Discounted Cash Flow (DCF) Analysis Unlevered
Sangamo Therapeutics, Inc. (SGMO)
$0.5993
-0.08 (-11.45%)
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 | 84.45 | 102.43 | 118.19 | 110.70 | 111.30 | 119.89 | 129.15 | 139.12 | 149.85 | 161.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -77.15 | -105.18 | -129.55 | -183.34 | -201.28 | -155.89 | -167.92 | -180.88 | -194.84 | -209.89 |
| EBITDA (%) | ||||||||||
| EBIT | -79.51 | -114.79 | -142.92 | -200.98 | -221.84 | -169.77 | -182.87 | -196.99 | -212.19 | -228.58 |
| EBIT (%) | ||||||||||
| Depreciation | 2.36 | 9.61 | 13.37 | 17.64 | 20.56 | 13.88 | 14.95 | 16.11 | 17.35 | 18.69 |
| 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 | 400.51 | 384.99 | 691.95 | 464.72 | 277.63 | 504.69 | 543.65 | 585.62 | 630.82 | 679.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.05 | 37.59 | 6.26 | 6.36 | 4.47 | 13.84 | 14.91 | 16.06 | 17.30 | 18.64 |
| Account Receivables (%) | ||||||||||
| Inventories | -0.37 | -22.51 | -50.53 | -88.17 | -40.30 | -43.41 | -46.76 | -50.37 | -54.26 | -58.44 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.36 | 6.67 | 12.55 | 9.76 | 22.42 | 12 | 12.93 | 13.93 | 15 | 16.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -43.07 | -20.67 | -14.71 | -23.28 | -20.17 | -29.44 | -31.71 | -34.16 | -36.80 | -39.64 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.5,993 |
|---|---|
| Beta | 1.105 |
| Diluted Shares Outstanding | 154.34 |
| Cost of Debt | |
| Tax Rate | -0.22 |
| After-tax Cost of Debt | -21.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.841 |
| Total Debt | 43.11 |
| Total Equity | 92.50 |
| Total Capital | 135.61 |
| Debt Weighting | 31.79 |
| Equity Weighting | 68.21 |
| 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 | 84.45 | 102.43 | 118.19 | 110.70 | 111.30 | 119.89 | 129.15 | 139.12 | 149.85 | 161.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -77.15 | -105.18 | -129.55 | -183.34 | -201.28 | -155.89 | -167.92 | -180.88 | -194.84 | -209.89 |
| EBIT | -79.51 | -114.79 | -142.92 | -200.98 | -221.84 | -169.77 | -182.87 | -196.99 | -212.19 | -228.58 |
| Tax Rate | 0.81% | 20.54% | -0.29% | -0.17% | -0.22% | 4.13% | 4.13% | 4.13% | 4.13% | 4.13% |
| EBIAT | -78.87 | -91.21 | -143.33 | -201.32 | -222.34 | -162.75 | -175.31 | -188.85 | -203.42 | -219.13 |
| Depreciation | 2.36 | 9.61 | 13.37 | 17.64 | 20.56 | 13.88 | 14.95 | 16.11 | 17.35 | 18.69 |
| Accounts Receivable | - | -32.54 | 31.33 | -0.10 | 1.89 | -9.37 | -1.07 | -1.15 | -1.24 | -1.34 |
| Inventories | - | 22.14 | 28.02 | 37.64 | -47.87 | 3.11 | 3.35 | 3.61 | 3.89 | 4.19 |
| Accounts Payable | - | 3.32 | 5.88 | -2.79 | 12.66 | -10.41 | 0.93 | 1 | 1.08 | 1.16 |
| Capital Expenditure | -43.06 | -20.68 | -14.71 | -23.28 | -20.17 | -29.44 | -31.71 | -34.16 | -36.80 | -39.64 |
| UFCF | -119.57 | -109.36 | -79.44 | -172.22 | -255.27 | -194.98 | -188.86 | -203.44 | -219.15 | -236.07 |
| WACC | ||||||||||
| PV UFCF | -195.45 | -189.77 | -204.92 | -221.26 | -238.92 | |||||
| SUM PV UFCF | -1,050.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -0.24 |
| Free cash flow (t + 1) | -240.79 |
| Terminal Value | 10,749.40 |
| Present Value of Terminal Value | 10,879.33 |
Intrinsic Value
| Enterprise Value | 9,829 |
|---|---|
| Net Debt | -57.34 |
| Equity Value | 9,886.34 |
| Shares Outstanding | 154.34 |
| Equity Value Per Share | 64.05 |