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	251.25	306.49	353.87	365.98	401.86	452.77	510.12	574.74	647.55	729.58
Revenue (%)
EBITDA	89.50	111.61	128.20	124.48	112.63	154.22	173.75	195.76	220.56	248.50
EBITDA (%)
EBIT	89.26	109.44	125.96	121.41	109.67	151.49	170.68	192.30	216.66	244.11
EBIT (%)
Depreciation	0.24	2.17	2.24	3.07	2.97	2.73	3.07	3.46	3.90	4.39
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	206.76	315.31	476.89	335.81	436.62	471.19	530.88	598.13	673.90	759.27
Total Cash (%)
Account Receivables	17.59	19.93	26.20	27.63	45.06	35.92	40.47	45.60	51.37	57.88
Account Receivables (%)
Inventories	16.24	17.40	21.16	17.95	17.03	24.69	27.82	31.34	35.31	39.78
Inventories (%)
Accounts Payable	8.27	7.54	10.55	6.91	11.98	12.31	13.87	15.63	17.61	19.84
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	251.25	306.49	353.87	365.98	401.86	452.77	510.12	574.74	647.55	729.58
EBITDA	89.50	111.61	128.20	124.48	112.63	154.22	173.75	195.76	220.56	248.50
EBIT	89.26	109.44	125.96	121.41	109.67	151.49	170.68	192.30	216.66	244.11
Tax Rate	18.17%	19.28%	19.45%	9.99%	12.71%	15.92%	15.92%	15.92%	15.92%	15.92%
EBIAT	73.04	88.34	101.47	109.28	95.72	127.37	143.51	161.69	182.17	205.24
Depreciation	0.24	2.17	2.24	3.07	2.97	2.73	3.07	3.46	3.90	4.39
Accounts Receivable	-	-2.34	-6.27	-1.43	-17.43	9.14	-4.55	-5.13	-5.78	-6.51
Inventories	-	-1.16	-3.75	3.21	0.92	-7.66	-3.13	-3.52	-3.97	-4.47
Accounts Payable	-	-0.73	3.02	-3.65	5.07	0.34	1.56	1.76	1.98	2.23
Capital Expenditure	-0.30	-1.09	-1.24	-0.47	-0.41	-0.95	-1.08	-1.21	-1.37	-1.54
UFCF	72.98	85.19	95.46	110.01	86.83	130.96	139.38	157.04	176.94	199.35
WACC
PV UFCF						122.65	122.25	128.99	136.10	143.60
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