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Repligen Corp. – Biological Product (except Diagnostic) Manufacturing
repligen corporation is a life sciences company focused on the development, production and commercialization of products used in the process of manufacturing biological drugs. our bioprocessing products are sold to major life sciences and biopharmaceutical companies worldwide. we are a leading manufacturer of protein a, a critical reagent used to manufacture monoclonal antibody-based therapeutics. we also supply several growth factor products used to increase cell culture productivity in biomanufacturing. in the burgeoning area of disposable biomanufacturing technologies, we have developed and market a series of opus™ (open platform user specified) single-use chromatography columns used in the biologics purification process. repligen’s corporate headquarters are located in waltham, ma, usa; we have an additional manufacturing facility in lund, sweden.
Analysis Results
Intrinsic Value $79.85
Latest Price $161.00
Relative Value 102% overvalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
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 30.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 30.6%, 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 (million) Present value (million)
2023 189 170
2024 246 199
2025 322 234
2026 420 276
2027 549 324
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6130 million. This corresponds to a present value of 3250 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1200 million. Adding in the terminal value gives a total present value of 4450 million.

There are presently 55.8 million outstanding shares, so the intrinsic value per share is 79.85.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 998,118,000
Current Cash 623,757,000
Current Liabilities 404,196,000
Current Debt 284,615,000
Non-Cash Working Capital (NCWC) 254,780,000
Change in NCWC 46,921,000
EBIT 195,941,000
Tax Provision 33,181,000
Depreciation and Amortization 50,985,000
Capital Expenditure -133,346,000
Unlevered Free Cash Flow 130,832,667
Current Assets 931,677,000
Current Cash 603,814,000
Current Liabilities 375,262,000
Current Debt 255,258,000
Non-Cash Working Capital (NCWC) 207,859,000
Change in NCWC 97,988,000
EBIT 173,114,000
Tax Provision 25,252,000
Depreciation and Amortization 38,447,000
Capital Expenditure -71,276,000
Unlevered Free Cash Flow 209,802,312
Current Assets 902,382,000
Current Cash 717,292,000
Current Liabilities 318,956,000
Current Debt 243,737,000
Non-Cash Working Capital (NCWC) 109,871,000
Change in NCWC 44,748,000
EBIT 69,823,000
Tax Provision -709,000
Depreciation and Amortization 27,067,000
Capital Expenditure -26,344,000
Unlevered Free Cash Flow 115,294,000
Current Assets 641,828,000
Current Cash 528,392,000
Current Liabilities 48,313,000
Current Debt 0
Non-Cash Working Capital (NCWC) 65,123,000
Change in NCWC 9,560,000
EBIT 36,083,000
Tax Provision 4,740,000
Depreciation and Amortization 20,868,000
Capital Expenditure -18,504,000
Unlevered Free Cash Flow 41,466,775
Current Assets 275,739,000
Current Cash 193,822,000
Current Liabilities 129,842,000
Current Debt 103,488,000
Non-Cash Working Capital (NCWC) 55,563,000
Change in NCWC 11,751,000
EBIT 25,988,000
Tax Provision 4,819,000
Depreciation and Amortization 15,778,000
Capital Expenditure -10,635,000
Unlevered Free Cash Flow 37,039,670
Current Assets 242,782,000
Current Cash 173,759,000
Current Liabilities 25,211,000
Current Debt 0
Non-Cash Working Capital (NCWC) 43,812,000
Change in NCWC 22,514,000
EBIT 14,005,000
Tax Provision -21,105,000
Depreciation and Amortization 10,507,000
Capital Expenditure -5,454,000
Unlevered Free Cash Flow 41,572,000
Current Assets 184,153,000
Current Cash 141,780,000
Current Liabilities 21,075,000
Current Debt 0
Non-Cash Working Capital (NCWC) 21,298,000
Change in NCWC 8,601,000
EBIT 19,216,000
Tax Provision 11,000
Depreciation and Amortization 5,334,000
Capital Expenditure -4,325,000
Unlevered Free Cash Flow 28,807,921
Current Assets 103,252,000
Current Cash 71,774,000
Current Liabilities 18,781,000
Current Debt 0
Non-Cash Working Capital (NCWC) 12,697,000
Change in NCWC 887,004
EBIT 17,847,000
Tax Provision 4,078,000
Depreciation and Amortization 4,594,000
Capital Expenditure -2,628,000
Unlevered Free Cash Flow 15,277,962
Current Assets 80,945,642
Current Cash 58,453,233
Current Liabilities 10,682,413
Current Debt 0
Non-Cash Working Capital (NCWC) 11,809,996
Change in NCWC -1,616,229
EBIT 12,763,067
Tax Provision 2,968,369
Depreciation and Amortization 4,019,387
Capital Expenditure -5,602,547
Unlevered Free Cash Flow 6,162,393
Current Assets 86,350,599
Current Cash 61,623,203
Current Liabilities 11,301,171
Current Debt 0
Non-Cash Working Capital (NCWC) 13,426,225
Change in NCWC -1,975,982
EBIT 22,964,431
Tax Provision 6,920,666
Depreciation and Amortization 3,113,892
Capital Expenditure -4,634,776
Unlevered Free Cash Flow 12,561,751
Current Assets 66,209,451
Current Cash 40,055,016
Current Liabilities 10,752,228
Current Debt 0
Non-Cash Working Capital (NCWC) 15,402,207
Change in NCWC 13,806,379
EBIT 11,379,746
Tax Provision -2,884,631
Depreciation and Amortization 3,508,592
Capital Expenditure -1,263,647
Unlevered Free Cash Flow 27,431,070

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