Discounted Cash Flow (DCF) Analysis Unlevered
Lantheus Holdings, Inc. (LNTH)
$65.9
+0.63 (+0.97%)
All numbers are in Millions, Currency in USD
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 | 343.37 | 347.34 | 339.41 | 425.21 | 935.06 | 1,271.82 | 1,729.85 | 2,352.85 | 3,200.21 | 4,352.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 66.95 | 45.44 | -2 | -83.44 | 34.49 | 40.84 | 55.55 | 75.56 | 102.78 | 139.79 |
| EBITDA (%) | ||||||||||
| EBIT | 53.02 | 32.06 | -26.69 | -125.73 | -13.44 | -36.11 | -49.11 | -66.80 | -90.86 | -123.58 |
| EBIT (%) | ||||||||||
| Depreciation | 13.93 | 13.38 | 24.69 | 42.29 | 47.93 | 76.95 | 104.67 | 142.36 | 193.63 | 263.37 |
| 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 | 113.40 | 92.92 | 79.61 | 98.51 | 415.65 | 383.71 | 521.90 | 709.86 | 965.52 | 1,313.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 43.75 | 43.53 | 54 | 89.34 | 213.40 | 216.25 | 294.13 | 400.06 | 544.14 | 740.11 |
| Account Receivables (%) | ||||||||||
| Inventories | 33.02 | 29.18 | 35.74 | 35.13 | 35.47 | 103.28 | 140.48 | 191.07 | 259.88 | 353.48 |
| Inventories (%) | ||||||||||
| Accounts Payable | 17.95 | 18.61 | 16.28 | 20.79 | 20.56 | 57.16 | 77.75 | 105.75 | 143.83 | 195.63 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -20.13 | -22.06 | -12.47 | -12.14 | -18.35 | -52.67 | -71.64 | -97.44 | -132.53 | -180.26 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 65.9 |
|---|---|
| Beta | 0.677 |
| Diluted Shares Outstanding | 70.67 |
| Cost of Debt | |
| Tax Rate | -5.05 |
| After-tax Cost of Debt | 1.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.823 |
| Total Debt | 558.07 |
| Total Equity | 4,657.22 |
| Total Capital | 5,215.28 |
| Debt Weighting | 10.70 |
| Equity Weighting | 89.30 |
| 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 | 343.37 | 347.34 | 339.41 | 425.21 | 935.06 | 1,271.82 | 1,729.85 | 2,352.85 | 3,200.21 | 4,352.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 66.95 | 45.44 | -2 | -83.44 | 34.49 | 40.84 | 55.55 | 75.56 | 102.78 | 139.79 |
| EBIT | 53.02 | 32.06 | -26.69 | -125.73 | -13.44 | -36.11 | -49.11 | -66.80 | -90.86 | -123.58 |
| Tax Rate | 18.22% | -10.62% | -17.37% | 5.01% | -5.05% | -1.96% | -1.96% | -1.96% | -1.96% | -1.96% |
| EBIAT | 43.36 | 35.47 | -31.33 | -119.43 | -14.11 | -36.82 | -50.08 | -68.11 | -92.64 | -126 |
| Depreciation | 13.93 | 13.38 | 24.69 | 42.29 | 47.93 | 76.95 | 104.67 | 142.36 | 193.63 | 263.37 |
| Accounts Receivable | - | 0.22 | -10.47 | -35.33 | -124.06 | -2.85 | -77.88 | -105.93 | -144.08 | -195.97 |
| Inventories | - | 3.84 | -6.56 | 0.61 | -0.35 | -67.81 | -37.20 | -50.59 | -68.81 | -93.59 |
| Accounts Payable | - | 0.65 | -2.32 | 4.50 | -0.22 | 36.60 | 20.59 | 28 | 38.08 | 51.80 |
| Capital Expenditure | -20.13 | -22.06 | -12.47 | -12.14 | -18.35 | -52.67 | -71.64 | -97.44 | -132.53 | -180.26 |
| UFCF | 37.16 | 31.50 | -38.47 | -119.50 | -109.16 | -46.60 | -111.54 | -151.71 | -206.35 | -280.66 |
| WACC | ||||||||||
| PV UFCF | -43.50 | -97.20 | -123.42 | -156.72 | -198.99 | |||||
| SUM PV UFCF | -619.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.12 |
| Free cash flow (t + 1) | -286.27 |
| Terminal Value | -5,591.29 |
| Present Value of Terminal Value | -3,964.23 |
Intrinsic Value
| Enterprise Value | -4,584.06 |
|---|---|
| Net Debt | 142.41 |
| Equity Value | -4,726.48 |
| Shares Outstanding | 70.67 |
| Equity Value Per Share | -66.88 |