Discounted Cash Flow (DCF) Analysis Levered
Corcept Therapeutics Incorporated (CORT)
$26.84
-1.23 (-4.38%)
All numbers are in Millions, Currency in USD
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 |