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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Intercept Pharmaceuticals Inc.

Intercept Pharmaceuticals Inc. (ICPT)

$46.23
0.13 (+0.28%)

Operating Data

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 1.621.742.7824.95130.96179.81252.00825.852,706.478,869.6429,067.59
Revenue (%)
EBITDA -66.07-279.42-218.44-393.08-326.17-279.33-306.30-35,476.95-116,265.06-381,023.87-1,248,691.42
EBITDA (%)
EBIT -67.79-283.23-226.43-402.54-335.61-285.48-312.43-36,259.19-118,828.63-389,425.19-1,276,224.24
EBIT (%)
Depreciation 1.723.817.999.459.446.156.12782.242,563.578,401.3327,532.82
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 144.83239.72628.05689.39414.92436.16652.6257,634.71188,880.46618,999.032,028,583.62
Total Cash (%)
Account Receivables 0.831.453.309.1216.5025.6938.00392.031,284.764,210.4213,798.39
Account Receivables (%)
Inventories ---2.283.487.108.4739.48129.37423.971,389.43
Inventories (%)
Accounts Payable 7.2613.4645.5965.5594.77105.11153.973,909.6512,812.7041,989.77137,608.89
Accounts Payable (%)
Capital Expenditure 1.634.645.945.0810.400.161.13718.742,355.447,719.2525,297.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 46.23
Diluted Shares Outstanding 31.65
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.14
Total Debt 532.08
Total Equity 1,463.36
Total Capital 1,995.44
Debt Weighting 26.66
Equity Weighting 73.34
Wacc

Build Up Free Cash

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 1.621.742.7824.95130.96179.81252.00825.852,706.478,869.6429,067.59
EBITDA -66.07-279.42-218.44-393.08-326.17-279.33-306.30-35,476.95-116,265.06-381,023.87-1,248,691.42
EBIT -67.79-283.23-226.43-402.54-335.61-285.48-312.43-36,259.19-118,828.63-389,425.19-1,276,224.24
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -67.79-283.23-226.43-402.54-335.61-285.48-312.43-36,259.19-118,828.63-389,425.19-1,276,224.24
Depreciation 1.723.817.999.459.446.156.12782.242,563.578,401.3327,532.82
Accounts Receivable --0.62-1.85-5.82-7.38-9.19-12.31-354.03-892.73-2,925.66-9,587.97
Inventories -----1.21-3.62-1.36-31.01-89.89-294.60-965.46
Accounts Payable -6.2032.1319.9629.2210.3448.863,755.688,903.0529,177.0895,619.11
Capital Expenditure --3.01-1.290.85-5.3210.24-0.97-717.60-1,636.70-5,363.81-17,578.28
UFCF -66.07-276.85-189.45-378.09-310.84-271.56-272.09-32,823.91-109,981.34-360,430.86-1,181,204.01
WACC
PV UFCF -29,383.15-88,132.26-258,550.76-758,501.96
SUM PV UFCF -523,723.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.71
Free cash flow (t + 1) -1,228,452.17
Terminal Value -15,933,231.77
Present Value of Terminal Value -9,158,906.27

Intrinsic Value

Enterprise Value -9,682,629.93
Net Debt -120.55
Equity Value -9,682,509.38
Shares Outstanding 31.65
Equity Value Per Share -305,885.81