Discounted Cash Flow (DCF) Analysis Levered
Exact Sciences Corporation (EXAS)
$67.28
+1.00 (+1.51%)
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 | 454.46 | 876.29 | 1,491.39 | 1,767.09 | 2,084.28 | 3,123.55 | 4,681.02 | 7,015.08 | 10,512.95 | 15,754.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -69.33 | -115.01 | 136.48 | -102.24 | -223.56 | -223.27 | -334.59 | -501.43 | -751.45 | -1,126.13 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -150.67 | -171.80 | -64.35 | -135.77 | -214.46 | -468.82 | -702.59 | -1,052.92 | -1,577.92 | -2,364.71 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -220 | -286.81 | 72.13 | -238 | -438.02 | -692.09 | -1,037.18 | -1,554.34 | -2,329.37 | -3,490.85 |
Weighted Average Cost Of Capital
| Share price | $ 67.28 |
|---|---|
| Beta | 1.416 |
| Diluted Shares Outstanding | 176.35 |
| Cost of Debt | |
| Tax Rate | 1.43 |
| After-tax Cost of Debt | 0.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.207 |
| Total Debt | 2,446.87 |
| Total Equity | 11,864.90 |
| Total Capital | 14,311.77 |
| Debt Weighting | 17.10 |
| Equity Weighting | 82.90 |
| 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 | 454.46 | 876.29 | 1,491.39 | 1,767.09 | 2,084.28 | 3,123.55 | 4,681.02 | 7,015.08 | 10,512.95 | 15,754.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -69.33 | -115.01 | 136.48 | -102.24 | -223.56 | -223.27 | -334.59 | -501.43 | -751.45 | -1,126.13 |
| Capital Expenditure | -150.67 | -171.80 | -64.35 | -135.77 | -214.46 | -468.82 | -702.59 | -1,052.92 | -1,577.92 | -2,364.71 |
| Free Cash Flow | -220 | -286.81 | 72.13 | -238 | -438.02 | -692.09 | -1,037.18 | -1,554.34 | -2,329.37 | -3,490.85 |
| WACC | ||||||||||
| PV LFCF | -637.52 | -880.06 | -1,214.89 | -1,677.10 | -2,315.16 | |||||
| SUM PV LFCF | -6,724.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.56 |
| Free cash flow (t + 1) | -3,560.66 |
| Terminal Value | -54,278.41 |
| Present Value of Terminal Value | -35,997.96 |
Intrinsic Value
| Enterprise Value | -42,722.70 |
|---|---|
| Net Debt | 2,204.38 |
| Equity Value | -44,927.08 |
| Shares Outstanding | 176.35 |
| Equity Value Per Share | -254.76 |