Discounted Cash Flow (DCF) Analysis Levered

Endo International plc (ENDP)

$0.2926

0.00 (-%)

All numbers are in Millions, Currency in USD

Stock DCF: -20.15 | 0.2926 | overvalue

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	3,468.86	2,947.08	2,914.36	2,903.07	2,993.21	2,892.67	2,795.52	2,701.63	2,610.89	2,523.20
Revenue (%)
Operating Cash Flow	553.99	267.27	98.05	397.39	411.05	322.97	312.12	301.64	291.51	281.72
Operating Cash Flow (%)
Capital Expenditure	-125.65	-86.40	-63.85	-721.47	-77.93	-209.43	-202.40	-195.60	-189.03	-182.68
Capital Expenditure (%)
Free Cash Flow	428.33	180.87	34.20	-324.08	333.12	113.53	109.72	106.04	102.47	99.03

Weighted Average Cost Of Capital

Share price	$ 0.2,926
Beta	1.153
Diluted Shares Outstanding	232.78
Cost of Debt
Tax Rate	-4.11
After-tax Cost of Debt	6.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.062
Total Debt	8,081.96
Total Equity	68.11
Total Capital	8,150.07
Debt Weighting	99.16
Equity Weighting	0.84
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	3,468.86	2,947.08	2,914.36	2,903.07	2,993.21	2,892.67	2,795.52	2,701.63	2,610.89	2,523.20
Operating Cash Flow	553.99	267.27	98.05	397.39	411.05	322.97	312.12	301.64	291.51	281.72
Capital Expenditure	-125.65	-86.40	-63.85	-721.47	-77.93	-209.43	-202.40	-195.60	-189.03	-182.68
Free Cash Flow	428.33	180.87	34.20	-324.08	333.12	113.53	109.72	106.04	102.47	99.03
WACC
PV LFCF						106.13	95.87	86.61	78.24	70.68
SUM PV LFCF										437.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.98
Free cash flow (t + 1)	101.01
Terminal Value	2,028.38
Present Value of Terminal Value	1,447.56

Intrinsic Value

Enterprise Value	1,885.08
Net Debt	6,574.76
Equity Value	-4,689.68
Shares Outstanding	232.78
Equity Value Per Share	-20.15