Discounted Cash Flow (DCF) Analysis Unlevered

Blueprint Medicines Corporation (BPMC)

$47.78

+0.03 (+0.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -255,112.70 | 47.78 | overvalue

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 21.4344.5266.51793.74180.08708.272,785.7210,956.5343,093.21169,490.23
Revenue (%)
EBITDA -146.32-232.32-342.44319.38-634.61-2,878.07-11,319.75-44,521.79-175,109.01-688,722.57
EBITDA (%)
EBIT -147.90-236.57-347.69312.82-641.08-2,919.48-11,482.62-45,162.38-177,628.49-698,631.99
EBIT (%)
Depreciation 1.584.255.266.566.4841.41162.87640.582,519.499,909.41
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 673.36494.01483.55871.85477.117,584.3829,830.17117,325.26461,452.881,814,943.84
Total Cash (%)
Account Receivables --23.4125.3137.03139.18547.412,153.018,468.0133,305.59
Account Receivables (%)
Inventories ---8.5821.8246.73183.81722.932,843.3511,183.19
Inventories (%)
Accounts Payable 3.743.304.794.378.3352.79207.63816.613,211.8212,632.45
Accounts Payable (%)
Capital Expenditure -15.51-12.68-14.01-3.16-261.24-378.80-1,489.85-5,859.73-23,046.94-90,646.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 47.78
Beta 0.632
Diluted Shares Outstanding 56.17
Cost of Debt
Tax Rate -0.47
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.501
Total Debt 111.41
Total Equity 2,683.71
Total Capital 2,795.12
Debt Weighting 3.99
Equity Weighting 96.01
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 21.4344.5266.51793.74180.08708.272,785.7210,956.5343,093.21169,490.23
EBITDA -146.32-232.32-342.44319.38-634.61-2,878.07-11,319.75-44,521.79-175,109.01-688,722.57
EBIT -147.90-236.57-347.69312.82-641.08-2,919.48-11,482.62-45,162.38-177,628.49-698,631.99
Tax Rate 0.00%0.00%0.00%-0.34%-0.47%-0.16%-0.16%-0.16%-0.16%-0.16%
EBIAT -147.90-236.57-347.69313.88-644.08-2,924.19-11,501.14-45,235.21-177,914.94-699,758.63
Depreciation 1.584.255.266.566.4841.41162.87640.582,519.499,909.41
Accounts Receivable ----1.90-11.72-102.15-408.23-1,605.60-6,315-24,837.58
Inventories -----13.24-24.92-137.07-539.12-2,120.42-8,339.84
Accounts Payable --0.451.49-0.423.9644.46154.84608.992,395.219,420.62
Capital Expenditure -15.51-12.68-14.01-3.16-261.24-378.80-1,489.85-5,859.73-23,046.94-90,646.09
UFCF -161.83-245.45-354.95314.96-919.84-3,344.18-13,218.58-51,990.09-204,482.61-804,252.10
WACC
PV UFCF -3,141.85-11,667.42-43,112.77-159,307.75-588,664.54
SUM PV UFCF -805,894.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.44
Free cash flow (t + 1) -820,337.14
Terminal Value -18,476,061.82
Present Value of Terminal Value -13,523,374.57

Intrinsic Value

Enterprise Value -14,329,268.90
Net Debt -98.54
Equity Value -14,329,170.36
Shares Outstanding 56.17
Equity Value Per Share -255,112.70