Discounted Cash Flow (DCF) Analysis Unlevered

ChemoCentryx, Inc. (CCXI)

$51.85

-0.04 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.91 | 51.85 | 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 82.5042.8835.9564.8932.2229.4826.9824.6822.5820.66
Revenue (%)
EBITDA 18.28-36.23-51.70-51.92-131.31-40.90-37.42-34.24-31.33-28.66
EBITDA (%)
EBIT 17.86-36.74-53.34-52.71-134.45-41.92-38.35-35.09-32.11-29.37
EBIT (%)
Depreciation 0.420.511.640.803.141.020.930.850.780.71
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 127.29176.98172.79436.57264.49149.85137.10125.44114.77105.01
Total Cash (%)
Account Receivables 51.092.060.180.170.414.053.713.393.112.84
Account Receivables (%)
Inventories ----0.850.780.710.650.600.55
Inventories (%)
Accounts Payable 1.400.971.5312.876.752.892.642.422.212.02
Accounts Payable (%)
Capital Expenditure -0.72-0.84-0.79-15.41-19.02-5.18-4.74-4.33-3.97-3.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 51.85
Beta 1.235
Diluted Shares Outstanding 65.69
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -57.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.638
Total Debt 4.71
Total Equity 3,405.92
Total Capital 3,410.64
Debt Weighting 0.14
Equity Weighting 99.86
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 82.5042.8835.9564.8932.2229.4826.9824.6822.5820.66
EBITDA 18.28-36.23-51.70-51.92-131.31-40.90-37.42-34.24-31.33-28.66
EBIT 17.86-36.74-53.34-52.71-134.45-41.92-38.35-35.09-32.11-29.37
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 17.86-36.74-53.34-52.71-134.45-41.92-38.35-35.09-32.11-29.37
Depreciation 0.420.511.640.803.141.020.930.850.780.71
Accounts Receivable -49.031.880.01-0.24-3.640.340.320.290.26
Inventories -----0.070.070.060.060.05
Accounts Payable --0.430.5711.34-6.13-3.86-0.25-0.22-0.21-0.19
Capital Expenditure -0.72-0.84-0.79-15.41-19.02-5.18-4.74-4.33-3.97-3.63
UFCF 17.5611.53-50.04-55.97-156.70-53.51-41.99-38.42-35.15-32.16
WACC
PV UFCF -48.84-34.99-29.22-24.41-20.38
SUM PV UFCF -157.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.55
Free cash flow (t + 1) -32.81
Terminal Value -434.53
Present Value of Terminal Value -275.39

Intrinsic Value

Enterprise Value -433.24
Net Debt -45.26
Equity Value -387.98
Shares Outstanding 65.69
Equity Value Per Share -5.91