Discounted Cash Flow (DCF) Analysis Unlevered

TG Therapeutics, Inc. (TGTX)

$8.82

+0.05 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: -480,568,393.98 | 8.82 | 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 0.150.150.156.692.7861.861,373.9830,518.06677,850.9015,056,063.02
Revenue (%)
EBITDA -174.31-167.58-273.05-342.46-188.14-51,521.87-1,144,376.33-25,418,277.14-564,577,225.83-12,540,088,465.60
EBITDA (%)
EBIT -174.40-167.87-273.43-342.96-188.66-51,585.63-1,145,792.49-25,449,732.15-565,275,887.93-12,555,606,775.80
EBIT (%)
Depreciation 0.090.280.370.490.5163.761,416.1631,455.02698,662.1015,518,310.20
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 68.81140.43605.43350.30174.0867,729.691,504,375.7033,414,391.31742,182,652.4716,484,965,552.75
Total Cash (%)
Account Receivables 0.100.100.104.181.7438.66858.7419,073.79423,656.819,410,039.39
Account Receivables (%)
Inventories 9.699.699.69426.47177.563,943.9187,600.121,945,727.1543,217,454.63959,923,070.70
Inventories (%)
Accounts Payable ----0.4642.02464.5410,318.09229,179.825,090,420.01113,065,696.52
Accounts Payable (%)
Capital Expenditure -0.09-0.13-0.36-0.40-0.01-47.85-1,062.80-23,606.38-524,332.27-11,646,189.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.82
Beta 2.089
Diluted Shares Outstanding 135.41
Cost of Debt
Tax Rate -2.77
After-tax Cost of Debt 12.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.487
Total Debt 83.06
Total Equity 1,194.33
Total Capital 1,277.39
Debt Weighting 6.50
Equity Weighting 93.50
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 0.150.150.156.692.7861.861,373.9830,518.06677,850.9015,056,063.02
EBITDA -174.31-167.58-273.05-342.46-188.14-51,521.87-1,144,376.33-25,418,277.14-564,577,225.83-12,540,088,465.60
EBIT -174.40-167.87-273.43-342.96-188.66-51,585.63-1,145,792.49-25,449,732.15-565,275,887.93-12,555,606,775.80
Tax Rate 0.00%-3.75%-2.33%-2.14%-2.77%-2.20%-2.20%-2.20%-2.20%-2.20%
EBIAT -174.40-174.15-279.78-350.30-193.89-52,718.78-1,170,961.39-26,008,770.34-577,692,946.10-12,831,407,854.73
Depreciation 0.090.280.370.490.5163.761,416.1631,455.02698,662.1015,518,310.20
Accounts Receivable ----4.092.44-36.92-820.07-18,215.05-404,583.03-8,986,382.57
Inventories ----416.78248.91-3,766.35-83,656.20-1,858,127.04-41,271,727.47-916,705,616.08
Accounts Payable ----42.48422.529,853.55218,861.734,861,240.19107,975,276.51
Capital Expenditure -0.09-0.13-0.36-0.40-0.01-47.85-1,062.80-23,606.38-524,332.27-11,646,189.05
UFCF -174.40-174-279.77-771.07100.44-56,083.62-1,245,230.76-27,658,402.05-614,333,686.59-13,645,252,455.72
WACC
PV UFCF -49,049.87-952,474.74-18,502,589.84-359,427,728.88-6,982,173,489.28
SUM PV UFCF -7,361,105,332.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.34
Free cash flow (t + 1) -13,918,157,504.84
Terminal Value -112,788,958,710.20
Present Value of Terminal Value -57,713,265,470.57

Intrinsic Value

Enterprise Value -65,074,370,803.18
Net Debt -19.24
Equity Value -65,074,370,783.94
Shares Outstanding 135.41
Equity Value Per Share -480,568,393.98