Discounted Cash Flow (DCF) Analysis Unlevered

NGM Biopharmaceuticals, Inc. (NGM)

$17.09

+0.09 (+0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 17.09 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.14108.66103.5487.3793.3599.74106.56113.85121.64129.97
Revenue (%)
EBITDA -8.786.73-35.19-95.93-34.77-37.14-39.69-42.40-45.30-48.40
EBITDA (%)
EBIT -15.22-0.49-42.80-102.49-41.73-44.59-47.64-50.90-54.38-58.10
EBIT (%)
Depreciation 6.447.227.616.556.967.447.958.499.089.70
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 173.69206.63344.51295.16151.80249.03266.08284.28303.74324.53
Total Cash (%)
Account Receivables -3.675.216.434.945.255.6166.416.84
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.895.789.039.666.436.877.347.848.388.95
Accounts Payable (%)
Capital Expenditure -6.42-5.84-3.49-1.88-1.68-4.19-4.48-4.79-5.12-5.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.09
Beta 1.693
Diluted Shares Outstanding 77.41
Cost of Debt
Tax Rate 1.74
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.838
Total Debt 15.54
Total Equity 1,322.92
Total Capital 1,338.46
Debt Weighting 1.16
Equity Weighting 98.84
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.14108.66103.5487.3793.3599.74106.56113.85121.64129.97
EBITDA -8.786.73-35.19-95.93-34.77-37.14-39.69-42.40-45.30-48.40
EBIT -15.22-0.49-42.80-102.49-41.73-44.59-47.64-50.90-54.38-58.10
Tax Rate 6.96%0.00%0.00%0.00%1.74%1.74%1.74%1.74%1.74%1.74%
EBIAT -14.16-0.49-42.80-102.49-41-43.81-46.81-50.01-53.43-57.09
Depreciation 6.447.227.616.556.967.447.958.499.089.70
Accounts Receivable ---1.54-1.231.49-0.31-0.36-0.38-0.41-0.44
Inventories ----------
Accounts Payable -3.883.250.64-3.240.440.470.500.540.57
Capital Expenditure -6.42-5.84-3.49-1.88-1.68-4.19-4.48-4.79-5.12-5.47
UFCF -14.144.77-36.97-98.40-37.47-40.43-43.23-46.19-49.35-52.72
WACC
PV UFCF -37.47-----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -53.78
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -136.26
Equity Value -
Shares Outstanding 77.41
Equity Value Per Share -