Discounted Cash Flow (DCF) Analysis Levered

Myriad Genetics, Inc. (MYGN)

$19.49

-0.12 (-0.61%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.57 | 19.49 | 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	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	$ 19.49
Beta	1.711
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	11.565
Total Debt	92.30
Total Equity	1,520.22
Total Capital	1,612.52
Debt Weighting	5.72
Equity Weighting	94.28
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						35.04	31.03	27.47	24.32	21.54
SUM PV LFCF										212.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.10
Free cash flow (t + 1)	56.65
Terminal Value	622.57
Present Value of Terminal Value	367.80

Intrinsic Value

Enterprise Value	580.18
Net Debt	-166.10
Equity Value	746.28
Shares Outstanding	78
Equity Value Per Share	9.57