Discounted Cash Flow (DCF) Analysis Levered

Myriad Genetics, Inc. (MYGN)

$22.29

+0.17 (+0.77%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.15 | 22.29 | overvalue

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	772.60	851.10	638.60	690.60	678.40	664.10	650.10	636.40	622.99	609.86
Revenue (%)
Operating Cash Flow	115.90	83.70	60.70	18.20	-106.30	28.30	27.70	27.12	26.55	25.99
Operating Cash Flow (%)
Capital Expenditure	-8.40	-8.60	-10.20	-18	-45.30	-17.24	-16.88	-16.52	-16.17	-15.83
Capital Expenditure (%)
Free Cash Flow	107.50	75.10	50.50	0.20	-151.60	11.06	10.83	10.60	10.38	10.16

Weighted Average Cost Of Capital

Share price	$ 22.29
Beta	1.841
Diluted Shares Outstanding	80.60
Cost of Debt
Tax Rate	20.34
After-tax Cost of Debt	1.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.499
Total Debt	145
Total Equity	1,796.57
Total Capital	1,941.57
Debt Weighting	7.47
Equity Weighting	92.53
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	772.60	851.10	638.60	690.60	678.40	664.10	650.10	636.40	622.99	609.86
Operating Cash Flow	115.90	83.70	60.70	18.20	-106.30	28.30	27.70	27.12	26.55	25.99
Capital Expenditure	-8.40	-8.60	-10.20	-18	-45.30	-17.24	-16.88	-16.52	-16.17	-15.83
Free Cash Flow	107.50	75.10	50.50	0.20	-151.60	11.06	10.83	10.60	10.38	10.16
WACC
PV LFCF						8.87	7.77	6.81	5.97	5.23
SUM PV LFCF										38.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.70
Free cash flow (t + 1)	10.36
Terminal Value	106.82
Present Value of Terminal Value	61.43

Intrinsic Value

Enterprise Value	100.12
Net Debt	88.10
Equity Value	12.02
Shares Outstanding	80.60
Equity Value Per Share	0.15