Discounted Cash Flow (DCF) Analysis Unlevered

Lexicon Pharmaceuticals, Inc. (LXRX)

$2.33

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.99 | 2.33 | overvalue

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 90.3363.21322.0723.990.300.440.640.951.392.05
Revenue (%)
EBITDA -131.33-96.09148.45-41.10-86.96-25.94-38.15-56.10-82.50-121.31
EBITDA (%)
EBIT -134.73-99.77144.80-44.03-86.97-25.97-38.19-56.16-82.58-121.43
EBIT (%)
Depreciation 3.403.683.652.930.020.030.040.050.080.12
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 310.79160.05271.66152.2764.062029.4043.2463.5893.49
Total Cash (%)
Account Receivables 4.835.9256.530.390.030.040.050.080.120.17
Account Receivables (%)
Inventories 1.954.684.240.870.010.020.020.030.050.07
Inventories (%)
Accounts Payable 57.6517.7612.185.470.090.130.190.280.410.61
Accounts Payable (%)
Capital Expenditure -0.23-0.09-0.07-0.09-0-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.33
Beta 1.425
Diluted Shares Outstanding 145.82
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.604
Total Debt -
Total Equity 339.76
Total Capital 339.76
Debt Weighting 0.00
Equity Weighting 100.00
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 90.3363.21322.0723.990.300.440.640.951.392.05
EBITDA -131.33-96.09148.45-41.10-86.96-25.94-38.15-56.10-82.50-121.31
EBIT -134.73-99.77144.80-44.03-86.97-25.97-38.19-56.16-82.58-121.43
Tax Rate 8.93%0.00%-4.85%0.00%0.00%0.82%0.82%0.82%0.82%0.82%
EBIAT -122.69-99.77151.81-44.03-86.97-25.76-37.88-55.70-81.90-120.44
Depreciation 3.403.683.652.930.020.030.040.050.080.12
Accounts Receivable --1.10-50.6156.140.37-0.01-0.02-0.03-0.04-0.06
Inventories --2.730.443.370.86-0.01-0.01-0.01-0.02-0.02
Accounts Payable --39.89-5.58-6.71-5.380.040.060.090.130.19
Capital Expenditure -0.23-0.10-0.07-0.09-0-0-0-0-0-0
UFCF -119.52-139.9199.6411.62-91.11-25.71-37.80-55.59-81.75-120.21
WACC
PV UFCF -23.24-30.90-41.09-54.63-72.64
SUM PV UFCF -222.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.60
Free cash flow (t + 1) -122.61
Terminal Value -1,425.71
Present Value of Terminal Value -861.50

Intrinsic Value

Enterprise Value -1,084.01
Net Debt -64.06
Equity Value -1,019.95
Shares Outstanding 145.82
Equity Value Per Share -6.99