DCF Tool

CORT

Corcept Therapeutics Inc – Pharmaceutical Preparation Manufacturing
leading the field in the discovery of drugs that modulate the effects of cortisol the adverse effects of excess cortisol have been corcept’s focus since the company’s inception. abnormal levels and release of cortisol play a role in a variety of metabolic, oncological, and psychiatric diseases, and we are currently studying a new generation of compounds that may mitigate the effects of excess cortisol. in addition to our work with mifepristone, we have developed over 300 proprietary molecules, advancing the most promising of these to the clinic to see if they can mitigate the effects of excess cortisol and the serious, sometimes life-threatening conditions that may result. all of these compounds competitively block the glucocorticoid receptor (gr), but not the progesterone receptor. scientific literature suggests that competitive gr antagonism may have a role in treating many conditions, including post-traumatic stress disorder, mild cognitive impairment, alzheimer’s disease, alcoholis
Analysis Results
Intrinsic Value $41.46
Latest Price $32.35
Relative Value 22% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 16.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 143 134
2024 166 145
2025 193 157
2026 224 170
2027 260 185
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5220 million. This corresponds to a present value of 3460 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 791 million. Adding in the terminal value gives a total present value of 4250 million.

There are presently 103.0 million outstanding shares, so the intrinsic value per share is 41.46.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 499,253,000
Current Cash 431,672,000
Current Liabilities 72,491,000
Current Debt 0
Non-Cash Working Capital (NCWC) -4,910,000
Change in NCWC -297,000
EBIT 112,634,000
Tax Provision 14,773,000
Depreciation and Amortization 2,969,000
Capital Expenditure -413,000
Unlevered Free Cash Flow 100,572,251
Current Assets 266,463,000
Current Cash 223,535,000
Current Liabilities 47,541,000
Current Debt 0
Non-Cash Working Capital (NCWC) -4,613,000
Change in NCWC 5,076,000
EBIT 124,477,000
Tax Provision 12,494,000
Depreciation and Amortization 3,067,000
Capital Expenditure -469,000
Unlevered Free Cash Flow 119,709,872
Current Assets 478,501,000
Current Cash 440,696,000
Current Liabilities 47,494,000
Current Debt 0
Non-Cash Working Capital (NCWC) -9,689,000
Change in NCWC -2,244,000
EBIT 128,202,000
Tax Provision 25,591,000
Depreciation and Amortization 2,237,000
Capital Expenditure -1,238,000
Unlevered Free Cash Flow 102,027,155
Current Assets 307,358,000
Current Cash 275,962,000
Current Liabilities 38,841,000
Current Debt 0
Non-Cash Working Capital (NCWC) -7,445,000
Change in NCWC -1,932,000
EBIT 111,606,000
Tax Provision 22,495,000
Depreciation and Amortization 2,171,000
Capital Expenditure -1,088,000
Unlevered Free Cash Flow 89,239,490
Current Assets 236,820,000
Current Cash 206,760,000
Current Liabilities 35,573,000
Current Debt 0
Non-Cash Working Capital (NCWC) -5,513,000
Change in NCWC -11,385,000
EBIT 89,496,000
Tax Provision 16,743,000
Depreciation and Amortization 236,000
Capital Expenditure -298,000
Unlevered Free Cash Flow 61,788,742
Current Assets 124,185,000
Current Cash 88,744,000
Current Liabilities 29,569,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,872,000
Change in NCWC 4,429,000
EBIT 52,855,000
Tax Provision -76,316,000
Depreciation and Amortization 106,000
Capital Expenditure -419,000
Unlevered Free Cash Flow 56,971,000
Current Assets 65,689,000
Current Cash 51,536,000
Current Liabilities 27,374,000
Current Debt 14,664,000
Non-Cash Working Capital (NCWC) 1,443,000
Change in NCWC -1,191,000
EBIT 10,179,000
Tax Provision 0
Depreciation and Amortization 87,000
Capital Expenditure -194,000
Unlevered Free Cash Flow 8,881,000
Current Assets 48,980,000
Current Cash 40,435,000
Current Liabilities 20,876,000
Current Debt 14,965,000
Non-Cash Working Capital (NCWC) 2,634,000
Change in NCWC 783,000
EBIT -3,443,000
Tax Provision 0
Depreciation and Amortization 155,000
Capital Expenditure -17,000
Unlevered Free Cash Flow -2,522,000
Current Assets 30,230,000
Current Cash 24,248,000
Current Liabilities 13,555,000
Current Debt 9,424,000
Non-Cash Working Capital (NCWC) 1,851,000
Change in NCWC 5,412,000
EBIT -27,619,000
Tax Provision 0
Depreciation and Amortization 141,000
Capital Expenditure -174,000
Unlevered Free Cash Flow -22,240,000
Current Assets 58,311,000
Current Cash 54,877,000
Current Liabilities 12,738,000
Current Debt 5,743,000
Non-Cash Working Capital (NCWC) -3,561,000
Change in NCWC 118,000
EBIT -41,496,000
Tax Provision 0
Depreciation and Amortization 74,000
Capital Expenditure -127,000
Unlevered Free Cash Flow -41,431,000
Current Assets 95,062,000
Current Cash 93,032,000
Current Liabilities 8,359,000
Current Debt 2,650,000
Non-Cash Working Capital (NCWC) -3,679,000
Change in NCWC 1,207,000
EBIT -36,272,000
Tax Provision 0
Depreciation and Amortization 27,000
Capital Expenditure -151,000
Unlevered Free Cash Flow -35,189,000

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