Discounted Cash Flow (DCF) Analysis Unlevered

Myriad Genetics, Inc. (MYGN)

$20.93

+0.59 (+2.90%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.86 | 20.93 | 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 771.40772.60851.10638.60690.60679.36668.31657.43646.74636.21
Revenue (%)
EBITDA 97.40174.7085.20-140.4012.3034.0333.4732.9332.3931.87
EBITDA (%)
EBIT 49.10120.3012.20-212.40-50.50-23.37-22.99-22.62-22.25-21.89
EBIT (%)
Depreciation 48.3054.40737262.8057.4056.4755.5554.6553.76
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 150.70180.60136.90217.80339.80193.35190.21187.11184.07181.07
Total Cash (%)
Account Receivables 111.30102.10138.607191.3092.7691.2589.7688.3086.86
Account Receivables (%)
Inventories 42.2034.3031.4029.1015.3027.6827.2326.7926.3525.92
Inventories (%)
Accounts Payable 222633.3021.7029.6024.2023.8123.4223.0422.67
Accounts Payable (%)
Capital Expenditure -6.10-8.40-8.60-10.20-18-9.64-9.48-9.33-9.17-9.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.93
Beta 1.711
Diluted Shares Outstanding 78
Cost of Debt
Tax Rate 52.36
After-tax Cost of Debt 3.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.580
Total Debt 92.30
Total Equity 1,632.54
Total Capital 1,724.84
Debt Weighting 5.35
Equity Weighting 94.65
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 771.40772.60851.10638.60690.60679.36668.31657.43646.74636.21
EBITDA 97.40174.7085.20-140.4012.3034.0333.4732.9332.3931.87
EBIT 49.10120.3012.20-212.40-50.50-23.37-22.99-22.62-22.25-21.89
Tax Rate 49.18%-12.15%25.01%10.66%52.36%25.01%25.01%25.01%25.01%25.01%
EBIAT 24.95134.919.15-189.76-24.06-17.53-17.24-16.96-16.69-16.41
Depreciation 48.3054.40737262.8057.4056.4755.5554.6553.76
Accounts Receivable -9.20-36.5067.60-20.30-1.461.511.481.461.44
Inventories -7.902.902.3013.80-12.380.450.440.440.43
Accounts Payable -47.30-11.607.90-5.40-0.39-0.39-0.38-0.37
Capital Expenditure -6.10-8.40-8.60-10.20-18-9.64-9.48-9.33-9.17-9.02
UFCF 67.15202.0147.25-69.6622.1411.0131.3130.8030.3029.81
WACC
PV UFCF 9.9025.3522.4419.8617.58
SUM PV UFCF 95.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.14
Free cash flow (t + 1) 30.41
Terminal Value 332.66
Present Value of Terminal Value 196.18

Intrinsic Value

Enterprise Value 291.31
Net Debt -166.10
Equity Value 457.41
Shares Outstanding 78
Equity Value Per Share 5.86