Discounted Cash Flow (DCF) Analysis Unlevered
Blueprint Medicines Corporation (BPMC)
$86.82
-3.68 (-4.07%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 66.51 | 793.73 | 180.08 | 204.04 | 249.38 | 904.99 | 3,284.18 | 11,918.16 | 43,250.58 | 156,954.75 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -361.33 | 308.71 | -641.98 | -537.52 | -474.61 | -2,379.43 | -8,634.85 | -31,335.56 | -113,715.59 | -412,669.69 |
EBITDA (%) | ||||||||||
EBIT | -366.58 | 302.15 | -648.46 | -549.25 | -486.28 | -2,420.62 | -8,784.35 | -31,878.07 | -115,684.36 | -419,814.30 |
EBIT (%) | ||||||||||
Depreciation | 5.26 | 6.56 | 6.48 | 11.73 | 11.66 | 41.20 | 149.50 | 542.52 | 1,968.77 | 7,144.60 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 547.96 | 1,549.72 | 1,034.64 | 1,078.47 | 710.64 | 4,356.94 | 15,811.18 | 57,378.20 | 208,223.37 | 755,634.95 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 23.41 | 25.31 | 37.03 | 36.94 | 43.18 | 170.81 | 619.85 | 2,249.41 | 8,163.04 | 29,623.37 |
Account Receivables (%) | ||||||||||
Inventories | -434.02 | 8.58 | 21.82 | 29.70 | 21.22 | -1,115.47 | -4,047.98 | -14,689.98 | -53,309.41 | -193,457.89 |
Inventories (%) | ||||||||||
Accounts Payable | 4.79 | 4.37 | 8.33 | 2.73 | 4.71 | 28.25 | 102.53 | 372.09 | 1,350.31 | 4,900.24 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -14.01 | -3.16 | -261.24 | -8.92 | -16.06 | -321 | -1,164.88 | -4,227.32 | -15,340.79 | -55,671.17 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 86.82 |
---|---|
Beta | 0.633 |
Diluted Shares Outstanding | 60.56 |
Cost of Debt | |
Tax Rate | -0.19 |
After-tax Cost of Debt | 6.67% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.344 |
Total Debt | 774.12 |
Total Equity | 5,257.65 |
Total Capital | 6,031.77 |
Debt Weighting | 12.83 |
Equity Weighting | 87.17 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 66.51 | 793.73 | 180.08 | 204.04 | 249.38 | 904.99 | 3,284.18 | 11,918.16 | 43,250.58 | 156,954.75 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -361.33 | 308.71 | -641.98 | -537.52 | -474.61 | -2,379.43 | -8,634.85 | -31,335.56 | -113,715.59 | -412,669.69 |
EBIT | -366.58 | 302.15 | -648.46 | -549.25 | -486.28 | -2,420.62 | -8,784.35 | -31,878.07 | -115,684.36 | -419,814.30 |
Tax Rate | 5.46% | 0.34% | -0.47% | -0.95% | -0.19% | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
EBIAT | -346.56 | 301.13 | -651.50 | -554.46 | -487.21 | -2,400.33 | -8,710.73 | -31,610.91 | -114,714.82 | -416,295.88 |
Depreciation | 5.26 | 6.56 | 6.48 | 11.73 | 11.66 | 41.20 | 149.50 | 542.52 | 1,968.77 | 7,144.60 |
Accounts Receivable | - | -1.90 | -11.72 | 0.09 | -6.24 | -127.63 | -449.04 | -1,629.56 | -5,913.63 | -21,460.33 |
Inventories | - | -442.60 | -13.24 | -7.88 | 8.47 | 1,136.69 | 2,932.52 | 10,642 | 38,619.43 | 140,148.48 |
Accounts Payable | - | -0.42 | 3.96 | -5.60 | 1.98 | 23.54 | 74.28 | 269.56 | 978.22 | 3,549.93 |
Capital Expenditure | -14.01 | -3.16 | -261.24 | -8.92 | -16.06 | -321 | -1,164.88 | -4,227.32 | -15,340.79 | -55,671.17 |
UFCF | -355.32 | -140.39 | -927.25 | -565.04 | -487.39 | -1,647.53 | -7,168.36 | -26,013.72 | -94,402.82 | -342,584.38 |
WACC | ||||||||||
PV UFCF | -1,536.02 | -6,230.81 | -21,080.89 | -71,323.69 | -241,311.82 | |||||
SUM PV UFCF | -341,483.22 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.26 |
Free cash flow (t + 1) | -349,436.06 |
Terminal Value | -6,643,271.15 |
Present Value of Terminal Value | -4,679,430.66 |
Intrinsic Value
Enterprise Value | -5,020,913.88 |
---|---|
Net Debt | 702.84 |
Equity Value | -5,021,616.72 |
Shares Outstanding | 60.56 |
Equity Value Per Share | -82,922.43 |