Discounted Cash Flow (DCF) Analysis Levered

Xencor, Inc. (XNCR)

$23.82

+0.87 (+3.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.60 | 23.82 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 156.70122.69275.11164.58168.34195.54227.13263.83306.46355.98
Revenue (%)
Operating Cash Flow 64.37-5-16.8524.4985.1137.6743.7550.8259.0368.57
Operating Cash Flow (%)
Capital Expenditure -11.04-13.77-15.98-43.40-18.45-24.01-27.89-32.40-37.64-43.72
Capital Expenditure (%)
Free Cash Flow 53.34-18.77-32.83-18.9266.6613.6515.8618.4221.4024.85

Weighted Average Cost Of Capital

Share price $ 23.82
Beta 0.696
Diluted Shares Outstanding 60.50
Cost of Debt
Tax Rate -4.69
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.444
Total Debt 62.46
Total Equity 1,441.19
Total Capital 1,503.65
Debt Weighting 4.15
Equity Weighting 95.85
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 156.70122.69275.11164.58168.34195.54227.13263.83306.46355.98
Operating Cash Flow 64.37-5-16.8524.4985.1137.6743.7550.8259.0368.57
Capital Expenditure -11.04-13.77-15.98-43.40-18.45-24.01-27.89-32.40-37.64-43.72
Free Cash Flow 53.34-18.77-32.83-18.9266.6613.6515.8618.4221.4024.85
WACC
PV LFCF 12.7213.7614.8916.1217.44
SUM PV LFCF 74.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.34
Free cash flow (t + 1) 25.35
Terminal Value 474.71
Present Value of Terminal Value 333.14

Intrinsic Value

Enterprise Value 408.07
Net Debt 8.67
Equity Value 399.40
Shares Outstanding 60.50
Equity Value Per Share 6.60