Discounted Cash Flow (DCF) Analysis Unlevered

Glaukos Corporation (GKOS)

$66.55

+1.73 (+2.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -30.84 | 66.55 | overvalue

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 181.28236.98224.96294.01282.86320.03362.08409.66463.48524.38
Revenue (%)
EBITDA -6.10-37.61-83.59-1.47-48.76-47.45-53.68-60.74-68.72-77.75
EBITDA (%)
EBIT -12.37-47.47-118.20-35.90-84.71-77.80-88.02-99.59-112.68-127.48
EBIT (%)
Depreciation 6.269.8634.6134.4235.9530.3534.3438.8543.9649.73
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 140.49173.98404.37414.05352.70381.59431.73488.46552.64625.26
Total Cash (%)
Account Receivables 18.6738.4236.0633.4436.0742.6748.2854.6261.8069.92
Account Receivables (%)
Inventories 13.2842.5815.8123.0137.8434.2638.7643.8549.6256.14
Inventories (%)
Accounts Payable 6.295.784.377.3314.409.8811.1812.6514.3116.19
Accounts Payable (%)
Capital Expenditure -10.31-4.72-6.94-47.78-30.27-24.14-27.31-30.90-34.96-39.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 66.55
Beta 1.241
Diluted Shares Outstanding 47.44
Cost of Debt
Tax Rate -0.78
After-tax Cost of Debt 3.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.642
Total Debt 382.48
Total Equity 3,157.40
Total Capital 3,539.88
Debt Weighting 10.80
Equity Weighting 89.20
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 181.28236.98224.96294.01282.86320.03362.08409.66463.48524.38
EBITDA -6.10-37.61-83.59-1.47-48.76-47.45-53.68-60.74-68.72-77.75
EBIT -12.37-47.47-118.20-35.90-84.71-77.80-88.02-99.59-112.68-127.48
Tax Rate -4.71%130.83%9.04%-0.66%-0.78%26.74%26.74%26.74%26.74%26.74%
EBIAT -12.9514.63-107.51-36.13-85.37-56.99-64.48-72.96-82.54-93.39
Depreciation 6.269.8634.6134.4235.9530.3534.3438.8543.9649.73
Accounts Receivable --19.742.362.62-2.64-6.60-5.61-6.34-7.18-8.12
Inventories --29.3026.77-7.20-14.833.58-4.50-5.09-5.76-6.52
Accounts Payable --0.50-1.412.967.07-4.521.301.471.661.88
Capital Expenditure -10.31-4.72-6.93-47.78-30.27-24.14-27.31-30.90-34.96-39.56
UFCF -17-29.77-52.11-51.12-90.08-58.32-66.27-74.98-84.83-95.97
WACC
PV UFCF -53.51-55.79-57.91-60.12-62.41
SUM PV UFCF -289.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.99
Free cash flow (t + 1) -97.89
Terminal Value -1,400.48
Present Value of Terminal Value -910.63

Intrinsic Value

Enterprise Value -1,200.36
Net Debt 262.95
Equity Value -1,463.32
Shares Outstanding 47.44
Equity Value Per Share -30.84