Discounted Cash Flow (DCF) Analysis Unlevered

Genmab A/S (GMAB)

$32.13

+0.20 (+0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 439.48 | 32.13 | undervalue

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 2,365.443,025.145,36610,1118,48212,247.7017,685.2425,536.8536,874.2853,245.14
Revenue (%)
EBITDA 1,136.271,699.993,0126,1734,2446,649.299,601.3413,863.9920,019.1028,906.86
EBITDA (%)
EBIT 1,066.521,612.392,8735,9143,9966,308.319,108.9813,153.0318,992.5127,424.49
EBIT (%)
Depreciation 69.7587.60139259248340.98492.36710.961,026.591,482.36
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 5,422.746,106.0910,97116,07919,33825,048.0636,168.4952,22675,412.46108,892.86
Total Cash (%)
Account Receivables 636.691,326.932,9902,7123,3984,737.046,840.119,876.8714,261.8420,593.59
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -88.51-477.37-111-307-252-676.02-976.14-1,409.51-2,035.29-2,938.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.13
Beta 0.624
Diluted Shares Outstanding 660.46
Cost of Debt
Tax Rate 24.48
After-tax Cost of Debt 2.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.751
Total Debt 425
Total Equity 21,220.50
Total Capital 21,645.50
Debt Weighting 1.96
Equity Weighting 98.04
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 2,365.443,025.145,36610,1118,48212,247.7017,685.2425,536.8536,874.2853,245.14
EBITDA 1,136.271,699.993,0126,1734,2446,649.299,601.3413,863.9920,019.1028,906.86
EBIT 1,066.521,612.392,8735,9143,9966,308.319,108.9813,153.0318,992.5127,424.49
Tax Rate -3.74%8.67%24.24%19.41%24.48%14.61%14.61%14.61%14.61%14.61%
EBIAT 1,106.461,472.522,176.614,766.063,017.825,386.567,77811,231.1416,217.3723,417.29
Depreciation 69.7587.60139259248340.98492.36710.961,026.591,482.36
Accounts Receivable --690.24-1,663.07278-686-1,339.04-2,103.07-3,036.76-4,384.97-6,331.74
Inventories ----------
Accounts Payable ----------
Capital Expenditure -88.51-477.37-111-307-252-676.02-976.14-1,409.51-2,035.29-2,938.88
UFCF 1,087.70392.51541.544,996.062,327.823,712.495,191.147,495.8210,823.7015,629.03
WACC
PV UFCF 3,480.674,563.106,177.538,363.1411,322.03
SUM PV UFCF 33,906.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 15,941.61
Terminal Value 342,094.66
Present Value of Terminal Value 247,821.17

Intrinsic Value

Enterprise Value 281,727.63
Net Debt -8,532
Equity Value 290,259.63
Shares Outstanding 660.46
Equity Value Per Share 439.48