Discounted Cash Flow (DCF) Analysis Unlevered

Legend Biotech Corporation (LEGN)

$38.75

-0.05 (-0.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 514.28 | 38.75 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 49.1357.2675.6889.79109.95134.64164.87201.88247.21
Revenue (%)
EBITDA 0.15-124.89-297.49-385.31-285.88-350.06-428.66-524.90-642.75
EBITDA (%)
EBIT -1.53-130.15-307.43-393.01-295.31-361.61-442.80-542.22-663.96
EBIT (%)
Depreciation 1.685.269.937.709.4311.5514.1517.3221.21
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 216.18158.92505.69882.40651.04797.21976.201,195.371,463.75
Total Cash (%)
Account Receivables 108.5735.7681.5350.41122.95150.55184.36225.75276.43
Account Receivables (%)
Inventories 1.131.161.801.752.382.913.574.375.35
Inventories (%)
Accounts Payable 7.329.594.917.0412.6415.4718.9523.2028.41
Accounts Payable (%)
Capital Expenditure -21.02-39.17-49.78-52.97-64.86-79.42-97.25-119.08-145.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.75
Beta -0.663
Diluted Shares Outstanding 140.85
Cost of Debt
Tax Rate -0.00
After-tax Cost of Debt 0.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 0.750
Total Debt 122.97
Total Equity 5,458
Total Capital 5,580.97
Debt Weighting 2.20
Equity Weighting 97.80
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 49.1357.2675.6889.79109.95134.64164.87201.88247.21
EBITDA 0.15-124.89-297.49-385.31-285.88-350.06-428.66-524.90-642.75
EBIT -1.53-130.15-307.43-393.01-295.31-361.61-442.80-542.22-663.96
Tax Rate -72.28%-2.00%1.35%-0.00%-18.23%-18.23%-18.23%-18.23%-18.23%
EBIAT -2.64-132.74-303.28-393.01-349.15-427.54-523.53-641.07-785
Depreciation 1.685.269.937.709.4311.5514.1517.3221.21
Accounts Receivable -72.81-45.7731.12-72.54-27.60-33.80-41.39-50.68
Inventories --0.02-0.640.05-0.63-0.53-0.65-0.80-0.98
Accounts Payable -2.27-4.672.135.592.843.474.255.21
Capital Expenditure -21.02-39.17-49.78-52.97-64.86-79.42-97.25-119.08-145.82
UFCF -21.98-91.60-394.22-404.97-472.15-520.71-637.62-780.77-956.07
WACC
PV UFCF -472.15-516.83-628.16-763.47-927.92
SUM PV UFCF -3,283.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.75
Free cash flow (t + 1) -975.19
Terminal Value 78,015.33
Present Value of Terminal Value 75,154.45

Intrinsic Value

Enterprise Value 71,870.55
Net Debt -565.97
Equity Value 72,436.52
Shares Outstanding 140.85
Equity Value Per Share 514.28