Discounted Cash Flow (DCF) Analysis Unlevered
Precigen, Inc. (PGEN)
$1.32
+0.02 (+1.54%)
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 | -59.67 | 45.67 | -25.25 | -18.74 | -13.90 | -10.32 | -7.66 |
| EBITDA (%) | ||||||||||
| EBIT | -522.33 | -305.59 | -152.20 | -73.44 | 34.90 | -29.98 | -22.24 | -16.50 | -12.25 | -9.09 |
| EBIT (%) | ||||||||||
| Depreciation | 33.11 | 24.90 | 17.52 | 13.76 | 10.77 | 4.72 | 3.51 | 2.60 | 1.93 | 1.43 |
| 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 | 222.84 | 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 | 21.47 | 13.80 | 5.52 | 4.09 | 3.04 | 2.25 | 1.67 |
| 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 | -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 | 160.57 | 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 | -59.67 | 45.67 | -25.25 | -18.74 | -13.90 | -10.32 | -7.66 |
| EBIT | -522.33 | -305.59 | -152.20 | -73.44 | 34.90 | -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 | 33.11 | 24.90 | 17.52 | 13.76 | 10.77 | 4.72 | 3.51 | 2.60 | 1.93 | 1.43 |
| Accounts Receivable | - | 1.85 | 5.80 | -1.04 | 7.67 | 8.29 | 1.42 | 1.06 | 0.78 | 0.58 |
| 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 | -4.92 | -4 | -2.97 | -2.20 | -1.64 | -1.21 |
| UFCF | -504.61 | -485.28 | -230.70 | -65.45 | 12.79 | -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 |