Discounted Cash Flow (DCF) Analysis Unlevered

Repligen Corporation (RGEN)

$167.26

+0.19 (+0.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 42.21 | 167.26 | 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	194.03	270.25	366.26	670.53	801.54	1,157.06	1,670.27	2,411.12	3,480.58	5,024.39
Revenue (%)
EBITDA	43.92	56.31	98.42	204.70	271.29	311.76	450.04	649.65	937.80	1,353.76
EBITDA (%)
EBIT	28.15	35.44	71.35	166.26	220.30	229.98	331.99	479.24	691.81	998.66
EBIT (%)
Depreciation	15.78	20.87	27.07	38.45	50.98	81.78	118.05	170.41	246	355.11
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	193.82	528.39	717.29	603.81	623.76	1,525.30	2,201.84	3,178.47	4,588.29	6,623.43
Total Cash (%)
Account Receivables	35.75	43.67	71.39	117.42	116.25	199.23	287.60	415.16	599.30	865.12
Account Receivables (%)
Inventories	42.26	54.83	95.02	184.49	238.28	289.86	418.43	604.02	871.94	1,258.69
Inventories (%)
Accounts Payable	10.49	11.42	16.88	36.20	27.55	53.41	77.10	111.29	160.66	231.92
Accounts Payable (%)
Capital Expenditure	-14.04	-23.15	-26.34	-71.28	-88.35	-103.32	-149.14	-215.30	-310.79	-448.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 167.26
Beta	1.078
Diluted Shares Outstanding	57.45
Cost of Debt
Tax Rate	15.14
After-tax Cost of Debt	0.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.781
Total Debt	422.96
Total Equity	9,609.92
Total Capital	10,032.88
Debt Weighting	4.22
Equity Weighting	95.78
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	194.03	270.25	366.26	670.53	801.54	1,157.06	1,670.27	2,411.12	3,480.58	5,024.39
EBITDA	43.92	56.31	98.42	204.70	271.29	311.76	450.04	649.65	937.80	1,353.76
EBIT	28.15	35.44	71.35	166.26	220.30	229.98	331.99	479.24	691.81	998.66
Tax Rate	22.48%	18.13%	-1.20%	16.45%	15.14%	14.20%	14.20%	14.20%	14.20%	14.20%
EBIAT	21.82	29.02	72.20	138.91	186.95	197.32	284.85	411.19	593.57	856.85
Depreciation	15.78	20.87	27.07	38.45	50.98	81.78	118.05	170.41	246	355.11
Accounts Receivable	-	-7.92	-27.72	-46.03	1.17	-82.98	-88.37	-127.56	-184.14	-265.82
Inventories	-	-12.57	-40.19	-89.47	-53.78	-51.58	-128.57	-185.59	-267.92	-386.75
Accounts Payable	-	0.94	5.46	19.32	-8.65	25.85	23.69	34.20	49.36	71.26
Capital Expenditure	-14.04	-23.15	-26.34	-71.28	-88.35	-103.32	-149.14	-215.30	-310.79	-448.64
UFCF	23.56	7.18	10.47	-10.09	88.33	67.07	60.50	87.34	126.08	182.01
WACC
PV UFCF						61.86	51.47	68.53	91.25	121.49
SUM PV UFCF										394.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.42
Free cash flow (t + 1)	185.65
Terminal Value	2,891.67
Present Value of Terminal Value	1,930.20

Intrinsic Value

Enterprise Value	2,324.80
Net Debt	-100.50
Equity Value	2,425.30
Shares Outstanding	57.45
Equity Value Per Share	42.21