Discounted Cash Flow (DCF) Analysis Levered

Incyte Corporation (INCY)

$59.72

+0.67 (+1.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 136.58 | 59.72 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,158.762,666.702,986.273,394.643,695.654,232.034,846.255,549.636,355.097,277.46
Revenue (%)
Operating Cash Flow 710.66-124.60749.49969.94496.49807.07924.201,058.341,211.941,387.84
Operating Cash Flow (%)
Capital Expenditure -78.06-187.38-181.01-77.83-47.49-171.67-196.58-225.11-257.79-295.20
Capital Expenditure (%)
Free Cash Flow 632.59-311.98568.48892.11449635.40727.62833.23954.161,092.64

Weighted Average Cost Of Capital

Share price $ 59.72
Beta 0.655
Diluted Shares Outstanding 225.93
Cost of Debt
Tax Rate 28.36
After-tax Cost of Debt 4.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.302
Total Debt 38.29
Total Equity 13,492.42
Total Capital 13,530.71
Debt Weighting 0.28
Equity Weighting 99.72
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,158.762,666.702,986.273,394.643,695.654,232.034,846.255,549.636,355.097,277.46
Operating Cash Flow 710.66-124.60749.49969.94496.49807.07924.201,058.341,211.941,387.84
Capital Expenditure -78.06-187.38-181.01-77.83-47.49-171.67-196.58-225.11-257.79-295.20
Free Cash Flow 632.59-311.98568.48892.11449635.40727.62833.23954.161,092.64
WACC
PV LFCF 416.57444.62474.56506.51540.61
SUM PV LFCF 3,387.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) 1,136.35
Terminal Value 34,539.48
Present Value of Terminal Value 24,295.15

Intrinsic Value

Enterprise Value 27,682.79
Net Debt -3,175.09
Equity Value 30,857.88
Shares Outstanding 225.93
Equity Value Per Share 136.58