Discounted Cash Flow (DCF) Analysis Levered
Myriad Genetics, Inc. (MYGN)
$19.76
+0.50 (+2.60%)
All numbers are in Millions, Currency in USD
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 | 771.40 | 772.60 | 851.10 | 638.60 | 690.60 | 679.36 | 668.31 | 657.43 | 646.74 | 636.21 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 106.20 | 115.90 | 83.70 | 60.70 | 18.20 | 68.95 | 67.82 | 66.72 | 65.64 | 64.57 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -6.10 | -8.40 | -8.60 | -10.20 | -18 | -9.64 | -9.48 | -9.33 | -9.17 | -9.02 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 100.10 | 107.50 | 75.10 | 50.50 | 0.20 | 59.31 | 58.34 | 57.40 | 56.46 | 55.54 |
Weighted Average Cost Of Capital
Share price | $ 19.76 |
---|---|
Beta | 1.756 |
Diluted Shares Outstanding | 78 |
Cost of Debt | |
Tax Rate | 52.36 |
After-tax Cost of Debt | 3.41% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.804 |
Total Debt | 92.30 |
Total Equity | 1,541.28 |
Total Capital | 1,633.58 |
Debt Weighting | 5.65 |
Equity Weighting | 94.35 |
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 | 771.40 | 772.60 | 851.10 | 638.60 | 690.60 | 679.36 | 668.31 | 657.43 | 646.74 | 636.21 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 106.20 | 115.90 | 83.70 | 60.70 | 18.20 | 68.95 | 67.82 | 66.72 | 65.64 | 64.57 |
Capital Expenditure | -6.10 | -8.40 | -8.60 | -10.20 | -18 | -9.64 | -9.48 | -9.33 | -9.17 | -9.02 |
Free Cash Flow | 100.10 | 107.50 | 75.10 | 50.50 | 0.20 | 59.31 | 58.34 | 57.40 | 56.46 | 55.54 |
WACC | ||||||||||
PV LFCF | 53.27 | 47.07 | 41.60 | 36.75 | 32.48 | |||||
SUM PV LFCF | 211.17 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.33 |
Free cash flow (t + 1) | 56.65 |
Terminal Value | 607.22 |
Present Value of Terminal Value | 355.05 |
Intrinsic Value
Enterprise Value | 566.22 |
---|---|
Net Debt | -166.10 |
Equity Value | 732.32 |
Shares Outstanding | 78 |
Equity Value Per Share | 9.39 |