Discounted Cash Flow (DCF) Analysis Levered

Supernus Pharmaceuticals, Inc. (SUPN)

$33.62

+0.08 (+0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 81.54 | 33.62 | undervalue

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 408.90392.76520.40579.78667.24759.06863.52982.361,117.551,271.34
Revenue (%)
Operating Cash Flow 128.99143.13138.40127.13116.83203.46231.46263.31299.54340.77
Operating Cash Flow (%)
Capital Expenditure -0.84-2.74-3.45-2.04-0.41-3.01-3.42-3.89-4.43-5.04
Capital Expenditure (%)
Free Cash Flow 128.14140.39134.95125.08116.41200.45228.04259.42295.12335.73

Weighted Average Cost Of Capital

Share price $ 33.62
Beta 1.048
Diluted Shares Outstanding 61.68
Cost of Debt
Tax Rate 0.05
After-tax Cost of Debt 1.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.758
Total Debt 437.97
Total Equity 2,073.67
Total Capital 2,511.64
Debt Weighting 17.44
Equity Weighting 82.56
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 408.90392.76520.40579.78667.24759.06863.52982.361,117.551,271.34
Operating Cash Flow 128.99143.13138.40127.13116.83203.46231.46263.31299.54340.77
Capital Expenditure -0.84-2.74-3.45-2.04-0.41-3.01-3.42-3.89-4.43-5.04
Free Cash Flow 128.14140.39134.95125.08116.41200.45228.04259.42295.12335.73
WACC
PV LFCF 186.45197.29208.76220.90233.75
SUM PV LFCF 1,047.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.51
Free cash flow (t + 1) 342.45
Terminal Value 6,214.98
Present Value of Terminal Value 4,327.08

Intrinsic Value

Enterprise Value 5,374.23
Net Debt 344.85
Equity Value 5,029.39
Shares Outstanding 61.68
Equity Value Per Share 81.54