Halozyme Therapeutics, Inc.

DB:RV7

미국 / 헬스케어 / 생명공학

개요

뉴스

5년 현금흐름할인(DCF) 반영된 자금 회수

주가

59.60 EUR

적정가치

70.05 EUR

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Perpetuity Growth Rate	0.8% - 1.8%	1.3%
Fair Value	€63.28 - €78.54	€70.05
Upside	6.2% - 31.8%	17.5%

10.8%

Revenue 5y CAGR

65.2%

5y Avg EBITDA Margin

16.5%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

주가

59.60 EUR

적정가치

70.05 EUR

상승 여력 있음

17.5%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	1,015	1,189	1,456	1,683	1,859	1,693
% Growth	22.4%	17.1%	22.5%	15.5%	10.5%	-8.9%

EBITDA	627	771	929	1,125	1,194	1,118
% of Revenue	61.8%	64.9%	63.8%	66.9%	64.2%	66.0%

지원하는 계산법

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(USD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		771	929	1,125	1,194	1,118	1,118
Other Income / (Exp)		0	109	0	90	0	0
D&A		(84)	(103)	(3)	(4)	(23)	(10)

EBIT		687	935	1,122	1,280	1,095	1,109
Pro forma Taxes		(103)	(140)	(168)	(192)	(164)	(166)
NOPAT	469	584	795	953	1,088	931	942

Capital Expenditures	(11)	(2)	(12)	(13)	(11)	(10)	(10)
NWC Investment	(66)	(62)	(95)	(80)	(63)	59	(8)
(+) D&A	76	84	103	3	4	23	10

Free Cash Flow	468	605	791	863	1,018	1,003	934
% Growth		29%	31%	9%	18%	-2%	-7%

로딩 에러

Halozyme Therapeutics, Inc.

DB:RV7

미국 / 헬스케어 / 생명공학

5년 현금흐름할인(DCF) 반영된 자금 회수