DCF Tool

CORT

Corcept Therapeutics Inc – Pharmaceutical Preparation Manufacturing
Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol. Korlym® was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing's syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.
Analysis Results
Intrinsic Value $47.99
Latest Price $23.48
Relative Value 51% 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 25.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.0%, 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)
2022 155 144
2023 194 167
2024 243 193
2025 303 224
2026 379 260
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6590 million. This corresponds to a present value of 4180 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 988 million. Adding in the terminal value gives a total present value of 5170 million.

There are presently 108.0 million outstanding shares, so the intrinsic value per share is 47.99.

Financial Statements

The following data was to determine the past cash flows.

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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