Discounted Cash Flow (DCF) Analysis Unlevered
Precigen, Inc. (PGEN)
$1.01
-0.08 (-7.34%)
All numbers are in Millions, Currency in USD
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 | 160.57 | 90.72 | 103.18 | 103.87 | 26.91 | 19.97 | 14.82 | 10.99 | 8.16 | 6.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 33.11 | 24.90 | 17.52 | 22.52 | 5.83 | 4.33 | 3.21 | 2.38 | 1.77 | 1.31 |
| 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 | 222.84 | 75.05 | 100.12 | 115.16 | 55.95 | 25.45 | 18.89 | 14.01 | 10.40 | 7.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 28.08 | 26.23 | 20.43 | 22.92 | 5.94 | 4.41 | 3.27 | 2.43 | 1.80 | 1.34 |
| Account Receivables (%) | ||||||||||
| Inventories | 21.45 | 16.10 | 11.36 | 13.26 | 0.29 | 2.23 | 1.66 | 1.23 | 0.91 | 0.68 |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.42 | 5.92 | 4.60 | 5.41 | 4.07 | 1.58 | 1.18 | 0.87 | 0.65 | 0.48 |
| 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 | 160.57 | 90.72 | 103.18 | 103.87 | 26.91 | 19.97 | 14.82 | 10.99 | 8.16 | 6.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 33.11 | 24.90 | 17.52 | 22.52 | 5.83 | 4.33 | 3.21 | 2.38 | 1.77 | 1.31 |
| Accounts Receivable | - | 1.85 | 5.80 | -2.49 | 16.98 | 1.53 | 1.14 | 0.84 | 0.63 | 0.46 |
| Inventories | - | 5.35 | 4.74 | -1.90 | 12.97 | -1.95 | 0.58 | 0.43 | 0.32 | 0.24 |
| Accounts Payable | - | -7.50 | -1.32 | 0.81 | -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 |