Discounted Cash Flow (DCF) Analysis Unlevered

Sarepta Therapeutics, Inc. (SRPT)

$118.22

+3.65 (+3.19%)
All numbers are in Millions, Currency in USD
Stock DCF: -894.68 | 118.22 | 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 154.58301.03380.83540.10701.891,040.591,542.732,287.183,390.875,027.15
Revenue (%)
EBITDA -34.76-316.66-652.66-466.21-317.41-896.13-1,328.57-1,969.68-2,920.15-4,329.29
EBITDA (%)
EBIT -42.85-328.90-683.21-493.12-355.42-953.83-1,414.10-2,096.49-3,108.16-4,608.02
EBIT (%)
Depreciation 8.0912.2530.5526.9138.0257.7085.54126.81188.01278.73
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 1,079.061,173.911,124.751,938.572,115.874,253.346,305.819,348.7213,859.9920,548.20
Total Cash (%)
Account Receivables 29.4749.0493.94138.58171.64229.21339.81503.79746.901,107.32
Account Receivables (%)
Inventories 83.61125.45171.38231.96186.21437.53648.67961.691,425.752,113.76
Inventories (%)
Accounts Payable 8.4733.8368.09111.0976.74137.56203.94302.35448.25664.56
Accounts Payable (%)
Capital Expenditure -21.21-64.35-62.71-82.20-38.49-150.41-222.98-330.59-490.11-726.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 118.22
Beta 1.085
Diluted Shares Outstanding 81.26
Cost of Debt
Tax Rate 0.04
After-tax Cost of Debt 5.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.830
Total Debt 1,138.39
Total Equity 9,606.79
Total Capital 10,745.18
Debt Weighting 10.59
Equity Weighting 89.41
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 154.58301.03380.83540.10701.891,040.591,542.732,287.183,390.875,027.15
EBITDA -34.76-316.66-652.66-466.21-317.41-896.13-1,328.57-1,969.68-2,920.15-4,329.29
EBIT -42.85-328.90-683.21-493.12-355.42-953.83-1,414.10-2,096.49-3,108.16-4,608.02
Tax Rate -4.24%0.19%-0.17%-0.19%0.04%-0.87%-0.87%-0.87%-0.87%-0.87%
EBIAT -44.66-328.27-684.35-494.07-355.28-962.16-1,426.45-2,114.79-3,135.29-4,648.25
Depreciation 8.0912.2530.5526.9138.0257.7085.54126.81188.01278.73
Accounts Receivable --19.58-44.89-44.65-33.05-57.57-110.61-163.98-243.11-360.42
Inventories --41.84-45.93-60.5845.75-251.32-211.13-313.02-464.07-688.01
Accounts Payable -25.3634.2643-34.3560.8266.3898.41145.90216.31
Capital Expenditure -21.21-64.34-62.71-82.20-38.49-150.41-222.98-330.59-490.11-726.62
UFCF -57.79-416.43-773.08-611.59-377.41-1,302.94-1,819.26-2,697.15-3,998.67-5,928.25
WACC
PV UFCF -1,200.98-1,545.66-2,112.20-2,886.40-3,944.37
SUM PV UFCF -11,689.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.49
Free cash flow (t + 1) -6,046.82
Terminal Value -93,171.30
Present Value of Terminal Value -61,991.71

Intrinsic Value

Enterprise Value -73,681.33
Net Debt -977.48
Equity Value -72,703.85
Shares Outstanding 81.26
Equity Value Per Share -894.68