Discounted Cash Flow (DCF) Analysis Unlevered

Xencor, Inc. (XNCR)

$29.5

-0.01 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,128.26 | 29.5 | 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 35.7140.60156.70122.69275.11551.701,106.382,218.724,449.398,922.76
Revenue (%)
EBITDA -47.34-67.1431.49-63.5490.12-327.58-656.92-1,317.37-2,641.84-5,297.91
EBITDA (%)
EBIT -49.37-70.3927.19-69.3382.63-353.92-709.75-1,423.33-2,854.33-5,724.05
EBIT (%)
Depreciation 2.033.254.305.797.4926.3552.84105.96212.50426.14
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 224.13294.36529.78597.70334.112,537.045,087.7510,202.9120,460.7841,031.78
Total Cash (%)
Account Receivables 1.1410.9922.0811.4466.3885.86172.18345.29692.431,388.59
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.873.8010.198.951452.39105.05210.67422.48847.23
Accounts Payable (%)
Capital Expenditure -7.28-9.15-11.040-15.98-61.53-123.38-247.43-496.20-995.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.5
Beta 0.611
Diluted Shares Outstanding 57.21
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.395
Total Debt 33.97
Total Equity 1,687.78
Total Capital 1,721.74
Debt Weighting 1.97
Equity Weighting 98.03
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 35.7140.60156.70122.69275.11551.701,106.382,218.724,449.398,922.76
EBITDA -47.34-67.1431.49-63.5490.12-327.58-656.92-1,317.37-2,641.84-5,297.91
EBIT -49.37-70.3927.19-69.3382.63-353.92-709.75-1,423.33-2,854.33-5,724.05
Tax Rate 0.94%0.00%1.15%0.00%0.00%0.42%0.42%0.42%0.42%0.42%
EBIAT -48.91-70.3926.88-69.3382.63-352.45-706.80-1,417.40-2,842.43-5,700.18
Depreciation 2.033.254.305.797.4926.3552.84105.96212.50426.14
Accounts Receivable --9.85-11.0810.63-54.94-19.47-86.32-173.11-347.15-696.16
Inventories ----------
Accounts Payable --3.076.39-1.245.0538.3852.67105.62211.81424.75
Capital Expenditure -7.28-9.15-11.040-15.98-61.53-123.38-247.43-496.20-995.07
UFCF -54.16-89.2115.44-54.1424.25-368.72-810.99-1,626.36-3,261.47-6,540.52
WACC
PV UFCF -346.64-716.77-1,351.32-2,547.63-4,803.04
SUM PV UFCF -9,765.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.37
Free cash flow (t + 1) -6,671.33
Terminal Value -152,661.92
Present Value of Terminal Value -112,107.56

Intrinsic Value

Enterprise Value -121,872.96
Net Debt -109.51
Equity Value -121,763.45
Shares Outstanding 57.21
Equity Value Per Share -2,128.26