Discounted Cash Flow (DCF) Analysis Levered
Corcept Therapeutics Incorporated (CORT)
$27.245
-5.75 (-17.41%)
All numbers are in Millions, Currency in USD
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 | 251.25 | 306.49 | 353.87 | 365.98 | 401.86 | 452.77 | 510.12 | 574.74 | 647.55 | 729.58 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 115.67 | 136.12 | 151.97 | 167.89 | 120.32 | 189.45 | 213.44 | 240.48 | 270.95 | 305.27 |
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 | 115.37 | 135.03 | 150.73 | 167.42 | 119.91 | 188.49 | 212.37 | 239.27 | 269.58 | 303.73 |
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 | 251.25 | 306.49 | 353.87 | 365.98 | 401.86 | 452.77 | 510.12 | 574.74 | 647.55 | 729.58 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 115.67 | 136.12 | 151.97 | 167.89 | 120.32 | 189.45 | 213.44 | 240.48 | 270.95 | 305.27 |
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 | 115.37 | 135.03 | 150.73 | 167.42 | 119.91 | 188.49 | 212.37 | 239.27 | 269.58 | 303.73 |
WACC | ||||||||||
PV LFCF | 176.52 | 186.26 | 196.53 | 207.36 | 218.80 | |||||
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 |