Discounted Cash Flow (DCF) Analysis Levered

Genmab A/S (GMAB)

$36.45

-0.79 (-2.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 697.05 | 36.45 | undervalue

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 2,365.443,025.145,36610,1118,48212,247.7017,685.2425,536.8536,874.2853,245.14
Revenue (%)
Operating Cash Flow 1,588.971,014.791,3266,4332,2285,274.407,616.0410,997.2915,879.6922,929.70
Operating Cash Flow (%)
Capital Expenditure -88.51-477.37-111-307-252-676.02-976.14-1,409.51-2,035.29-2,938.88
Capital Expenditure (%)
Free Cash Flow 1,500.46537.421,2156,1261,9764,598.386,639.909,587.7813,844.4019,990.82

Weighted Average Cost Of Capital

Share price $ 36.45
Beta 0.638
Diluted Shares Outstanding 660.46
Cost of Debt
Tax Rate 24.48
After-tax Cost of Debt 2.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.843
Total Debt 425
Total Equity 24,073.68
Total Capital 24,498.68
Debt Weighting 1.73
Equity Weighting 98.27
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 2,365.443,025.145,36610,1118,48212,247.7017,685.2425,536.8536,874.2853,245.14
Operating Cash Flow 1,588.971,014.791,3266,4332,2285,274.407,616.0410,997.2915,879.6922,929.70
Capital Expenditure -88.51-477.37-111-307-252-676.02-976.14-1,409.51-2,035.29-2,938.88
Free Cash Flow 1,500.46537.421,2156,1261,9764,598.386,639.909,587.7813,844.4019,990.82
WACC
PV LFCF 4,347.125,934.098,100.4111,057.5815,094.29
SUM PV LFCF 44,533.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.78
Free cash flow (t + 1) 20,390.64
Terminal Value 539,434.80
Present Value of Terminal Value 407,306.31

Intrinsic Value

Enterprise Value 451,839.81
Net Debt -8,532
Equity Value 460,371.81
Shares Outstanding 660.46
Equity Value Per Share 697.05