Discounted Cash Flow (DCF) Analysis Unlevered
Glaukos Corporation (GKOS)
$66.55
+1.73 (+2.67%)
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 | 181.28 | 236.98 | 224.96 | 294.01 | 282.86 | 320.03 | 362.08 | 409.66 | 463.48 | 524.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6.26 | 9.86 | 34.61 | 34.42 | 35.95 | 30.35 | 34.34 | 38.85 | 43.96 | 49.73 |
| 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 | 140.49 | 173.98 | 404.37 | 414.05 | 352.70 | 381.59 | 431.73 | 488.46 | 552.64 | 625.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 18.67 | 38.42 | 36.06 | 33.44 | 36.07 | 42.67 | 48.28 | 54.62 | 61.80 | 69.92 |
| Account Receivables (%) | ||||||||||
| Inventories | 13.28 | 42.58 | 15.81 | 23.01 | 37.84 | 34.26 | 38.76 | 43.85 | 49.62 | 56.14 |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.29 | 5.78 | 4.37 | 7.33 | 14.40 | 9.88 | 11.18 | 12.65 | 14.31 | 16.19 |
| 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 | 181.28 | 236.98 | 224.96 | 294.01 | 282.86 | 320.03 | 362.08 | 409.66 | 463.48 | 524.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -12.95 | 14.63 | -107.51 | -36.13 | -85.37 | -56.99 | -64.48 | -72.96 | -82.54 | -93.39 |
| Depreciation | 6.26 | 9.86 | 34.61 | 34.42 | 35.95 | 30.35 | 34.34 | 38.85 | 43.96 | 49.73 |
| Accounts Receivable | - | -19.74 | 2.36 | 2.62 | -2.64 | -6.60 | -5.61 | -6.34 | -7.18 | -8.12 |
| Inventories | - | -29.30 | 26.77 | -7.20 | -14.83 | 3.58 | -4.50 | -5.09 | -5.76 | -6.52 |
| Accounts Payable | - | -0.50 | -1.41 | 2.96 | 7.07 | -4.52 | 1.30 | 1.47 | 1.66 | 1.88 |
| 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 |