Discounted Cash Flow (DCF) Analysis Levered

Myriad Genetics, Inc. (MYGN)

$19.76

+0.50 (+2.60%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.39 | 19.76 | 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 771.40772.60851.10638.60690.60679.36668.31657.43646.74636.21
Revenue (%)
Operating Cash Flow 106.20115.9083.7060.7018.2068.9567.8266.7265.6464.57
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 100.10107.5075.1050.500.2059.3158.3457.4056.4655.54

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 771.40772.60851.10638.60690.60679.36668.31657.43646.74636.21
Operating Cash Flow 106.20115.9083.7060.7018.2068.9567.8266.7265.6464.57
Capital Expenditure -6.10-8.40-8.60-10.20-18-9.64-9.48-9.33-9.17-9.02
Free Cash Flow 100.10107.5075.1050.500.2059.3158.3457.4056.4655.54
WACC
PV LFCF 53.2747.0741.6036.7532.48
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