Discounted Cash Flow (DCF) Analysis Unlevered

Knight Therapeutics Inc. (GUD.TO)

$4.905

-0.01 (-0.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 8,997.74 | 4.905 | 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 8.6312.5047.46199.52243.48649.411,732.104,619.8612,322.1232,865.63
Revenue (%)
EBITDA 49.1352.3324.5577.8658.221,431.703,818.6310,185.0627,165.6572,456.37
EBITDA (%)
EBIT 47.5050.4020.2845.7910.311,328.993,544.699,454.4325,216.8967,258.63
EBIT (%)
Depreciation 1.631.934.2732.0747.91102.70273.93730.641,948.765,197.74
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 787.88703.82430.62411.34162.9920,698.2455,206.44147,246.92392,737.761,047,512.23
Total Cash (%)
Account Receivables 231036355413.481,102.832,941.467,845.4920,925.53
Account Receivables (%)
Inventories 1.221.1470.8756.5072.40299.56798.992,131.075,68415,160.40
Inventories (%)
Accounts Payable 0.540.7572.8344.5165.31279.07744.351,985.335,295.2914,123.63
Accounts Payable (%)
Capital Expenditure -0.13-3.87-2.95-20.67-224.18-183.24-488.73-1,303.55-3,476.83-9,273.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.905
Beta 0.523
Diluted Shares Outstanding 124.52
Cost of Debt
Tax Rate -134.30
After-tax Cost of Debt 8.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.261
Total Debt 40.96
Total Equity 610.78
Total Capital 651.74
Debt Weighting 6.28
Equity Weighting 93.72
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 8.6312.5047.46199.52243.48649.411,732.104,619.8612,322.1232,865.63
EBITDA 49.1352.3324.5577.8658.221,431.703,818.6310,185.0627,165.6572,456.37
EBIT 47.5050.4020.2845.7910.311,328.993,544.699,454.4325,216.8967,258.63
Tax Rate 18.66%18.28%36.28%-31.11%-134.30%-18.44%-18.44%-18.44%-18.44%-18.44%
EBIAT 38.6441.1912.9260.0424.151,574.074,198.3711,197.9029,867.1179,661.70
Depreciation 1.631.934.2732.0747.91102.70273.93730.641,948.765,197.74
Accounts Receivable --1-100408-358.48-689.35-1,838.64-4,904.02-13,080.04
Inventories -0.09-69.7314.37-15.89-227.16-499.43-1,332.08-3,552.93-9,476.40
Accounts Payable -0.2172.08-28.3220.80213.77465.281,240.983,309.968,828.34
Capital Expenditure -0.13-3.87-2.95-20.67-224.18-183.24-488.73-1,303.55-3,476.83-9,273.43
UFCF 40.1438.55-83.4197.49-139.211,121.663,260.068,695.2623,192.0461,857.92
WACC
PV UFCF 1,0542,878.597,214.6118,081.9745,318.87
SUM PV UFCF 74,548.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.42
Free cash flow (t + 1) 63,095.08
Terminal Value 1,427,490.43
Present Value of Terminal Value 1,045,819.98

Intrinsic Value

Enterprise Value 1,120,368.01
Net Debt -45.01
Equity Value 1,120,413.01
Shares Outstanding 124.52
Equity Value Per Share 8,997.74