Discounted Cash Flow (DCF) Analysis Unlevered

Longeveron Inc. (LGVN)

$ 30.67
-11.63 (-27.49%)
Stock DCF: -418.97 | 30.67 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 2.135.645.6310.2518.6533.9461.76112.41
Revenue (%)
EBITDA -5.61-2.23-2.99-12.15-22.11-40.24-73.23-133.28
EBITDA (%)
EBIT -6.36-3-3.78-14.28-26-47.31-86.11-156.71
EBIT (%)
Depreciation 0.750.770.792.143.897.0712.8723.43
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 4.031.870.828.0714.7026.7548.6888.59
Total Cash (%)
Account Receivables -0.450.420.791.442.634.788.70
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 1.211.151.593.596.5411.9021.6639.41
Accounts Payable (%)
Capital Expenditure -0.21-0.13-0.26-0.57-1.04-1.90-3.45-6.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.67
Beta 0.000
Diluted Shares Outstanding 14.47
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.482
Total Debt 1
Total Equity 443.66
Total Capital 444.66
Debt Weighting 0.22
Equity Weighting 99.78
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 2.135.645.6310.2518.6533.9461.76112.41
EBITDA -5.61-2.23-2.99-12.15-22.11-40.24-73.23-133.28
EBIT -6.36-3-3.78-14.28-26-47.31-86.11-156.71
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -6.36-3-3.78-14.28-26-47.31-86.11-156.71
Depreciation 0.750.770.792.143.897.0712.8723.43
Accounts Receivable --0.03-0.37-0.65-1.18-2.15-3.92
Inventories --------
Accounts Payable --0.050.4422.955.369.7617.76
Capital Expenditure -0.21-0.13-0.26-0.57-1.04-1.90-3.45-6.29
UFCF -5.83-2.41-2.79-11.09-20.86-37.96-69.08-125.73
WACC
PV UFCF -11.26-20.86-37.41-67.08-120.31
SUM PV UFCF -249.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.48
Free cash flow (t + 1) -125.08
Terminal Value -6,253.92
Present Value of Terminal Value -5,810.98

Intrinsic Value

Enterprise Value -6,060.46
Net Debt 0.18
Equity Value -6,060.64
Shares Outstanding 14.47
Equity Value Per Share -418.97