Discounted Cash Flow (DCF) Analysis Levered

Knight Therapeutics Inc. (GUD.TO)

$4.85

-0.03 (-0.61%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,030.04 | 4.85 | 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	8.63	12.50	47.46	199.52	243.48	649.41	1,732.10	4,619.86	12,322.12	32,865.63
Revenue (%)
Operating Cash Flow	23.46	-5.74	4.60	-12.21	44.62	321.67	857.95	2,288.32	6,103.43	16,279.10
Operating Cash Flow (%)
Capital Expenditure	-0.13	-3.87	-2.95	-20.67	-224.18	-183.24	-488.73	-1,303.55	-3,476.83	-9,273.43
Capital Expenditure (%)
Free Cash Flow	23.33	-9.61	1.65	-32.87	-179.57	138.43	369.22	984.78	2,626.60	7,005.68

Weighted Average Cost Of Capital

Share price	$ 4.85
Beta	0.523
Diluted Shares Outstanding	124.52
Cost of Debt
Tax Rate	-134.30
After-tax Cost of Debt	8.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.213
Total Debt	40.96
Total Equity	603.93
Total Capital	644.89
Debt Weighting	6.35
Equity Weighting	93.65
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	8.63	12.50	47.46	199.52	243.48	649.41	1,732.10	4,619.86	12,322.12	32,865.63
Operating Cash Flow	23.46	-5.74	4.60	-12.21	44.62	321.67	857.95	2,288.32	6,103.43	16,279.10
Capital Expenditure	-0.13	-3.87	-2.95	-20.67	-224.18	-183.24	-488.73	-1,303.55	-3,476.83	-9,273.43
Free Cash Flow	23.33	-9.61	1.65	-32.87	-179.57	138.43	369.22	984.78	2,626.60	7,005.68
WACC
PV LFCF						130.13	326.26	818.01	2,050.94	5,142.21
SUM PV LFCF										8,467.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.38
Free cash flow (t + 1)	7,145.79
Terminal Value	163,145.87
Present Value of Terminal Value	119,750.18

Intrinsic Value

Enterprise Value	128,217.72
Net Debt	-45.01
Equity Value	128,262.73
Shares Outstanding	124.52
Equity Value Per Share	1,030.04