Discounted Cash Flow (DCF) Analysis Levered
Sage Therapeutics, Inc. (SAGE)
$49.82
+0.26 (+0.52%)
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 | 90.27 | 6.87 | 1,114.20 | 6.31 | 7.69 | 314.22 | 12,846.34 | 525,193.35 | 21,471,325.83 | 877,805,930.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -260.67 | -528.71 | 664.28 | -378.18 | -460.04 | -12,511.10 | -511,487.53 | -20,910,994.82 | -854,898,081.60 | -34,950,548,084.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2.86 | -5.75 | -0.35 | -0.37 | -0.94 | -66 | -2,698.34 | -110,315.37 | -4,509,991.01 | -184,380,642.66 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -263.53 | -534.46 | 663.93 | -378.55 | -460.97 | -12,577.10 | -514,185.86 | -21,021,310.19 | -859,408,072.61 | -35,134,928,726.94 |
Weighted Average Cost Of Capital
| Share price | $ 49.82 |
|---|---|
| Beta | 1.160 |
| Diluted Shares Outstanding | 59.31 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 116.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.165 |
| Total Debt | 12.13 |
| Total Equity | 2,954.63 |
| Total Capital | 2,966.76 |
| Debt Weighting | 0.41 |
| Equity Weighting | 99.59 |
| 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 | 90.27 | 6.87 | 1,114.20 | 6.31 | 7.69 | 314.22 | 12,846.34 | 525,193.35 | 21,471,325.83 | 877,805,930.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -260.67 | -528.71 | 664.28 | -378.18 | -460.04 | -12,511.10 | -511,487.53 | -20,910,994.82 | -854,898,081.60 | -34,950,548,084.28 |
| Capital Expenditure | -2.86 | -5.75 | -0.35 | -0.37 | -0.94 | -66 | -2,698.34 | -110,315.37 | -4,509,991.01 | -184,380,642.66 |
| Free Cash Flow | -263.53 | -534.46 | 663.93 | -378.55 | -460.97 | -12,577.10 | -514,185.86 | -21,021,310.19 | -859,408,072.61 | -35,134,928,726.94 |
| WACC | ||||||||||
| PV LFCF | -11,474.41 | -427,976.36 | -15,962,806.44 | -595,386,136.32 | -22,206,912,846.66 | |||||
| SUM PV LFCF | -22,818,701,240.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.61 |
| Free cash flow (t + 1) | -35,837,627,301.48 |
| Terminal Value | -470,928,085,433.36 |
| Present Value of Terminal Value | -297,648,503,332.33 |
Intrinsic Value
| Enterprise Value | -320,467,204,572.50 |
|---|---|
| Net Debt | -150.57 |
| Equity Value | -320,467,204,421.94 |
| Shares Outstanding | 59.31 |
| Equity Value Per Share | -5,403,613,403.07 |