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	408.90	392.76	520.40	579.78	667.24	759.06	863.52	982.36	1,117.55	1,271.34
Revenue (%)
Operating Cash Flow	128.99	143.13	138.40	127.13	116.83	203.46	231.46	263.31	299.54	340.77
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	128.14	140.39	134.95	125.08	116.41	200.45	228.04	259.42	295.12	335.73

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	408.90	392.76	520.40	579.78	667.24	759.06	863.52	982.36	1,117.55	1,271.34
Operating Cash Flow	128.99	143.13	138.40	127.13	116.83	203.46	231.46	263.31	299.54	340.77
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	128.14	140.39	134.95	125.08	116.41	200.45	228.04	259.42	295.12	335.73
WACC
PV LFCF						186.45	197.29	208.76	220.90	233.75
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