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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Array BioPharma Inc.

Array BioPharma Inc. (ARRY)

$46.57
17.69 (+61.25%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 69.5842.0851.90137.87150.84173.75234.24315.77425.69573.88773.65
Revenue (%)
EBITDA -30.71-65.8612.79-74.31-92.54-121.44-140.99-190.06-256.23-345.42-465.66
EBITDA (%)
EBIT -39.54-75.623.29-82.21-102.07-129.93-168.77-227.51-306.71-413.48-557.41
EBIT (%)
Depreciation 8.829.779.507.909.538.5027.7837.4550.4968.0691.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 108.24111.00178.33109.95234.33412.49482.32650.21876.551,181.671,593.01
Total Cash (%)
Account Receivables 9.605.436.3139.3131.2832.0941.6056.0875.60101.92137.40
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 5.406.964.5710.158.6414.0621.1728.5538.4851.8869.94
Accounts Payable (%)
Capital Expenditure 2.342.612.513.163.511.237.7110.3914.0118.8825.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 46.57
Diluted Shares Outstanding 198.49
Cost of Debt
Tax Rate -1.55
After-tax Cost of Debt 0.13
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.96
Total Debt 93.38
Total Equity 9,243.68
Total Capital 9,337.06
Debt Weighting 1.00
Equity Weighting 99.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 69.5842.0851.90137.87150.84173.75234.24315.77425.69573.88773.65
EBITDA -30.71-65.8612.79-74.31-92.54-121.44-140.99-190.06-256.23-345.42-465.66
EBIT -39.54-75.623.29-82.21-102.07-129.93-168.77-227.51-306.71-413.48-557.41
Tax Rate 0.00%0.00%0.00%0.00%0.00%-1.55%-0.26%-0.26%-0.26%-0.26%-0.26%
EBIAT -39.54-75.623.29-82.21-102.07-131.95-169.20-228.10-307.51-414.55-558.86
Depreciation 8.829.779.507.909.538.5027.7837.4550.4968.0691.75
Accounts Receivable -4.17-0.88-33.008.02-0.81-9.51-14.48-19.52-26.32-35.48
Inventories -----------
Accounts Payable -1.56-2.395.58-1.505.417.127.379.9413.4018.06
Capital Expenditure --0.270.11-0.65-0.362.28-6.47-2.68-3.62-4.88-6.57
UFCF -30.71-60.419.63-102.38-86.38-116.57-150.29-200.45-270.22-364.29-491.09
WACC
PV UFCF -150.29-176.03-208.40-246.73-292.10
SUM PV UFCF -658.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.87
Free cash flow (t + 1) -510.74
Terminal Value -5,174.64
Present Value of Terminal Value -2,702.92

Intrinsic Value

Enterprise Value -3,361.91
Net Debt -319.11
Equity Value -3,042.79
Shares Outstanding 198.49
Equity Value Per Share -15.33