Discounted Cash Flow (DCF) Analysis Levered
Galapagos NV (GLPG)
$39.49
+0.21 (+0.53%)
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 | 288.84 | 844.99 | 478.05 | 484.85 | 505.28 | 700.77 | 971.90 | 1,347.93 | 1,869.44 | 2,592.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -142.47 | 3,208.62 | -427.34 | -503.83 | -500.54 | 53.30 | 73.93 | 102.53 | 142.20 | 197.21 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -13.72 | -45.68 | -91.31 | -57.88 | -36.95 | -67.98 | -94.29 | -130.77 | -181.36 | -251.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -156.18 | 3,162.93 | -518.65 | -561.71 | -537.49 | -14.68 | -20.36 | -28.24 | -39.17 | -54.32 |
Weighted Average Cost Of Capital
| Share price | $ 39.49 |
|---|---|
| Beta | 0.074 |
| Diluted Shares Outstanding | 65.70 |
| Cost of Debt | |
| Tax Rate | -1.32 |
| After-tax Cost of Debt | 31.81% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.604 |
| Total Debt | 21.90 |
| Total Equity | 2,594.45 |
| Total Capital | 2,616.35 |
| Debt Weighting | 0.84 |
| Equity Weighting | 99.16 |
| 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 | 288.84 | 844.99 | 478.05 | 484.85 | 505.28 | 700.77 | 971.90 | 1,347.93 | 1,869.44 | 2,592.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -142.47 | 3,208.62 | -427.34 | -503.83 | -500.54 | 53.30 | 73.93 | 102.53 | 142.20 | 197.21 |
| Capital Expenditure | -13.72 | -45.68 | -91.31 | -57.88 | -36.95 | -67.98 | -94.29 | -130.77 | -181.36 | -251.53 |
| Free Cash Flow | -156.18 | 3,162.93 | -518.65 | -561.71 | -537.49 | -14.68 | -20.36 | -28.24 | -39.17 | -54.32 |
| WACC | ||||||||||
| PV LFCF | -14.01 | -18.53 | -24.51 | -32.43 | -42.91 | |||||
| SUM PV LFCF | -132.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.83 |
| Free cash flow (t + 1) | -55.41 |
| Terminal Value | -1,957.78 |
| Present Value of Terminal Value | -1,546.45 |
Intrinsic Value
| Enterprise Value | -1,678.84 |
|---|---|
| Net Debt | -486.22 |
| Equity Value | -1,192.62 |
| Shares Outstanding | 65.70 |
| Equity Value Per Share | -18.15 |