Discounted Cash Flow (DCF) Analysis Unlevered

Regeneron Pharmaceuticals, Inc. (REGN)

$731.86

-13.82 (-1.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,924.30 | 731.86 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5,872.236,710.807,863.408,497.1016,071.7021,241.0828,073.1537,102.7349,036.6264,808.98
Revenue (%)
EBITDA 2,249.102,729.902,669.604,103.209,669.309,404.8012,429.8016,427.7821,711.6928,695.14
EBITDA (%)
EBIT 2,103.632,581.702,459.303,867.309,383.108,898.5411,760.7115,543.4820,542.9527,150.48
EBIT (%)
Depreciation 145.47148.20210.30235.90286.20506.26669.10884.311,168.741,544.66
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 1,409.582,809.903,214.303,5875,694.707,833.7010,353.3613,683.4618,084.6823,901.52
Total Cash (%)
Account Receivables 1,974.342,243.202,672.204,114.706,036.507,944.8310,500.2413,877.5918,341.2424,240.59
Account Receivables (%)
Inventories 726.141,151.201,415.501,916.601,951.303,492.814,616.266,101.058,063.4210,656.97
Inventories (%)
Accounts Payable 178.18218.20418.10475.50564879.731,162.691,536.662,030.922,684.15
Accounts Payable (%)
Capital Expenditure -272.63-383.10-429.60-614.60-551.90-1,125-1,486.85-1,965.08-2,597.14-3,432.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 731.86
Beta 0.171
Diluted Shares Outstanding 115.10
Cost of Debt
Tax Rate 13.41
After-tax Cost of Debt 1.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.635
Total Debt 2,699.70
Total Equity 84,237.09
Total Capital 86,936.79
Debt Weighting 3.11
Equity Weighting 96.89
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5,872.236,710.807,863.408,497.1016,071.7021,241.0828,073.1537,102.7349,036.6264,808.98
EBITDA 2,249.102,729.902,669.604,103.209,669.309,404.8012,429.8016,427.7821,711.6928,695.14
EBIT 2,103.632,581.702,459.303,867.309,383.108,898.5411,760.7115,543.4820,542.9527,150.48
Tax Rate 42.34%4.27%12.90%7.80%13.41%16.14%16.14%16.14%16.14%16.14%
EBIAT 1,2132,471.402,142.103,565.668,124.927,462.019,862.1313,034.2317,226.6222,767.46
Depreciation 145.47148.20210.30235.90286.20506.26669.10884.311,168.741,544.66
Accounts Receivable --268.86-429-1,442.50-1,921.80-1,908.33-2,555.41-3,377.35-4,463.65-5,899.36
Inventories --425.06-264.30-501.10-34.70-1,541.51-1,123.44-1,484.79-1,962.37-2,593.55
Accounts Payable -40.02199.9057.4088.50315.73282.96373.97494.26653.23
Capital Expenditure -272.63-383.10-429.60-614.60-551.90-1,125-1,486.85-1,965.08-2,597.14-3,432.50
UFCF 1,085.841,582.591,429.401,300.765,991.223,709.165,648.487,465.289,866.4513,039.94
WACC
PV UFCF 3,547.745,167.546,532.428,257.8110,438.92
SUM PV UFCF 33,944.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.55
Free cash flow (t + 1) 13,300.74
Terminal Value 521,597.66
Present Value of Terminal Value 417,556.69

Intrinsic Value

Enterprise Value 451,501.11
Net Debt -185.90
Equity Value 451,687.01
Shares Outstanding 115.10
Equity Value Per Share 3,924.30