Discounted Cash Flow (DCF) Analysis Levered
PTC Therapeutics, Inc. (PTCT)
$44.12
+0.62 (+1.43%)
All numbers are in Millions, Currency in USD
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 | 264.73 | 306.98 | 380.77 | 538.59 | 698.80 | 893.05 | 1,141.29 | 1,458.54 | 1,863.98 | 2,382.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -27.64 | -98.64 | -194.07 | -251.33 | -356.65 | -341.58 | -436.53 | -557.88 | -712.95 | -911.13 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -15.53 | -45.44 | -55.98 | -85.33 | -152.46 | -130.44 | -166.70 | -213.03 | -272.25 | -347.93 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -43.17 | -144.08 | -250.05 | -336.66 | -509.11 | -472.02 | -603.23 | -770.91 | -985.20 | -1,259.06 |
Weighted Average Cost Of Capital
| Share price | $ 44.12 |
|---|---|
| Beta | 0.427 |
| Diluted Shares Outstanding | 71.73 |
| Cost of Debt | |
| Tax Rate | 4.85 |
| After-tax Cost of Debt | 12.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.706 |
| Total Debt | 703.63 |
| Total Equity | 3,164.67 |
| Total Capital | 3,868.29 |
| Debt Weighting | 18.19 |
| Equity Weighting | 81.81 |
| 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 | 264.73 | 306.98 | 380.77 | 538.59 | 698.80 | 893.05 | 1,141.29 | 1,458.54 | 1,863.98 | 2,382.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -27.64 | -98.64 | -194.07 | -251.33 | -356.65 | -341.58 | -436.53 | -557.88 | -712.95 | -911.13 |
| Capital Expenditure | -15.53 | -45.44 | -55.98 | -85.33 | -152.46 | -130.44 | -166.70 | -213.03 | -272.25 | -347.93 |
| Free Cash Flow | -43.17 | -144.08 | -250.05 | -336.66 | -509.11 | -472.02 | -603.23 | -770.91 | -985.20 | -1,259.06 |
| WACC | ||||||||||
| PV LFCF | -413.05 | -493.80 | -590.33 | -705.73 | -843.69 | |||||
| SUM PV LFCF | -3,256.81 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.90 |
| Free cash flow (t + 1) | -1,284.25 |
| Terminal Value | -26,209.11 |
| Present Value of Terminal Value | -18,774.30 |
Intrinsic Value
| Enterprise Value | -22,031.11 |
|---|---|
| Net Debt | 423.79 |
| Equity Value | -22,454.90 |
| Shares Outstanding | 71.73 |
| Equity Value Per Share | -313.05 |