Discounted Cash Flow (DCF) Analysis Levered
Genmab A/S (GMAB)
$36.45
-0.79 (-2.12%)
All numbers are in Millions, Currency in USD
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 | 2,365.44 | 3,025.14 | 5,366 | 10,111 | 8,482 | 12,247.70 | 17,685.24 | 25,536.85 | 36,874.28 | 53,245.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,588.97 | 1,014.79 | 1,326 | 6,433 | 2,228 | 5,274.40 | 7,616.04 | 10,997.29 | 15,879.69 | 22,929.70 |
| 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 | 1,500.46 | 537.42 | 1,215 | 6,126 | 1,976 | 4,598.38 | 6,639.90 | 9,587.78 | 13,844.40 | 19,990.82 |
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 | 2,365.44 | 3,025.14 | 5,366 | 10,111 | 8,482 | 12,247.70 | 17,685.24 | 25,536.85 | 36,874.28 | 53,245.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,588.97 | 1,014.79 | 1,326 | 6,433 | 2,228 | 5,274.40 | 7,616.04 | 10,997.29 | 15,879.69 | 22,929.70 |
| 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 | 1,500.46 | 537.42 | 1,215 | 6,126 | 1,976 | 4,598.38 | 6,639.90 | 9,587.78 | 13,844.40 | 19,990.82 |
| WACC | ||||||||||
| PV LFCF | 4,347.12 | 5,934.09 | 8,100.41 | 11,057.58 | 15,094.29 | |||||
| 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 |