DCF Tool

REGN

Regeneron Pharmaceuticals, Inc. – Pharmaceutical Preparation Manufacturing
Regeneron Pharmaceuticals, Inc. is an American biotechnology company headquartered in Westchester County, New York. The company was founded in 1988.
Analysis Results
Intrinsic Value $2,220.02
Latest Price $834.62
Relative Value 62% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 22.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 22.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 5.68 5.33
2024 6.96 6.14
2025 8.54 7.07
2026 10.5 8.15
2027 12.8 9.38
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 293 billion. This corresponds to a present value of 201 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 36.1 billion. Adding in the terminal value gives a total present value of 237 billion.

There are presently 107.0 million outstanding shares, so the intrinsic value per share is 2220.02.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 15,884,100,000
Current Cash 7,742,300,000
Current Liabilities 3,141,300,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,000,500,000
Change in NCWC -106,900,000
EBIT 4,904,100,000
Tax Provision 520,400,000
Depreciation and Amortization 341,400,000
Capital Expenditure -590,100,000
Unlevered Free Cash Flow 4,023,248,160
Current Assets 14,014,900,000
Current Cash 5,694,700,000
Current Liabilities 3,932,500,000
Current Debt 719,700,000
Non-Cash Working Capital (NCWC) 5,107,400,000
Change in NCWC 1,612,700,000
EBIT 8,901,200,000
Tax Provision 1,250,500,000
Depreciation and Amortization 286,200,000
Capital Expenditure -551,900,000
Unlevered Free Cash Flow 9,054,634,772
Current Assets 9,779,100,000
Current Cash 3,587,000,000
Current Liabilities 2,697,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,494,700,000
Change in NCWC 1,116,500,000
EBIT 3,296,200,000
Tax Provision 297,200,000
Depreciation and Amortization 235,900,000
Capital Expenditure -614,600,000
Unlevered Free Cash Flow 3,776,906,088
Current Assets 7,689,100,000
Current Cash 3,214,300,000
Current Liabilities 2,096,600,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,378,200,000
Change in NCWC 183,300,000
EBIT 2,209,800,000
Tax Provision 313,300,000
Depreciation and Amortization 210,300,000
Capital Expenditure -429,600,000
Unlevered Free Cash Flow 1,888,784,833
Current Assets 6,447,600,000
Current Cash 2,809,900,000
Current Liabilities 1,442,800,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,194,900,000
Change in NCWC 404,933,000
EBIT 2,534,400,000
Tax Provision 109,100,000
Depreciation and Amortization 148,200,000
Capital Expenditure -383,100,000
Unlevered Free Cash Flow 2,596,149,060
Current Assets 4,335,030,000
Current Cash 1,409,580,000
Current Liabilities 1,135,483,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,789,967,000
Change in NCWC 762,684,000
EBIT 2,079,591,000
Tax Provision 880,000,000
Depreciation and Amortization 145,467,000
Capital Expenditure -272,626,000
Unlevered Free Cash Flow 1,834,658,749
Current Assets 3,180,188,000
Current Cash 1,038,684,000
Current Liabilities 1,241,495,000
Current Debt 127,274,000
Non-Cash Working Capital (NCWC) 1,027,283,000
Change in NCWC -31,427,000
EBIT 1,330,741,000
Tax Provision 434,293,000
Depreciation and Amortization 104,745,000
Capital Expenditure -511,941,000
Unlevered Free Cash Flow 457,522,585
Current Assets 2,915,095,000
Current Cash 1,045,223,000
Current Liabilities 811,162,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,058,710,000
Change in NCWC 446,389,000
EBIT 1,251,916,000
Tax Provision 589,041,000
Depreciation and Amortization 74,909,000
Capital Expenditure -677,933,000
Unlevered Free Cash Flow 493,345,110
Current Assets 2,167,461,000
Current Cash 900,480,000
Current Liabilities 654,660,000
Current Debt 0
Non-Cash Working Capital (NCWC) 612,321,000
Change in NCWC -192,733,000
EBIT 838,431,000
Tax Provision 427,673,000
Depreciation and Amortization 52,686,000
Capital Expenditure -333,006,000
Unlevered Free Cash Flow -96,852,986
Current Assets 1,796,934,000
Current Cash 693,984,000
Current Liabilities 298,835,000
Current Debt 939,000
Non-Cash Working Capital (NCWC) 805,054,000
Change in NCWC 69,313,000
EBIT 760,028,000
Tax Provision 288,998,000
Depreciation and Amortization 41,204,000
Capital Expenditure -156,323,000
Unlevered Free Cash Flow 406,317,755
Current Assets 1,206,012,000
Current Cash 308,095,000
Current Liabilities 163,550,000
Current Debt 1,374,000
Non-Cash Working Capital (NCWC) 735,741,000
Change in NCWC 757,073,000
EBIT 457,713,000
Tax Provision -335,848,000
Depreciation and Amortization 36,940,000
Capital Expenditure -49,337,000
Unlevered Free Cash Flow 1,202,389,000

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