Discounted Cash Flow (DCF) Analysis Levered

Incyte Corporation (INCY)

$66.89

-0.52 (-0.77%)
All numbers are in Millions, Currency in USD
Stock DCF: 51.23 | 66.89 | overvalue

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 1,536.221,881.882,158.762,666.702,986.273,529.224,170.894,929.235,825.456,884.62
Revenue (%)
Operating Cash Flow -92.99336.23710.66-124.60749.49459.92543.54642.36759.16897.18
Operating Cash Flow (%)
Capital Expenditure -111.02-73.48-78.06-187.38-181.01-196.48-232.20-274.42-324.31-383.28
Capital Expenditure (%)
Free Cash Flow -204.01262.74632.59-311.98568.48263.44311.34367.95434.84513.91

Weighted Average Cost Of Capital

Share price $ 66.89
Beta 0.660
Diluted Shares Outstanding 222.07
Cost of Debt
Tax Rate -66.29
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.814
Total Debt 44.82
Total Equity 14,854.53
Total Capital 14,899.35
Debt Weighting 0.30
Equity Weighting 99.70
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 1,536.221,881.882,158.762,666.702,986.273,529.224,170.894,929.235,825.456,884.62
Operating Cash Flow -92.99336.23710.66-124.60749.49459.92543.54642.36759.16897.18
Capital Expenditure -111.02-73.48-78.06-187.38-181.01-196.48-232.20-274.42-324.31-383.28
Free Cash Flow -204.01262.74632.59-311.98568.48263.44311.34367.95434.84513.91
WACC
PV LFCF 246.64272.90301.96334.11369.68
SUM PV LFCF 1,525.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.81
Free cash flow (t + 1) 524.18
Terminal Value 10,897.82
Present Value of Terminal Value 7,839.35

Intrinsic Value

Enterprise Value 9,364.64
Net Debt -2,012.62
Equity Value 11,377.26
Shares Outstanding 222.07
Equity Value Per Share 51.23