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 159.20251.25306.49353.87365.98456.27568.84709.18884.141,102.27
Revenue (%)
Operating Cash Flow 60.93115.67136.12151.97167.89198.52247.49308.55384.68479.58
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 60.52115.37135.03150.73167.42197.41246.11306.83382.53476.91

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 159.20251.25306.49353.87365.98456.27568.84709.18884.141,102.27
Operating Cash Flow 60.93115.67136.12151.97167.89198.52247.49308.55384.68479.58
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 60.52115.37135.03150.73167.42197.41246.11306.83382.53476.91
WACC
PV LFCF 145.39172.25204.07241.77286.44
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