Discounted Cash Flow (DCF) Analysis Levered

Corcept Therapeutics Incorporated (CORT)

$27.245

-5.75 (-17.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.51 | 27.245 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 251.25306.49353.87365.98401.86452.77510.12574.74647.55729.58
Revenue (%)
Operating Cash Flow 115.67136.12151.97167.89120.32189.45213.44240.48270.95305.27
Operating Cash Flow (%)
Capital Expenditure -0.30-1.09-1.24-0.47-0.41-0.95-1.08-1.21-1.37-1.54
Capital Expenditure (%)
Free Cash Flow 115.37135.03150.73167.42119.91188.49212.37239.27269.58303.73

Weighted Average Cost Of Capital

Share price $ 27.245
Beta 0.447
Diluted Shares Outstanding 115.97
Cost of Debt
Tax Rate 12.71
After-tax Cost of Debt 271.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.685
Total Debt 1.14
Total Equity 3,159.49
Total Capital 3,160.64
Debt Weighting 0.04
Equity Weighting 99.96
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 251.25306.49353.87365.98401.86452.77510.12574.74647.55729.58
Operating Cash Flow 115.67136.12151.97167.89120.32189.45213.44240.48270.95305.27
Capital Expenditure -0.30-1.09-1.24-0.47-0.41-0.95-1.08-1.21-1.37-1.54
Free Cash Flow 115.37135.03150.73167.42119.91188.49212.37239.27269.58303.73
WACC
PV LFCF 176.52186.26196.53207.36218.80
SUM PV LFCF 985.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.78
Free cash flow (t + 1) 309.81
Terminal Value 6,481.35
Present Value of Terminal Value 4,668.91

Intrinsic Value

Enterprise Value 5,654.38
Net Debt -435.48
Equity Value 6,089.85
Shares Outstanding 115.97
Equity Value Per Share 52.51