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
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 | 8.63 | 12.50 | 47.46 | 199.52 | 243.48 | 649.41 | 1,732.10 | 4,619.86 | 12,322.12 | 32,865.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 49.13 | 52.33 | 24.55 | 77.86 | 58.22 | 1,431.70 | 3,818.63 | 10,185.06 | 27,165.65 | 72,456.37 |
EBITDA (%) | ||||||||||
EBIT | 47.50 | 50.40 | 20.28 | 45.79 | 10.31 | 1,328.99 | 3,544.69 | 9,454.43 | 25,216.89 | 67,258.63 |
EBIT (%) | ||||||||||
Depreciation | 1.63 | 1.93 | 4.27 | 32.07 | 47.91 | 102.70 | 273.93 | 730.64 | 1,948.76 | 5,197.74 |
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 | 787.88 | 703.82 | 430.62 | 411.34 | 162.99 | 20,698.24 | 55,206.44 | 147,246.92 | 392,737.76 | 1,047,512.23 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2 | 3 | 103 | 63 | 55 | 413.48 | 1,102.83 | 2,941.46 | 7,845.49 | 20,925.53 |
Account Receivables (%) | ||||||||||
Inventories | 1.22 | 1.14 | 70.87 | 56.50 | 72.40 | 299.56 | 798.99 | 2,131.07 | 5,684 | 15,160.40 |
Inventories (%) | ||||||||||
Accounts Payable | 0.54 | 0.75 | 72.83 | 44.51 | 65.31 | 279.07 | 744.35 | 1,985.33 | 5,295.29 | 14,123.63 |
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 | 8.63 | 12.50 | 47.46 | 199.52 | 243.48 | 649.41 | 1,732.10 | 4,619.86 | 12,322.12 | 32,865.63 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 49.13 | 52.33 | 24.55 | 77.86 | 58.22 | 1,431.70 | 3,818.63 | 10,185.06 | 27,165.65 | 72,456.37 |
EBIT | 47.50 | 50.40 | 20.28 | 45.79 | 10.31 | 1,328.99 | 3,544.69 | 9,454.43 | 25,216.89 | 67,258.63 |
Tax Rate | 18.66% | 18.28% | 36.28% | -31.11% | -134.30% | -18.44% | -18.44% | -18.44% | -18.44% | -18.44% |
EBIAT | 38.64 | 41.19 | 12.92 | 60.04 | 24.15 | 1,574.07 | 4,198.37 | 11,197.90 | 29,867.11 | 79,661.70 |
Depreciation | 1.63 | 1.93 | 4.27 | 32.07 | 47.91 | 102.70 | 273.93 | 730.64 | 1,948.76 | 5,197.74 |
Accounts Receivable | - | -1 | -100 | 40 | 8 | -358.48 | -689.35 | -1,838.64 | -4,904.02 | -13,080.04 |
Inventories | - | 0.09 | -69.73 | 14.37 | -15.89 | -227.16 | -499.43 | -1,332.08 | -3,552.93 | -9,476.40 |
Accounts Payable | - | 0.21 | 72.08 | -28.32 | 20.80 | 213.77 | 465.28 | 1,240.98 | 3,309.96 | 8,828.34 |
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 | 40.14 | 38.55 | -83.41 | 97.49 | -139.21 | 1,121.66 | 3,260.06 | 8,695.26 | 23,192.04 | 61,857.92 |
WACC | ||||||||||
PV UFCF | 1,054 | 2,878.59 | 7,214.61 | 18,081.97 | 45,318.87 | |||||
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 |