Discounted Cash Flow (DCF) Analysis Unlevered
Corcept Therapeutics Incorporated (CORT)
$26.06
+0.42 (+1.64%)
All numbers are in Millions, Currency in USD
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 | 159.20 | 251.25 | 306.49 | 353.87 | 365.98 | 456.27 | 568.84 | 709.18 | 884.14 | 1,102.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 52.96 | 92.39 | 118.85 | 133.84 | 128.60 | 165.88 | 206.80 | 257.82 | 321.43 | 400.73 |
| EBITDA (%) | ||||||||||
| EBIT | 52.86 | 92.15 | 116.68 | 131.60 | 125.53 | 163.74 | 204.14 | 254.51 | 317.30 | 395.58 |
| EBIT (%) | ||||||||||
| Depreciation | 0.11 | 0.24 | 2.17 | 2.24 | 3.07 | 2.13 | 2.66 | 3.32 | 4.14 | 5.16 |
| 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 | 88.74 | 206.76 | 275.96 | 440.70 | 223.53 | 377.51 | 470.65 | 586.76 | 731.52 | 912 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 28.20 | 17.59 | 19.93 | 26.20 | 27.63 | 42.13 | 52.52 | 65.48 | 81.63 | 101.77 |
| Account Receivables (%) | ||||||||||
| Inventories | 4.58 | 4.73 | 5.42 | 4.91 | 4.99 | 8.47 | 10.56 | 13.16 | 16.41 | 20.45 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.58 | 8.27 | 7.54 | 10.55 | 6.91 | 14.61 | 18.21 | 22.70 | 28.31 | 35.29 |
| 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 | $ 26.06 |
|---|---|
| Beta | 0.559 |
| 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 | 6.287 |
| Total Debt | 0.53 |
| Total Equity | 3,282.60 |
| Total Capital | 3,283.12 |
| 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 | 159.20 | 251.25 | 306.49 | 353.87 | 365.98 | 456.27 | 568.84 | 709.18 | 884.14 | 1,102.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 52.96 | 92.39 | 118.85 | 133.84 | 128.60 | 165.88 | 206.80 | 257.82 | 321.43 | 400.73 |
| EBIT | 52.86 | 92.15 | 116.68 | 131.60 | 125.53 | 163.74 | 204.14 | 254.51 | 317.30 | 395.58 |
| Tax Rate | -144.52% | 18.17% | 19.28% | 19.45% | 9.99% | -15.53% | -15.53% | -15.53% | -15.53% | -15.53% |
| EBIAT | 129.24 | 75.41 | 94.18 | 106.01 | 112.99 | 189.17 | 235.84 | 294.02 | 366.56 | 457 |
| Depreciation | 0.11 | 0.24 | 2.17 | 2.24 | 3.07 | 2.13 | 2.66 | 3.32 | 4.14 | 5.16 |
| Accounts Receivable | - | 10.61 | -2.34 | -6.27 | -1.43 | -14.50 | -10.39 | -12.96 | -16.15 | -20.14 |
| Inventories | - | -0.16 | -0.69 | 0.51 | -0.08 | -3.48 | -2.09 | -2.60 | -3.25 | -4.05 |
| Accounts Payable | - | -0.31 | -0.73 | 3.02 | -3.65 | 7.70 | 3.60 | 4.49 | 5.60 | 6.98 |
| Capital Expenditure | -0.42 | -0.30 | -1.09 | -1.24 | -0.47 | -1.11 | -1.38 | -1.72 | -2.15 | -2.68 |
| UFCF | 128.93 | 85.49 | 91.50 | 104.27 | 110.44 | 179.91 | 228.24 | 284.55 | 354.75 | 442.27 |
| WACC | ||||||||||
| PV UFCF | 169.25 | 201.99 | 236.90 | 277.84 | 325.85 | |||||
| SUM PV UFCF | 1,211.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.30 |
| Free cash flow (t + 1) | 451.12 |
| Terminal Value | 10,491.11 |
| Present Value of Terminal Value | 7,729.56 |
Intrinsic Value
| Enterprise Value | 8,941.39 |
|---|---|
| Net Debt | -77.09 |
| Equity Value | 9,018.48 |
| Shares Outstanding | 125.96 |
| Equity Value Per Share | 71.60 |