Total Capital | 431.89 |
| Debt Weighting | 7.65 |
| Equity Weighting | 92.35 |
| 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 | 42.22 | 30.48 | 4.11 | 7.41 | 1.77 | 1.29 | 0.93 | 0.68 | 0.49 | 0.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -84.74 | -89.80 | -106.15 | -153.08 | -296.99 | -56.27 | -40.78 | -29.55 | -21.42 | -15.52 |
| EBIT | -88.21 | -94.80 | -111.67 | -157.71 | -301.72 | -57.53 | -41.69 | -30.21 | -21.89 | -15.87 |
| Tax Rate | 0.00% | -2.29% | 1.20% | -2.16% | -0.14% | -0.68% | -0.68% | -0.68% | -0.68% | -0.68% |
| EBIAT | -88.21 | -96.97 | -110.33 | -161.12 | -302.15 | -57.92 | -41.97 | -30.42 | -22.04 | -15.97 |
| Depreciation | 3.47 | 5 | 5.52 | 4.63 | 4.73 | 1.25 | 0.91 | 0.66 | 0.48 | 0.35 |
| Accounts Receivable | - | 2.43 | 2.02 | -17.03 | 11.03 | 6.01 | 0.56 | 0.40 | 0.29 | 0.21 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.48 | -3.12 | -6.09 | 23.94 | -20.58 | -1.15 | -0.83 | -0.60 | -0.44 |
| Capital Expenditure | -10.29 | -2.09 | -0.99 | -1.52 | -1.23 | -0.37 | -0.27 | -0.20 | -0.14 | -0.10 |
| UFCF | -95.03 | -89.14 | -106.90 | -181.14 | -263.69 | -71.61 | -41.93 | -30.38 | -22.02 | -15.96 |
| WACC | ||||||||||
| PV UFCF | -66.08 | -35.70 | -23.87 | -15.96 | -10.68 | |||||
| SUM PV UFCF | -152.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.37 |
| Free cash flow (t + 1) | -16.27 |
| Terminal Value | -255.49 |
| Present Value of Terminal Value | -170.94 |
Intrinsic Value
| Enterprise Value | -323.23 |
|---|---|
| Net Debt | -38.12 |
| Equity Value | -285.11 |
| Shares Outstanding | 208.83 |
| Equity Value Per Share | -1.37 |