Discounted Cash Flow (DCF) Analysis Levered
Legend Biotech Corporation (LEGN)
$40.28
-0.52 (-1.27%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 49.13 | 57.26 | 75.68 | 89.79 | 109.95 | 134.64 | 164.87 | 201.88 | 247.21 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 307.68 | -83.07 | -223 | -198.46 | -9.50 | -11.63 | -14.24 | -17.43 | -21.35 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -21.02 | -39.17 | -49.78 | -52.97 | -64.86 | -79.42 | -97.25 | -119.08 | -145.82 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | 286.66 | -122.24 | -272.78 | -251.43 | -74.35 | -91.05 | -111.49 | -136.52 | -167.17 |
Weighted Average Cost Of Capital
| Share price | $ 40.28 |
|---|---|
| Beta | -0.663 |
| Diluted Shares Outstanding | 140.85 |
| Cost of Debt | |
| Tax Rate | -0.00 |
| After-tax Cost of Debt | 0.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 0.523 |
| Total Debt | 122.97 |
| Total Equity | 5,673.50 |
| Total Capital | 5,796.47 |
| Debt Weighting | 2.12 |
| Equity Weighting | 97.88 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 49.13 | 57.26 | 75.68 | 89.79 | 109.95 | 134.64 | 164.87 | 201.88 | 247.21 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 307.68 | -83.07 | -223 | -198.46 | -9.50 | -11.63 | -14.24 | -17.43 | -21.35 |
| Capital Expenditure | -21.02 | -39.17 | -49.78 | -52.97 | -64.86 | -79.42 | -97.25 | -119.08 | -145.82 |
| Free Cash Flow | 286.66 | -122.24 | -272.78 | -251.43 | -74.35 | -91.05 | -111.49 | -136.52 | -167.17 |
| WACC | |||||||||
| PV LFCF | -74.35 | -90.57 | -110.32 | -134.37 | -163.67 | ||||
| SUM PV LFCF | -570.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 0.53 |
| Free cash flow (t + 1) | -170.51 |
| Terminal Value | 11,599.55 |
| Present Value of Terminal Value | 11,296.99 |
Intrinsic Value
| Enterprise Value | 10,726.73 |
|---|---|
| Net Debt | -565.97 |
| Equity Value | 11,292.70 |
| Shares Outstanding | 140.85 |
| Equity Value Per Share | 80.17 |