Discounted Cash Flow (DCF) Analysis Levered

Amphastar Pharmaceuticals, Inc. (AMPH)

$27.56

-0.03 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.17 | 27.56 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 240.18294.67322.36349.85437.77509.72593.50691.05804.63936.88
Revenue (%)
Operating Cash Flow 39.2138.1941.7657.2764.1474.6986.96101.26117.90137.28
Operating Cash Flow (%)
Capital Expenditure -35.10-46.81-41.55-33.85-58.08-67.62-78.74-91.68-106.75-124.29
Capital Expenditure (%)
Free Cash Flow 4.11-8.620.2123.416.077.068.229.5811.1512.98

Weighted Average Cost Of Capital

Share price $ 27.56
Beta 0.734
Diluted Shares Outstanding 49.12
Cost of Debt
Tax Rate 24.77
After-tax Cost of Debt 3.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.161
Total Debt 104.66
Total Equity 1,353.86
Total Capital 1,458.52
Debt Weighting 7.18
Equity Weighting 92.82
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 240.18294.67322.36349.85437.77509.72593.50691.05804.63936.88
Operating Cash Flow 39.2138.1941.7657.2764.1474.6986.96101.26117.90137.28
Capital Expenditure -35.10-46.81-41.55-33.85-58.08-67.62-78.74-91.68-106.75-124.29
Free Cash Flow 4.11-8.620.2123.416.077.068.229.5811.1512.98
WACC
PV LFCF 6.617.197.838.539.29
SUM PV LFCF 39.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.92
Free cash flow (t + 1) 13.24
Terminal Value 269.15
Present Value of Terminal Value 192.62

Intrinsic Value

Enterprise Value 232.08
Net Debt -21.69
Equity Value 253.77
Shares Outstanding 49.12
Equity Value Per Share 5.17