Discounted Cash Flow (DCF) Analysis Unlevered

Precigen, Inc. (PGEN)

$1.32

+0.02 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.83 | 1.32 | 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 -489.22-280.69-134.69-59.6745.67-25.25-18.74-13.90-10.32-7.66
EBITDA (%)
EBIT -522.33-305.59-152.20-73.4434.90-29.98-22.24-16.50-12.25-9.09
EBIT (%)
Depreciation 33.1124.9017.5213.7610.774.723.512.601.931.43
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 28.0826.2320.4321.4713.805.524.093.042.251.67
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 -41.59-37.88-7.53-7.25-4.92-4-2.97-2.20-1.64-1.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.32
Beta 1.955
Diluted Shares Outstanding 200.36
Cost of Debt
Tax Rate 135.41
After-tax Cost of Debt -4.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.026
Total Debt 51.42
Total Equity 264.48
Total Capital 315.90
Debt Weighting 16.28
Equity Weighting 83.72
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 -489.22-280.69-134.69-59.6745.67-25.25-18.74-13.90-10.32-7.66
EBIT -522.33-305.59-152.20-73.4434.90-29.98-22.24-16.50-12.25-9.09
Tax Rate 5.02%-54.45%-64.19%4.91%135.41%5.34%5.34%5.34%5.34%5.34%
EBIAT -496.13-471.99-249.90-69.83-12.36-28.38-21.06-15.62-11.59-8.60
Depreciation 33.1124.9017.5213.7610.774.723.512.601.931.43
Accounts Receivable -1.855.80-1.047.678.291.421.060.780.58
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 -41.59-37.88-7.53-7.25-4.92-4-2.97-2.20-1.64-1.21
UFCF -504.61-485.28-230.70-65.4512.79-23.80-18.93-14.05-10.42-7.73
WACC
PV UFCF -21.61-15.60-10.51-7.08-4.77
SUM PV UFCF -59.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.15
Free cash flow (t + 1) -7.89
Terminal Value -96.79
Present Value of Terminal Value -59.69

Intrinsic Value

Enterprise Value -119.25
Net Debt 46.56
Equity Value -165.82
Shares Outstanding 200.36
Equity Value Per Share -0.83