Alnylam Pharmaceuticals, Inc.
NasdaqGS-ALNY
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 | 1,037.4 | 1,828.3 | 2,248.2 | 3,742.5 | 5,345.7 | 6,773.4 | 6,773.4 | 6,773.4 |
Revenue % Chg. | 22.9% | 76.2% | 23% | |||||
EBIT | -785.1 | -282.2 | -176.9 | 585.5 | 1,182.9 | 2,194.3 | 2,194.3 | 2,194.3 |
EBIT Margin | -75.7% | -15.4% | -7.9% | |||||
Tax Rate | -0.4% | -1.6% | 26.3% | |||||
NOPAT | -788 | -286.6 | -130.4 | 495.7 | 968.1 | 1,744.4 | 1,744.4 | 1,744.4 |
NOPAT Margin | -76% | -15.7% | -5.8% | 13.2% | 18.1% | 25.8% | 25.8% | 25.8% |
D&A | 44.5 | 54.1 | 56.7 | 67.2 | 74.7 | 91 | 91 | 91 |
D&A / Revenue | 4.3% | 3% | 2.5% | |||||
Capex | -72.1 | -62.2 | -34.3 | -70.6 | -89.2 | -104.8 | -104.8 | -104.8 |
Capex / Revenue | -6.9% | -3.4% | -1.5% | |||||
Chg. NWC | 7.6 | 57.3 | -214.1 | -70.6 | -100.8 | -127.7 | -127.7 | -127.7 |
Chg. NWC / Revenue | 0.7% | 3.1% | -9.5% | |||||
Unlevered FCF (UFCF) | -807.9 | -237.4 | -322.1 | 421.7 | 852.8 | 1,603 | 1,603 | 1,603 |
UFCF % Chg. | -5.9% | -70.6% | 35.6% | -230.9% | 102.2% | 88% | -0% | — |
PV of UFCF | — | — | — | 388.7 | 724.5 | 1,255 | 1,156.7 | 1,066.1 |
Sum of PV of UFCF | — | — | — | 388.7 | 1,113.2 | 2,368.2 | 3,525 | 4,591.1 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4.8% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 2,743.4 |
| Market Cap | 62,528.1 |
| Total Capital | 65,271.6 |
| Debt Weighting | 4.2% |
| Equity Weighting | 95.8% |
| WACC | 8.5% |
| Exit Multiple EV/FCF | |
| Terminal Value | 62,576.8 |
| PV of Terminal Value | 38,360.6 |
| Cumulative PV of UFCF | 4,591.1 |
| Net Debt | 48.7 |
| Equity Value | 42,903 |
| Shares Outstanding | 132.1 |
| Implied Share Price | 324.7 |
| Current Share Price | 465.3 |
| Implied Upside / (Downside) | -30.2% |