Discounted Cash Flow (DCF) Analysis Levered
Insmed Incorporated (INSM)
$17.105
+0.09 (+0.50%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.84 | 136.47 | 164.41 | 188.46 | 245.36 | 1,075.20 | 4,711.67 | 20,647.23 | 90,479.28 | 396,493.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -257.98 | -250.65 | -219.35 | -363.30 | -400.44 | -7,087.93 | -31,060.37 | -136,111.21 | -596,459.71 | -2,613,775.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -14.81 | -42.27 | -6.82 | -7.29 | -9.88 | -416.40 | -1,824.75 | -7,996.31 | -35,041.05 | -153,555.12 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -272.79 | -292.92 | -226.17 | -370.59 | -410.32 | -7,504.33 | -32,885.12 | -144,107.52 | -631,500.76 | -2,767,330.95 |
Weighted Average Cost Of Capital
| Share price | $ 17.105 |
|---|---|
| Beta | 1.567 |
| Diluted Shares Outstanding | 123.03 |
| Cost of Debt | |
| Tax Rate | -0.29 |
| After-tax Cost of Debt | 2.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.966 |
| Total Debt | 1,177.87 |
| Total Equity | 2,104.51 |
| Total Capital | 3,282.38 |
| Debt Weighting | 35.88 |
| Equity Weighting | 64.12 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.84 | 136.47 | 164.41 | 188.46 | 245.36 | 1,075.20 | 4,711.67 | 20,647.23 | 90,479.28 | 396,493.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -257.98 | -250.65 | -219.35 | -363.30 | -400.44 | -7,087.93 | -31,060.37 | -136,111.21 | -596,459.71 | -2,613,775.83 |
| Capital Expenditure | -14.81 | -42.27 | -6.82 | -7.29 | -9.88 | -416.40 | -1,824.75 | -7,996.31 | -35,041.05 | -153,555.12 |
| Free Cash Flow | -272.79 | -292.92 | -226.17 | -370.59 | -410.32 | -7,504.33 | -32,885.12 | -144,107.52 | -631,500.76 | -2,767,330.95 |
| WACC | ||||||||||
| PV LFCF | -4,771.26 | -19,388.32 | -78,785.74 | -320,151.07 | -1,300,955.10 | |||||
| SUM PV LFCF | -2,514,488.36 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.84 |
| Free cash flow (t + 1) | -2,822,677.57 |
| Terminal Value | -48,333,519.98 |
| Present Value of Terminal Value | -33,139,734.80 |
Intrinsic Value
| Enterprise Value | -35,654,223.16 |
|---|---|
| Net Debt | 103.83 |
| Equity Value | -35,654,326.99 |
| Shares Outstanding | 123.03 |
| Equity Value Per Share | -289,790.12 |