Discounted Cash Flow (DCF) Analysis Levered
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 | 336.43 | 401.48 | 492.66 | 519.60 | 588.29 | 471.43 | 192.41 | 186.53 | 180.84 | 175.32 | 169.97 | 164.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||
| Operating Cash Flow | 39.28 | 75.02 | 38.48 | 35.35 | 96.50 | 150.79 | -128.17 | 7.13 | 6.91 | 6.70 | 6.50 | 6.30 |
| 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 | -408.91 | 31.42 | -238.19 | 82.12 | 116.88 | -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 | 336.43 | 401.48 | 492.66 | 519.60 | 588.29 | 471.43 | 192.41 | 186.53 | 180.84 | 175.32 | 169.97 | 164.78 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 39.28 | 75.02 | 38.48 | 35.35 | 96.50 | 150.79 | -128.17 | 7.13 | 6.91 | 6.70 | 6.50 | 6.30 |
| 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 | -408.91 | 31.42 | -238.19 | 82.12 | 116.88 | -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 |