Discounted Cash Flow (DCF) Analysis Unlevered

Inovio Pharmaceuticals, Inc. (INO)

$1.91

+0.12 (+6.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.37 | 1.91 | 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 42.2230.484.117.411.771.290.930.680.490.35
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 3.4755.524.634.731.250.910.660.480.35
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 127.4381.2389.53411.64401.3179.5157.6241.7630.2621.93
Total Cash (%)
Account Receivables 6.494.052.0319.068.032.031.471.060.770.56
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.5610.046.920.8324.764.183.032.201.591.15
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 42.2230.484.117.411.771.290.930.680.490.35
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 3.4755.524.634.731.250.910.660.480.35
Accounts Receivable -2.432.02-17.0311.036.010.560.400.290.21
Inventories ----------
Accounts Payable -2.48-3.12-6.0923.94-20.58-1.15-0.83-0.60-0.44
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