Discounted Cash Flow (DCF) Analysis Unlevered

Precigen, Inc. (PGEN)

$1.01

-0.08 (-7.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.33 | 1.01 | overvalue

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 160.5790.72103.18103.8726.9119.9714.8210.998.166.05
Revenue (%)
EBITDA -489.22-280.69-134.69-110.90-61.60-43.14-32.01-23.75-17.62-13.08
EBITDA (%)
EBIT -522.33-305.59-152.20-133.42-67.43-47.47-35.22-26.14-19.39-14.39
EBIT (%)
Depreciation 33.1124.9017.5222.525.834.333.212.381.771.31
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 222.8475.05100.12115.1655.9525.4518.8914.0110.407.72
Total Cash (%)
Account Receivables 28.0826.2320.4322.925.944.413.272.431.801.34
Account Receivables (%)
Inventories 21.4516.1011.3613.260.292.231.661.230.910.68
Inventories (%)
Accounts Payable 13.425.924.605.414.071.581.180.870.650.48
Accounts Payable (%)
Capital Expenditure -41.59-37.88-7.53-7.25-5.51-4.09-3.03-2.25-1.67-1.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.01
Beta 1.922
Diluted Shares Outstanding 200.36
Cost of Debt
Tax Rate -0.24
After-tax Cost of Debt 13.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.574
Total Debt 51.42
Total Equity 202.36
Total Capital 253.78
Debt Weighting 20.26
Equity Weighting 79.74
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 160.5790.72103.18103.8726.9119.9714.8210.998.166.05
EBITDA -489.22-280.69-134.69-110.90-61.60-43.14-32.01-23.75-17.62-13.08
EBIT -522.33-305.59-152.20-133.42-67.43-47.47-35.22-26.14-19.39-14.39
Tax Rate 5.02%-54.45%-64.19%4.91%-0.24%-21.79%-21.79%-21.79%-21.79%-21.79%
EBIAT -496.13-471.99-249.90-126.87-67.59-57.81-42.90-31.83-23.62-17.53
Depreciation 33.1124.9017.5222.525.834.333.212.381.771.31
Accounts Receivable -1.855.80-2.4916.981.531.140.840.630.46
Inventories -5.354.74-1.9012.97-1.950.580.430.320.24
Accounts Payable --7.50-1.320.81-1.34-2.48-0.41-0.30-0.22-0.17
Capital Expenditure -41.59-37.88-7.53-7.25-5.51-4.09-3.03-2.25-1.67-1.24
UFCF -504.61-485.28-230.70-115.18-38.65-60.47-41.42-30.73-22.80-16.92
WACC
PV UFCF -53.66-32.61-21.47-14.14-9.31
SUM PV UFCF -131.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.69
Free cash flow (t + 1) -17.26
Terminal Value -161.45
Present Value of Terminal Value -88.84

Intrinsic Value

Enterprise Value -220.04
Net Debt 46.56
Equity Value -266.60
Shares Outstanding 200.36
Equity Value Per Share -1.33