Discounted Cash Flow (DCF) Analysis Unlevered
Corcept Therapeutics Incorporated (CORT)
$27.245
-5.75 (-17.41%)
All numbers are in Millions, Currency in USD
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 |