Discounted Cash Flow (DCF) Analysis Unlevered

Insmed Incorporated (INSM)

$16.88

-0.14 (-0.82%)

All numbers are in Millions, Currency in USD

Stock DCF: -322,852.81 | 16.88 | 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	9.84	136.47	164.41	188.46	245.36	1,075.20	4,711.67	20,647.23	90,479.28	396,493.76
Revenue (%)
EBITDA	-293.78	-216.71	-250.37	-383.65	-443.37	-7,918.65	-34,700.71	-152,063.69	-666,365.89	-2,920,115.20
EBITDA (%)
EBIT	-298.60	-227.25	-264.52	-397.83	-453.70	-8,084.52	-35,427.58	-155,248.98	-680,324.31	-2,981,283.07
EBIT (%)
Depreciation	4.83	10.54	14.15	14.18	10.33	165.87	726.88	3,185.29	13,958.42	61,167.87
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	495.07	487.43	532.76	716.78	1,148.28	14,113.72	61,848.43	271,029.07	1,187,689.99	5,204,635.52
Total Cash (%)
Account Receivables	5.51	19.23	16.56	24.35	29.71	226.38	992.02	4,347.17	19,049.96	83,479.76
Account Receivables (%)
Inventories	7.03	28.31	49.59	67.01	69.92	400.97	1,757.11	7,699.92	33,742.22	147,863.46
Inventories (%)
Accounts Payable	17.74	13.18	42.85	35.78	144.21	631.94	2,769.27	12,135.36	53,178.98	233,038.26
Accounts Payable (%)
Capital Expenditure	-14.81	-42.27	-6.82	-7.29	-9.88	-416.40	-1,824.75	-7,996.31	-35,041.05	-153,555.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 16.88
Beta	1.567
Diluted Shares Outstanding	123.03
Cost of Debt
Tax Rate	-0.29
After-tax Cost of Debt	2.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.001
Total Debt	1,177.87
Total Equity	2,076.83
Total Capital	3,254.70
Debt Weighting	36.19
Equity Weighting	63.81
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	9.84	136.47	164.41	188.46	245.36	1,075.20	4,711.67	20,647.23	90,479.28	396,493.76
EBITDA	-293.78	-216.71	-250.37	-383.65	-443.37	-7,918.65	-34,700.71	-152,063.69	-666,365.89	-2,920,115.20
EBIT	-298.60	-227.25	-264.52	-397.83	-453.70	-8,084.52	-35,427.58	-155,248.98	-680,324.31	-2,981,283.07
Tax Rate	-0.06%	-0.31%	-0.48%	0.40%	-0.29%	-0.15%	-0.15%	-0.15%	-0.15%	-0.15%
EBIAT	-298.79	-227.95	-265.79	-396.23	-455.01	-8,096.37	-35,479.50	-155,476.48	-681,321.22	-2,985,651.67
Depreciation	4.83	10.54	14.15	14.18	10.33	165.87	726.88	3,185.29	13,958.42	61,167.87
Accounts Receivable	-	-13.72	2.67	-7.79	-5.36	-196.66	-765.64	-3,355.15	-14,702.78	-64,429.80
Inventories	-	-21.28	-21.28	-17.42	-2.91	-331.05	-1,356.14	-5,942.81	-26,042.30	-114,121.24
Accounts Payable	-	-4.56	29.67	-7.07	108.42	487.74	2,137.33	9,366.09	41,043.62	179,859.28
Capital Expenditure	-14.81	-42.27	-6.82	-7.29	-9.88	-416.40	-1,824.75	-7,996.31	-35,041.05	-153,555.12
UFCF	-308.78	-299.23	-247.40	-421.61	-354.41	-8,386.88	-36,561.82	-160,219.37	-702,105.31	-3,076,730.68
WACC
PV UFCF						-7,777.87	-31,444.78	-127,789.81	-519,330.51	-2,110,529.64
SUM PV UFCF										-2,796,872.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.83
Free cash flow (t + 1)	-3,138,265.30
Terminal Value	-53,829,593.44
Present Value of Terminal Value	-36,925,218.49

Intrinsic Value

Enterprise Value	-39,722,091.10
Net Debt	103.83
Equity Value	-39,722,194.93
Shares Outstanding	123.03
Equity Value Per Share	-322,852.81