Discounted Cash Flow (DCF) Analysis Levered

Acorda Therapeutics Inc

Acorda Therapeutics Inc (ACOR)

$7.22
-0.82 (-10.20%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 336.43401.48492.66519.60588.29471.43192.41186.53180.84175.32169.97164.78
Revenue (%)
Operating Cash Flow 39.2875.0238.4835.3596.50150.79-128.177.136.916.706.506.30
Operating Cash Flow (%)
Capital Expenditure -14.66-483.93-7.07-273.54-14.38-33.91-90.43-62.78-60.87-59.01-57.21-55.46
Capital Expenditure (%)
Free Cash Flow 24.62-408.9131.42-238.1982.12116.88-218.59-55.66-53.96-52.31-50.71-49.16

Weighted Average Cost Of Capital

Share price $ 7.22
Beta 1.281
Diluted Shares Outstanding 47.51
Cost of Debt
Tax Rate 0.47
After-tax Cost of Debt 4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.660
Total Debt 252.82
Total Equity 343.04
Total Capital 595.86
Debt Weighting 42.43
Equity Weighting 57.57
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 336.43401.48492.66519.60588.29471.43192.41186.53180.84175.32169.97164.78
Operating Cash Flow 39.2875.0238.4835.3596.50150.79-128.177.136.916.706.506.30
Capital Expenditure -14.66-483.93-7.07-273.54-14.38-33.91-90.43-62.78-60.87-59.01-57.21-55.46
Free Cash Flow 24.62-408.9131.42-238.1982.12116.88-218.59-55.66-53.96-52.31-50.71-49.16
WACC
PV LFCF -50.87-45.08-39.95-35.40-31.37
SUM PV LFCF -202.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.40
Free cash flow (t + 1) -51.13
Terminal Value -946.86
Present Value of Terminal Value -604.23

Intrinsic Value

Enterprise Value -806.91
Net Debt 160.00
Equity Value -966.91
Shares Outstanding 47.51
Equity Value Per Share -20.35