Discounted Cash Flow (DCF) Analysis Levered
Xencor, Inc. (XNCR)
$19.48
-0.67 (-3.33%)
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 | 40.60 | 156.70 | 122.69 | 275.11 | 164.58 | 307.88 | 575.95 | 1,077.42 | 2,015.53 | 3,770.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -79.76 | 64.37 | -5 | -16.85 | 24.49 | -92.78 | -173.56 | -324.68 | -607.38 | -1,136.22 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -9.15 | -11.04 | -13.77 | -15.98 | -43.40 | -44.93 | -84.06 | -157.25 | -294.17 | -550.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -88.90 | 53.34 | -18.77 | -32.83 | -18.92 | -137.71 | -257.62 | -481.93 | -901.54 | -1,686.51 |
Weighted Average Cost Of Capital
| Share price | $ 19.48 |
|---|---|
| Beta | 0.717 |
| Diluted Shares Outstanding | 59.65 |
| Cost of Debt | |
| Tax Rate | -1.23 |
| After-tax Cost of Debt | -61.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.107 |
| Total Debt | 59.63 |
| Total Equity | 1,162.03 |
| Total Capital | 1,221.66 |
| Debt Weighting | 4.88 |
| Equity Weighting | 95.12 |
| 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 | 40.60 | 156.70 | 122.69 | 275.11 | 164.58 | 307.88 | 575.95 | 1,077.42 | 2,015.53 | 3,770.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -79.76 | 64.37 | -5 | -16.85 | 24.49 | -92.78 | -173.56 | -324.68 | -607.38 | -1,136.22 |
| Capital Expenditure | -9.15 | -11.04 | -13.77 | -15.98 | -43.40 | -44.93 | -84.06 | -157.25 | -294.17 | -550.30 |
| Free Cash Flow | -88.90 | 53.34 | -18.77 | -32.83 | -18.92 | -137.71 | -257.62 | -481.93 | -901.54 | -1,686.51 |
| WACC | ||||||||||
| PV LFCF | -131.53 | -235.01 | -419.90 | -750.24 | -1,340.47 | |||||
| SUM PV LFCF | -2,877.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.70 |
| Free cash flow (t + 1) | -1,720.25 |
| Terminal Value | -63,712.78 |
| Present Value of Terminal Value | -50,639.93 |
Intrinsic Value
| Enterprise Value | -53,517.08 |
|---|---|
| Net Debt | 5.69 |
| Equity Value | -53,522.77 |
| Shares Outstanding | 59.65 |
| Equity Value Per Share | -897.24 |