Discounted Cash Flow (DCF) Analysis Unlevered

TG Therapeutics, Inc. (TGTX)

$26.56

-0.85 (-3.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -341,219,430.48 | 26.56 | 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 -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 0.090.100.160.28-0.0328.56634.3414,089.70312,953.016,951,145.51
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 68.81140.43605.43314.76161.6867,608.861,501,692.0433,354,783.34740,858,672.1616,455,558,007.55
Total Cash (%)
Account Receivables 0.100.100.104.181.7438.66858.7419,073.79423,656.819,410,039.39
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable --37.011,628.86678.1815,063.46334,581.657,431,549.36165,065,614.023,666,349,451.75
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 0.150.150.156.692.7861.861,373.9830,518.06677,850.9015,056,063.02
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 0.090.100.160.28-0.0328.56634.3414,089.70312,953.016,951,145.51
Accounts Receivable ----4.092.44-36.92-820.07-18,215.05-404,583.03-8,986,382.57
Inventories ----------
Accounts Payable ---1,591.85-950.6814,385.28319,518.197,096,967.71157,634,064.653,501,283,837.73
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 -173.48-167.62-273.251,245.18-1,139.10-37,137.13-824,870.12-18,321,575.46-406,949,070.12-9,038,935,874.15
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