Discounted Cash Flow (DCF) Analysis Levered

Glaukos Corporation (GKOS)

$48.28

+0.24 (+0.50%)

All numbers are in Millions, Currency in USD

Stock DCF: -8.06 | 48.28 | 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	159.25	181.28	236.98	224.96	294.01	345.60	406.23	477.50	561.28	659.76
Revenue (%)
Operating Cash Flow	25.51	18.86	-0.37	-22.99	24.71	16.90	19.87	23.35	27.45	32.27
Operating Cash Flow (%)
Capital Expenditure	-6.31	-10.31	-4.72	-6.94	-47.78	-21.41	-25.17	-29.59	-34.78	-40.88
Capital Expenditure (%)
Free Cash Flow	19.20	8.55	-5.09	-29.92	-23.08	-4.51	-5.30	-6.24	-7.33	-8.62

Weighted Average Cost Of Capital

Share price	$ 48.28
Beta	1.201
Diluted Shares Outstanding	49.32
Cost of Debt
Tax Rate	-0.66
After-tax Cost of Debt	3.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.218
Total Debt	382.38
Total Equity	2,381.17
Total Capital	2,763.54
Debt Weighting	13.84
Equity Weighting	86.16
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	159.25	181.28	236.98	224.96	294.01	345.60	406.23	477.50	561.28	659.76
Operating Cash Flow	25.51	18.86	-0.37	-22.99	24.71	16.90	19.87	23.35	27.45	32.27
Capital Expenditure	-6.31	-10.31	-4.72	-6.94	-47.78	-21.41	-25.17	-29.59	-34.78	-40.88
Free Cash Flow	19.20	8.55	-5.09	-29.92	-23.08	-4.51	-5.30	-6.24	-7.33	-8.62
WACC
PV LFCF						-4.16	-4.51	-4.89	-5.30	-5.75
SUM PV LFCF										-24.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.43
Free cash flow (t + 1)	-8.79
Terminal Value	-136.67
Present Value of Terminal Value	-91.19

Intrinsic Value

Enterprise Value	-115.80
Net Debt	281.67
Equity Value	-397.47
Shares Outstanding	49.32
Equity Value Per Share	-8.06