Discounted Cash Flow (DCF) Analysis Levered
Glaukos Corporation (GKOS)
$50.1
+0.85 (+1.73%)
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 | 181.28 | 236.98 | 224.96 | 294.01 | 282.86 | 320.03 | 362.08 | 409.66 | 463.48 | 524.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 18.86 | -0.37 | -22.99 | 24.71 | -33.08 | -2.09 | -2.36 | -2.67 | -3.02 | -3.42 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10.31 | -4.72 | -6.94 | -47.78 | -30.27 | -24.14 | -27.31 | -30.90 | -34.96 | -39.56 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 8.55 | -5.09 | -29.92 | -23.08 | -63.35 | -26.23 | -29.68 | -33.57 | -37.99 | -42.98 |
Weighted Average Cost Of Capital
| Share price | $ 50.1 |
|---|---|
| Beta | 1.237 |
| Diluted Shares Outstanding | 47.44 |
| Cost of Debt | |
| Tax Rate | -0.78 |
| After-tax Cost of Debt | 3.59% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.335 |
| Total Debt | 382.48 |
| Total Equity | 2,376.94 |
| Total Capital | 2,759.42 |
| Debt Weighting | 13.86 |
| Equity Weighting | 86.14 |
| 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 | 181.28 | 236.98 | 224.96 | 294.01 | 282.86 | 320.03 | 362.08 | 409.66 | 463.48 | 524.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 18.86 | -0.37 | -22.99 | 24.71 | -33.08 | -2.09 | -2.36 | -2.67 | -3.02 | -3.42 |
| Capital Expenditure | -10.31 | -4.72 | -6.94 | -47.78 | -30.27 | -24.14 | -27.31 | -30.90 | -34.96 | -39.56 |
| Free Cash Flow | 8.55 | -5.09 | -29.92 | -23.08 | -63.35 | -26.23 | -29.68 | -33.57 | -37.99 | -42.98 |
| WACC | ||||||||||
| PV LFCF | -24.17 | -25.19 | -26.26 | -27.37 | -28.53 | |||||
| SUM PV LFCF | -131.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.54 |
| Free cash flow (t + 1) | -43.84 |
| Terminal Value | -670.29 |
| Present Value of Terminal Value | -444.95 |
Intrinsic Value
| Enterprise Value | -576.46 |
|---|---|
| Net Debt | 262.95 |
| Equity Value | -839.42 |
| Shares Outstanding | 47.44 |
| Equity Value Per Share | -17.69 |