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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


Akorn Inc.

Akorn Inc. (AKRX)

$0.09
-0.0937 (-51.01%)

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
Revenue 317.71593.07985.091,116.90841.13694.10682.51821.61989.051,190.621,433.27
Revenue (%)
Operating Cash Flow 57.3230.90297.69167.76249.23-68.92-36.9297.20117.00140.85169.56
Operating Cash Flow (%)
Capital Expenditure 11.6338.0831.7278.8595.3869.1330.5154.1465.1878.4694.45
Capital Expenditure (%)
Free Cash Flow 68.9468.97329.41246.61344.610.21-6.42151.34182.18219.31264.01

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 0.09
Diluted Shares Outstanding 125.98
Cost of Debt
Tax Rate 21.20
After-tax Cost of Debt -1.01
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.25
Total Debt 843.33
Total Equity 11.34
Total Capital 854.67
Debt Weighting 98.67
Equity Weighting 1.33
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
Revenue 317.71593.07985.091,116.90841.13694.10682.51821.61989.051,190.621,433.27
Operating Cash Flow 57.3230.90297.69167.76249.23-68.92-36.9297.20117.00140.85169.56
Capital Expenditure 11.6338.0831.7278.8595.3869.1330.5154.1465.1878.4694.45
Free Cash Flow 68.9468.97329.41246.61344.610.21-6.42151.34182.18219.31264.01
WACC
PV LFCF 139.60161.40186.61215.75
SUM PV LFCF 1,460.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.12
Free cash flow (t + 1) 78.02
Terminal Value 65,016.93
Present Value of Terminal Value 53,131.94

Intrinsic Value

Enterprise Value 53,656.84
Net Debt 698.50
Equity Value 52,958.34
Shares Outstanding 125.98
Equity Value Per Share 1,490.30