Discounted Cash Flow (DCF) Analysis Levered
Xencor, Inc. (XNCR)
$30.47
+1.81 (+6.32%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 35.71 | 40.60 | 156.70 | 122.69 | 275.11 | 551.70 | 1,106.38 | 2,218.72 | 4,449.39 | 8,922.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -33.68 | -79.76 | 64.37 | -5 | -16.85 | -286.75 | -575.04 | -1,153.17 | -2,312.56 | -4,637.57 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7.28 | -9.15 | -11.04 | 0 | -15.98 | -61.53 | -123.38 | -247.43 | -496.20 | -995.07 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -40.96 | -88.90 | 53.34 | -5 | -32.83 | -348.27 | -698.42 | -1,400.61 | -2,808.76 | -5,632.64 |
Weighted Average Cost Of Capital
| Share price | $ 30.47 |
|---|---|
| Beta | 0.599 |
| Diluted Shares Outstanding | 57.21 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.678 |
| Total Debt | 33.97 |
| Total Equity | 1,743.27 |
| Total Capital | 1,777.24 |
| Debt Weighting | 1.91 |
| Equity Weighting | 98.09 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 35.71 | 40.60 | 156.70 | 122.69 | 275.11 | 551.70 | 1,106.38 | 2,218.72 | 4,449.39 | 8,922.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -33.68 | -79.76 | 64.37 | -5 | -16.85 | -286.75 | -575.04 | -1,153.17 | -2,312.56 | -4,637.57 |
| Capital Expenditure | -7.28 | -9.15 | -11.04 | 0 | -15.98 | -61.53 | -123.38 | -247.43 | -496.20 | -995.07 |
| Free Cash Flow | -40.96 | -88.90 | 53.34 | -5 | -32.83 | -348.27 | -698.42 | -1,400.61 | -2,808.76 | -5,632.64 |
| WACC | ||||||||||
| PV LFCF | -329.59 | -625.48 | -1,187.03 | -2,252.72 | -4,275.17 | |||||
| SUM PV LFCF | -8,669.99 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.67 |
| Free cash flow (t + 1) | -5,745.30 |
| Terminal Value | -156,547.60 |
| Present Value of Terminal Value | -118,819.54 |
Intrinsic Value
| Enterprise Value | -127,489.53 |
|---|---|
| Net Debt | -109.51 |
| Equity Value | -127,380.02 |
| Shares Outstanding | 57.21 |
| Equity Value Per Share | -2,226.43 |