argenx SE
ENXTBR-ARGX
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 441 | 1,268.6 | 2,248.2 | 3,626.8 | 5,005.1 | 6,077.6 | 6,077.6 | 6,077.6 |
Revenue % Chg. | -16.5% | 187.7% | 77.2% | |||||
EBIT | -723.9 | -420.6 | -17.8 | 977.9 | 1,839.2 | 2,501.2 | 2,501.2 | 2,501.2 |
EBIT Margin | -164.1% | -33.2% | -0.8% | |||||
Tax Rate | 2.7% | 3.1% | -878% | |||||
NOPAT | -704.3 | -407.6 | -174.5 | 831.2 | 1,539.9 | 2,078.2 | 2,078.2 | 2,078.2 |
NOPAT Margin | -159.7% | -32.1% | -7.8% | 22.9% | 30.8% | 34.2% | 34.2% | 34.2% |
D&A | 103.6 | 107.6 | 7.2 | 17.6 | 20.8 | 25.7 | 25.7 | 25.7 |
D&A / Revenue | 23.5% | 8.5% | 0.3% | |||||
Capex | -0.8 | -0.8 | -1.8 | -39.2 | -59 | -74.3 | -74.3 | -74.3 |
Capex / Revenue | -0.2% | -0.1% | -0.1% | |||||
Chg. NWC | -375.7 | -308.9 | -325.2 | -1,499.2 | -2,068.9 | -2,512.3 | -2,512.3 | -2,512.3 |
Chg. NWC / Revenue | -85.2% | -24.3% | -14.5% | |||||
Unlevered FCF (UFCF) | -977.3 | -609.7 | -494.2 | -689.5 | -567.2 | -482.6 | -482.6 | -482.6 |
UFCF % Chg. | 38.3% | -37.6% | -18.9% | 39.5% | -17.7% | -14.9% | — | — |
PV of UFCF | — | — | — | -634.7 | -480.6 | -376.4 | -346.5 | -319 |
Sum of PV of UFCF | — | — | — | -634.7 | -1,115.4 | -1,491.8 | -1,838.3 | -2,157.2 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 27.4% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.6% |
| Total Debt | 39.1 |
| Market Cap | 48,482.6 |
| Total Capital | 48,521.6 |
| Debt Weighting | 0.1% |
| Equity Weighting | 99.9% |
| WACC | 8.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 45,171.4 |
| PV of Terminal Value | 27,481.6 |
| Cumulative PV of UFCF | -2,157.2 |
| Net Debt | -3,885 |
| Equity Value | 29,209.3 |
| Shares Outstanding | 61.2 |
| Implied Share Price | 477.3 |
| Current Share Price | 870 |
| Implied Upside / (Downside) | -45.1% |