Discounted Cash Flow (DCF) Analysis Unlevered
TG Therapeutics, Inc. (TGTX)
$8.82
+0.05 (+0.57%)
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 | -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 | 0.09 | 0.28 | 0.37 | 0.49 | 0.51 | 63.76 | 1,416.16 | 31,455.02 | 698,662.10 | 15,518,310.20 |
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 | 68.81 | 140.43 | 605.43 | 350.30 | 174.08 | 67,729.69 | 1,504,375.70 | 33,414,391.31 | 742,182,652.47 | 16,484,965,552.75 |
---|---|---|---|---|---|---|---|---|---|---|
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 | 9.69 | 9.69 | 9.69 | 426.47 | 177.56 | 3,943.91 | 87,600.12 | 1,945,727.15 | 43,217,454.63 | 959,923,070.70 |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | -0.46 | 42.02 | 464.54 | 10,318.09 | 229,179.82 | 5,090,420.01 | 113,065,696.52 |
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 | 0.15 | 0.15 | 0.15 | 6.69 | 2.78 | 61.86 | 1,373.98 | 30,518.06 | 677,850.90 | 15,056,063.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -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 | 0.09 | 0.28 | 0.37 | 0.49 | 0.51 | 63.76 | 1,416.16 | 31,455.02 | 698,662.10 | 15,518,310.20 |
Accounts Receivable | - | - | - | -4.09 | 2.44 | -36.92 | -820.07 | -18,215.05 | -404,583.03 | -8,986,382.57 |
Inventories | - | - | - | -416.78 | 248.91 | -3,766.35 | -83,656.20 | -1,858,127.04 | -41,271,727.47 | -916,705,616.08 |
Accounts Payable | - | - | - | - | 42.48 | 422.52 | 9,853.55 | 218,861.73 | 4,861,240.19 | 107,975,276.51 |
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 | -771.07 | 100.44 | -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 |