Discounted Cash Flow (DCF) Analysis Levered

Corcept Therapeutics Incorporated (CORT)

$26.84

-1.23 (-4.38%)

All numbers are in Millions, Currency in USD

Stock DCF: 104.03 | 26.84 | undervalue

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	159.20	251.25	306.49	353.87	365.98	456.27	568.84	709.18	884.14	1,102.27
Revenue (%)
Operating Cash Flow	60.93	115.67	136.12	151.97	167.89	198.52	247.49	308.55	384.68	479.58
Operating Cash Flow (%)
Capital Expenditure	-0.42	-0.30	-1.09	-1.24	-0.47	-1.11	-1.38	-1.72	-2.15	-2.68
Capital Expenditure (%)
Free Cash Flow	60.52	115.37	135.03	150.73	167.42	197.41	246.11	306.83	382.53	476.91

Weighted Average Cost Of Capital

Share price	$ 26.84
Beta	0.508
Diluted Shares Outstanding	125.96
Cost of Debt
Tax Rate	9.99
After-tax Cost of Debt	90.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.220
Total Debt	0.53
Total Equity	3,380.85
Total Capital	3,381.37
Debt Weighting	0.02
Equity Weighting	99.98
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	159.20	251.25	306.49	353.87	365.98	456.27	568.84	709.18	884.14	1,102.27
Operating Cash Flow	60.93	115.67	136.12	151.97	167.89	198.52	247.49	308.55	384.68	479.58
Capital Expenditure	-0.42	-0.30	-1.09	-1.24	-0.47	-1.11	-1.38	-1.72	-2.15	-2.68
Free Cash Flow	60.52	115.37	135.03	150.73	167.42	197.41	246.11	306.83	382.53	476.91
WACC
PV LFCF						145.39	172.25	204.07	241.77	286.44
SUM PV LFCF										1,354.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.23
Free cash flow (t + 1)	486.44
Terminal Value	15,060.21
Present Value of Terminal Value	11,671.67

Intrinsic Value

Enterprise Value	13,026.41
Net Debt	-77.09
Equity Value	13,103.51
Shares Outstanding	125.96
Equity Value Per Share	104.03