Discounted Cash Flow (DCF) Analysis Unlevered
TG Therapeutics, Inc. (TGTX)
$26.56
-0.85 (-3.12%)
All numbers are in Millions, Currency in USD
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 | 0.15 | 0.15 | 0.15 | 6.69 | 2.78 | 61.86 | 1,373.98 | 30,518.06 | 677,850.90 | 15,056,063.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -173.39 | -167.48 | -272.89 | -342.18 | -188.17 | -51,425.75 | -1,142,241.46 | -25,370,858.50 | -563,523,988.28 | -12,516,694,514.47 |
EBITDA (%) | ||||||||||
EBIT | -173.48 | -167.58 | -273.05 | -342.46 | -188.14 | -51,454.31 | -1,142,875.80 | -25,384,948.20 | -563,836,941.29 | -12,523,645,659.98 |
EBIT (%) | ||||||||||
Depreciation | 0.09 | 0.10 | 0.16 | 0.28 | -0.03 | 28.56 | 634.34 | 14,089.70 | 312,953.01 | 6,951,145.51 |
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 | 68.81 | 140.43 | 605.43 | 314.76 | 161.68 | 67,608.86 | 1,501,692.04 | 33,354,783.34 | 740,858,672.16 | 16,455,558,007.55 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.10 | 0.10 | 0.10 | 4.18 | 1.74 | 38.66 | 858.74 | 19,073.79 | 423,656.81 | 9,410,039.39 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | 37.01 | 1,628.86 | 678.18 | 15,063.46 | 334,581.65 | 7,431,549.36 | 165,065,614.02 | 3,666,349,451.75 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.09 | -0.13 | -0.36 | -0.40 | -2.69 | -59.73 | -1,326.77 | -29,469.62 | -654,563.46 | -14,538,814.84 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 26.56 |
---|---|
Beta | 2.081 |
Diluted Shares Outstanding | 135.41 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 85.46% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.513 |
Total Debt | 11.93 |
Total Equity | 3,596.52 |
Total Capital | 3,608.45 |
Debt Weighting | 0.33 |
Equity Weighting | 99.67 |
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 | 0.15 | 0.15 | 0.15 | 6.69 | 2.78 | 61.86 | 1,373.98 | 30,518.06 | 677,850.90 | 15,056,063.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -173.39 | -167.48 | -272.89 | -342.18 | -188.17 | -51,425.75 | -1,142,241.46 | -25,370,858.50 | -563,523,988.28 | -12,516,694,514.47 |
EBIT | -173.48 | -167.58 | -273.05 | -342.46 | -188.14 | -51,454.31 | -1,142,875.80 | -25,384,948.20 | -563,836,941.29 | -12,523,645,659.98 |
Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EBIAT | -173.48 | -167.58 | -273.05 | -342.46 | -188.14 | -51,454.31 | -1,142,875.80 | -25,384,948.20 | -563,836,941.29 | -12,523,645,659.98 |
Depreciation | 0.09 | 0.10 | 0.16 | 0.28 | -0.03 | 28.56 | 634.34 | 14,089.70 | 312,953.01 | 6,951,145.51 |
Accounts Receivable | - | - | - | -4.09 | 2.44 | -36.92 | -820.07 | -18,215.05 | -404,583.03 | -8,986,382.57 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | 1,591.85 | -950.68 | 14,385.28 | 319,518.19 | 7,096,967.71 | 157,634,064.65 | 3,501,283,837.73 |
Capital Expenditure | -0.09 | -0.13 | -0.36 | -0.40 | -2.69 | -59.73 | -1,326.77 | -29,469.62 | -654,563.46 | -14,538,814.84 |
UFCF | -173.48 | -167.62 | -273.25 | 1,245.18 | -1,139.10 | -37,137.13 | -824,870.12 | -18,321,575.46 | -406,949,070.12 | -9,038,935,874.15 |
WACC | ||||||||||
PV UFCF | -32,648.03 | -637,503.77 | -12,448,258.54 | -243,071,722.81 | -4,746,355,665.32 | |||||
SUM PV UFCF | -5,002,545,798.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 13.75 |
Free cash flow (t + 1) | -9,219,714,591.63 |
Terminal Value | -78,465,656,098.96 |
Present Value of Terminal Value | -41,202,406,626.65 |
Intrinsic Value
Enterprise Value | -46,204,952,425.12 |
---|---|
Net Debt | -90.38 |
Equity Value | -46,204,952,334.74 |
Shares Outstanding | 135.41 |
Equity Value Per Share | -341,219,430.48 |