Discounted Cash Flow (DCF) Analysis Unlevered

Blueprint Medicines Corporation (BPMC)

$86.82

-3.68 (-4.07%)
All numbers are in Millions, Currency in USD
Stock DCF: -82,922.43 | 86.82 | overvalue

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 66.51793.73180.08204.04249.38904.993,284.1811,918.1643,250.58156,954.75
Revenue (%)
EBITDA -361.33308.71-641.98-537.52-474.61-2,379.43-8,634.85-31,335.56-113,715.59-412,669.69
EBITDA (%)
EBIT -366.58302.15-648.46-549.25-486.28-2,420.62-8,784.35-31,878.07-115,684.36-419,814.30
EBIT (%)
Depreciation 5.266.566.4811.7311.6641.20149.50542.521,968.777,144.60
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 547.961,549.721,034.641,078.47710.644,356.9415,811.1857,378.20208,223.37755,634.95
Total Cash (%)
Account Receivables 23.4125.3137.0336.9443.18170.81619.852,249.418,163.0429,623.37
Account Receivables (%)
Inventories -434.028.5821.8229.7021.22-1,115.47-4,047.98-14,689.98-53,309.41-193,457.89
Inventories (%)
Accounts Payable 4.794.378.332.734.7128.25102.53372.091,350.314,900.24
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 66.51793.73180.08204.04249.38904.993,284.1811,918.1643,250.58156,954.75
EBITDA -361.33308.71-641.98-537.52-474.61-2,379.43-8,634.85-31,335.56-113,715.59-412,669.69
EBIT -366.58302.15-648.46-549.25-486.28-2,420.62-8,784.35-31,878.07-115,684.36-419,814.30
Tax Rate 5.46%0.34%-0.47%-0.95%-0.19%0.84%0.84%0.84%0.84%0.84%
EBIAT -346.56301.13-651.50-554.46-487.21-2,400.33-8,710.73-31,610.91-114,714.82-416,295.88
Depreciation 5.266.566.4811.7311.6641.20149.50542.521,968.777,144.60
Accounts Receivable --1.90-11.720.09-6.24-127.63-449.04-1,629.56-5,913.63-21,460.33
Inventories --442.60-13.24-7.888.471,136.692,932.5210,64238,619.43140,148.48
Accounts Payable --0.423.96-5.601.9823.5474.28269.56978.223,549.93
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