Discounted Cash Flow (DCF) Analysis Unlevered

Corcept Therapeutics Incorporated (CORT)

$26.84

-1.23 (-4.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.49 | 26.84 | 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 159.20251.25306.49353.87365.98456.27568.84709.18884.141,102.27
Revenue (%)
EBITDA 52.9692.39118.85133.84128.60165.88206.80257.82321.43400.73
EBITDA (%)
EBIT 52.8692.15116.68131.60125.53163.74204.14254.51317.30395.58
EBIT (%)
Depreciation 0.110.242.172.243.072.132.663.324.145.16
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 88.74206.76275.96440.70223.53377.51470.65586.76731.52912
Total Cash (%)
Account Receivables 28.2017.5919.9326.2027.6342.1352.5265.4881.63101.77
Account Receivables (%)
Inventories 4.584.735.424.914.998.4710.5613.1616.4120.45
Inventories (%)
Accounts Payable 8.588.277.5410.556.9114.6118.2122.7028.3135.29
Accounts Payable (%)
Capital Expenditure -0.42-0.30-1.09-1.24-0.47-1.11-1.38-1.72-2.15-2.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.84
Beta 0.508
Diluted Shares Outstanding 125.96
Cost of Debt
Tax Rate 9.99
After-tax Cost of Debt 90.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.220
Total Debt 0.53
Total Equity 3,380.85
Total Capital 3,381.37
Debt Weighting 0.02
Equity Weighting 99.98
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 159.20251.25306.49353.87365.98456.27568.84709.18884.141,102.27
EBITDA 52.9692.39118.85133.84128.60165.88206.80257.82321.43400.73
EBIT 52.8692.15116.68131.60125.53163.74204.14254.51317.30395.58
Tax Rate -144.52%18.17%19.28%19.45%9.99%-15.53%-15.53%-15.53%-15.53%-15.53%
EBIAT 129.2475.4194.18106.01112.99189.17235.84294.02366.56457
Depreciation 0.110.242.172.243.072.132.663.324.145.16
Accounts Receivable -10.61-2.34-6.27-1.43-14.50-10.39-12.96-16.15-20.14
Inventories --0.16-0.690.51-0.08-3.48-2.09-2.60-3.25-4.05
Accounts Payable --0.31-0.733.02-3.657.703.604.495.606.98
Capital Expenditure -0.42-0.30-1.09-1.24-0.47-1.11-1.38-1.72-2.15-2.68
UFCF 128.9385.4991.50104.27110.44179.91228.24284.55354.75442.27
WACC
PV UFCF 170.97206.12244.20289.31342.76
SUM PV UFCF 1,253.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) 451.12
Terminal Value 13,966.49
Present Value of Terminal Value 10,824.04

Intrinsic Value

Enterprise Value 12,077.39
Net Debt -77.09
Equity Value 12,154.48
Shares Outstanding 125.96
Equity Value Per Share 96.49