Discounted Cash Flow (DCF) Analysis Unlevered

OPKO Health, Inc. (OPK)

$1.32

-0.04 (-2.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.87 | 1.32 | 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 990.27901.931,435.411,774.721,004.201,080.641,162.901,251.431,346.691,449.21
Revenue (%)
EBITDA -82.53-192.54155.5082.94-143.81-61.59-66.28-71.32-76.75-82.59
EBITDA (%)
EBIT -179.88-286.3570.144.23-252.47-151.14-162.64-175.02-188.35-202.69
EBIT (%)
Depreciation 97.3493.8185.3678.72108.6689.5596.37103.70111.60120.09
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 96.4785.4572.21134.71153.19101.78109.53117.87126.84136.49
Total Cash (%)
Account Receivables 161.98157.69302.26265.59127.31178.39191.97206.59222.31239.24
Account Receivables (%)
Inventories 42.3053.43132.3486.5074.0668.4473.6579.2585.2991.78
Inventories (%)
Accounts Payable 47.4062.54100.8882.0466.9964.9369.8775.1980.9187.07
Accounts Payable (%)
Capital Expenditure -27.86-12.74-33.68-32.16-24.58-23.41-25.19-27.11-29.17-31.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.32
Beta 1.646
Diluted Shares Outstanding 719.06
Cost of Debt
Tax Rate 16.22
After-tax Cost of Debt 3.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.268
Total Debt 313.92
Total Equity 949.16
Total Capital 1,263.08
Debt Weighting 24.85
Equity Weighting 75.15
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 990.27901.931,435.411,774.721,004.201,080.641,162.901,251.431,346.691,449.21
EBITDA -82.53-192.54155.5082.94-143.81-61.59-66.28-71.32-76.75-82.59
EBIT -179.88-286.3570.144.23-252.47-151.14-162.64-175.02-188.35-202.69
Tax Rate 13.67%-3.27%37.17%-114.91%16.22%-10.22%-10.22%-10.22%-10.22%-10.22%
EBIAT -155.29-295.7044.069.08-211.52-166.59-179.27-192.92-207.60-223.41
Depreciation 97.3493.8185.3678.72108.6689.5596.37103.70111.60120.09
Accounts Receivable -4.30-144.5736.67138.28-51.08-13.58-14.61-15.73-16.92
Inventories --11.13-78.9145.8412.445.62-5.21-5.61-6.03-6.49
Accounts Payable -15.1438.35-18.84-15.05-2.064.945.325.726.16
Capital Expenditure -27.86-12.74-33.68-32.16-24.58-23.41-25.19-27.11-29.17-31.39
UFCF -85.80-206.33-89.39119.318.23-147.97-121.94-131.23-141.22-151.97
WACC
PV UFCF -135.42-102.13-100.58-99.06-97.55
SUM PV UFCF -534.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.27
Free cash flow (t + 1) -155.01
Terminal Value -2,132.13
Present Value of Terminal Value -1,368.70

Intrinsic Value

Enterprise Value -1,903.44
Net Debt 160.73
Equity Value -2,064.17
Shares Outstanding 719.06
Equity Value Per Share -2.87