Discounted Cash Flow (DCF) Analysis Levered

Intercept Pharmaceuticals, Inc. (ICPT)

$15.24

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,202.81 | 15.24 | 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 130.96179.80252312.69363.47470.49609.02788.341,020.461,320.92
Revenue (%)
Operating Cash Flow -265.40-240.71-236.61-170.03-41.64-466.97-604.47-782.45-1,012.83-1,311.05
Operating Cash Flow (%)
Capital Expenditure -10.39-0.17-1.14-3.89-8.84-11.44-14.80-19.16-24.81-32.11
Capital Expenditure (%)
Free Cash Flow -275.79-240.88-237.75-173.92-50.47-478.41-619.27-801.61-1,037.64-1,343.16

Weighted Average Cost Of Capital

Share price $ 15.24
Beta 1.088
Diluted Shares Outstanding 31.74
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -16.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.834
Total Debt 334.98
Total Equity 483.66
Total Capital 818.64
Debt Weighting 40.92
Equity Weighting 59.08
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 130.96179.80252312.69363.47470.49609.02788.341,020.461,320.92
Operating Cash Flow -265.40-240.71-236.61-170.03-41.64-466.97-604.47-782.45-1,012.83-1,311.05
Capital Expenditure -10.39-0.17-1.14-3.89-8.84-11.44-14.80-19.16-24.81-32.11
Free Cash Flow -275.79-240.88-237.75-173.92-50.47-478.41-619.27-801.61-1,037.64-1,343.16
WACC
PV LFCF -485.35-637.37-837.01-1,099.18-1,443.46
SUM PV LFCF -4,502.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -1.43
Free cash flow (t + 1) -1,370.03
Terminal Value 39,942.50
Present Value of Terminal Value 42,925.12

Intrinsic Value

Enterprise Value 38,422.74
Net Debt 250.27
Equity Value 38,172.47
Shares Outstanding 31.74
Equity Value Per Share 1,202.81