Discounted Cash Flow (DCF) Analysis Unlevered

BeiGene, Ltd. (BGNE)

$131.385

-1.49 (-1.12%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 131.385 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 238.39198.22428.21308.871,176.282,211.824,1597,820.3714,705.0327,650.58
Revenue (%)
EBITDA -86.11-679.18-923.02-1,582.79-1,437.84-5,436.60-10,222.71-19,222.26-36,144.56-67,964.38
EBITDA (%)
EBIT -90.87-689.57-941.64-1,614.58-1,502.17-5,557.57-10,450.16-19,649.95-36,948.78-69,476.60
EBIT (%)
Depreciation 4.7610.3918.6231.7964.33120.96227.46427.70804.221,512.22
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 837.521,781.45982.744,650.68013,205.6124,831.1646,691.2687,795.86165,086.88
Total Cash (%)
Account Receivables 29.4352.7672.8179.67240.44452.10850.111,598.513,005.765,651.88
Account Receivables (%)
Inventories 10.9316.2428.5589.29142.20267.39502.78945.411,777.693,342.68
Inventories (%)
Accounts Payable 69.78113.28122.49231.96262.40939.721,7673,322.586,247.6111,747.69
Accounts Payable (%)
Capital Expenditure -58.73-140.84-158.61-229.03-608.37-1,143.94-2,151.01-4,044.64-7,605.34-14,300.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 131.385
Beta 0.764
Diluted Shares Outstanding 83.47
Cost of Debt
Tax Rate 1.75
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.489
Total Debt 0.05
Total Equity 10,966.93
Total Capital 10,966.98
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 238.39198.22428.21308.871,176.282,211.824,1597,820.3714,705.0327,650.58
EBITDA -86.11-679.18-923.02-1,582.79-1,437.84-5,436.60-10,222.71-19,222.26-36,144.56-67,964.38
EBIT -90.87-689.57-941.64-1,614.58-1,502.17-5,557.57-10,450.16-19,649.95-36,948.78-69,476.60
Tax Rate -2.24%2.33%-0.53%1.32%1.75%0.52%0.52%0.52%0.52%0.52%
EBIAT -92.91-673.51-946.67-1,593.34-1,475.82-5,528.42-10,395.36-19,546.91-36,755.01-69,112.25
Depreciation 4.7610.3918.6231.7964.33120.96227.46427.70804.221,512.22
Accounts Receivable --23.34-20.05-6.86-160.76-211.67-398.01-748.40-1,407.25-2,646.12
Inventories --5.31-12.31-60.74-52.91-125.19-235.39-442.62-832.29-1,564.99
Accounts Payable -43.509.21109.4730.44677.32827.281,555.582,925.035,500.08
Capital Expenditure -58.73-140.84-158.61-229.03-608.37-1,143.94-2,151.01-4,044.64-7,605.34-14,300.70
UFCF -146.88-789.10-1,109.81-1,748.71-2,203.08-6,210.93-12,125.03-22,799.30-42,870.64-80,611.77
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -82,224
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 0.05
Equity Value -
Shares Outstanding 83.47
Equity Value Per Share -