Discounted Cash Flow (DCF) Analysis Unlevered

Corcept Therapeutics Incorporated (CORT)

$27.245

-5.75 (-17.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 35.82 | 27.245 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 251.25306.49353.87365.98401.86452.77510.12574.74647.55729.58
Revenue (%)
EBITDA 89.50111.61128.20124.48112.63154.22173.75195.76220.56248.50
EBITDA (%)
EBIT 89.26109.44125.96121.41109.67151.49170.68192.30216.66244.11
EBIT (%)
Depreciation 0.242.172.243.072.972.733.073.463.904.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 206.76315.31476.89335.81436.62471.19530.88598.13673.90759.27
Total Cash (%)
Account Receivables 17.5919.9326.2027.6345.0635.9240.4745.6051.3757.88
Account Receivables (%)
Inventories 16.2417.4021.1617.9517.0324.6927.8231.3435.3139.78
Inventories (%)
Accounts Payable 8.277.5410.556.9111.9812.3113.8715.6317.6119.84
Accounts Payable (%)
Capital Expenditure -0.30-1.09-1.24-0.47-0.41-0.95-1.08-1.21-1.37-1.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.245
Beta 0.447
Diluted Shares Outstanding 115.97
Cost of Debt
Tax Rate 12.71
After-tax Cost of Debt 271.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.685
Total Debt 1.14
Total Equity 3,159.49
Total Capital 3,160.64
Debt Weighting 0.04
Equity Weighting 99.96
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 251.25306.49353.87365.98401.86452.77510.12574.74647.55729.58
EBITDA 89.50111.61128.20124.48112.63154.22173.75195.76220.56248.50
EBIT 89.26109.44125.96121.41109.67151.49170.68192.30216.66244.11
Tax Rate 18.17%19.28%19.45%9.99%12.71%15.92%15.92%15.92%15.92%15.92%
EBIAT 73.0488.34101.47109.2895.72127.37143.51161.69182.17205.24
Depreciation 0.242.172.243.072.972.733.073.463.904.39
Accounts Receivable --2.34-6.27-1.43-17.439.14-4.55-5.13-5.78-6.51
Inventories --1.16-3.753.210.92-7.66-3.13-3.52-3.97-4.47
Accounts Payable --0.733.02-3.655.070.341.561.761.982.23
Capital Expenditure -0.30-1.09-1.24-0.47-0.41-0.95-1.08-1.21-1.37-1.54
UFCF 72.9885.1995.46110.0186.83130.96139.38157.04176.94199.35
WACC
PV UFCF 122.65122.25128.99136.10143.60
SUM PV UFCF 653.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.78
Free cash flow (t + 1) 203.34
Terminal Value 4,253.92
Present Value of Terminal Value 3,064.36

Intrinsic Value

Enterprise Value 3,717.94
Net Debt -435.48
Equity Value 4,153.42
Shares Outstanding 115.97
Equity Value Per Share 35.82