Discounted Cash Flow (DCF) Analysis Unlevered
Transgene SA (TNG.PA)
1.82 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 2.10 | 1.33 | 6.65 | 2.98 | 9.99 | 23.53 | 55.41 | 130.48 | 307.26 | 723.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -29.50 | 10.79 | -16.59 | -14.11 | -16.55 | -69.92 | -164.65 | -387.72 | -912.99 | -2,149.89 |
| EBITDA (%) | ||||||||||
| EBIT | -31.19 | 9.06 | -17.36 | -15.89 | -19.07 | -84.37 | -198.68 | -467.86 | -1,101.70 | -2,594.27 |
| EBIT (%) | ||||||||||
| Depreciation | 1.69 | 1.73 | 0.77 | 1.79 | 2.52 | 14.45 | 34.03 | 80.14 | 188.71 | 444.38 |
| 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 | 41.41 | 16.90 | 43.37 | 26.35 | 49.57 | 248.05 | 584.11 | 1,375.45 | 3,238.89 | 7,626.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.56 | 0.78 | 2.32 | 1.67 | 10.13 | 17.56 | 41.35 | 97.38 | 229.30 | 539.95 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.27 | 0.44 | 1.53 | 0.69 | 2.30 | 5.42 | 12.76 | 30.04 | 70.74 | 166.58 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.87 | 4.79 | 7.09 | 5.07 | 7.69 | 39.96 | 94.09 | 221.57 | 521.75 | 1,228.62 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.46 | -1.40 | -1.73 | -0.85 | -0.69 | -8.88 | -20.91 | -49.23 | -115.93 | -272.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.82 |
|---|---|
| Beta | 0.768 |
| Diluted Shares Outstanding | 83.84 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 12.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.314 |
| Total Debt | 3.84 |
| Total Equity | 152.59 |
| Total Capital | 156.44 |
| Debt Weighting | 2.46 |
| Equity Weighting | 97.54 |
| 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 | 2.10 | 1.33 | 6.65 | 2.98 | 9.99 | 23.53 | 55.41 | 130.48 | 307.26 | 723.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -29.50 | 10.79 | -16.59 | -14.11 | -16.55 | -69.92 | -164.65 | -387.72 | -912.99 | -2,149.89 |
| EBIT | -31.19 | 9.06 | -17.36 | -15.89 | -19.07 | -84.37 | -198.68 | -467.86 | -1,101.70 | -2,594.27 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -31.19 | 9.06 | -17.36 | -15.89 | -19.07 | -84.37 | -198.68 | -467.86 | -1,101.70 | -2,594.27 |
| Depreciation | 1.69 | 1.73 | 0.77 | 1.79 | 2.52 | 14.45 | 34.03 | 80.14 | 188.71 | 444.38 |
| Accounts Receivable | - | 1.78 | -1.54 | 0.66 | -8.47 | -7.43 | -23.79 | -56.02 | -131.92 | -310.65 |
| Inventories | - | -0.17 | -1.09 | 0.85 | -1.61 | -3.12 | -7.34 | -17.28 | -40.70 | -95.84 |
| Accounts Payable | - | 1.92 | 2.30 | -2.03 | 2.63 | 32.27 | 54.14 | 127.48 | 300.18 | 706.86 |
| Capital Expenditure | -0.46 | -1.40 | -1.73 | -0.85 | -0.69 | -8.88 | -20.91 | -49.23 | -115.93 | -272.98 |
| UFCF | -29.97 | 12.92 | -18.65 | -15.48 | -24.69 | -57.08 | -162.55 | -382.78 | -901.36 | -2,122.51 |
| WACC | ||||||||||
| PV UFCF | -53.13 | -140.85 | -308.72 | -676.70 | -1,483.27 | |||||
| SUM PV UFCF | -2,662.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.43 |
| Free cash flow (t + 1) | -2,164.96 |
| Terminal Value | -39,870.28 |
| Present Value of Terminal Value | -27,862.58 |
Intrinsic Value
| Enterprise Value | -30,525.25 |
|---|---|
| Net Debt | -2.07 |
| Equity Value | -30,523.19 |
| Shares Outstanding | 83.84 |
| Equity Value Per Share | -364.06 |