WuXi AppTec Co., Ltd., an investment holding company, provides research, development, and manufacturing services to discover, develop, and manufacture small molecule drugs, and cell and gene therapies in the People's Republic of China, rest of Asia, the United States, Europe, and internationally. The company operates through six segments: WuXi Chemistry, WuXi Testing, WuXi Biology, WuXi ATU, WuXi DDSU, and Others. It offers contract research, development, and manufacturing organization services for new drug development from discovery to commercial covering various categories for various synthetic molecular modalities, including small molecules, oligonucleotides, peptides, and complex conjugates; and biology services and solutions that support stand-alone and integrated projects from target discovery to candidate selection and into the clinic. The company also provides seamless drug and medical device testing services from preclinical testing to clinical trials; an integrated end-to-end solution to accelerate time to market for cell and gene therapies; drug discovery services to pharmaceutical and biotech customers; and clinical research services. WuXi AppTec Co., Ltd. was founded in 2000 and is headquartered in Shanghai, the People's Republic of China.

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	39,354.8	38,678	37,917.8	44,357.6	50,204.8	57,239.6	57,239.6	57,239.6
Revenue % Chg.	71.8%	-1.7%	-2%
EBIT	9,146.4	9,825.6	12,088.4	16,939.4	18,119.4	20,743.7	20,743.7	20,743.7
EBIT Margin	23.2%	25.4%	31.9%
Tax Rate	16.2%	21%	14.7%
NOPAT	7,668.4	7,765.9	10,316.1	13,969.4	15,064.5	17,246.3	17,246.3	17,246.3
NOPAT Margin	19.5%	20.1%	27.2%	31.5%	30%	30.1%	30.1%	30.1%
D&A	1,693.5	2,283.6	2,702.5	2,692.8	3,321.1	3,671	3,671	3,671
D&A / Revenue	4.3%	5.9%	7.1%
Capex	-9,965.7	-5,516.6	-4,003.5	-6,340	-5,662.8	-5,078.7	-5,078.7	-5,078.7
Capex / Revenue	-25.3%	-14.3%	-10.6%
Chg. NWC	606.1	883.9	-603.5	330.3	373.9	426.2	426.2	426.2
Chg. NWC / Revenue	1.5%	2.3%	-1.6%
Unlevered FCF (UFCF)	2.4	5,416.8	8,411.6	10,652.5	13,096.6	16,264.9	16,264.9	16,264.9
UFCF % Chg.	-100.1%	228,266.6%	55.3%	26.6%	22.9%	24.2%	—	—
PV of UFCF	—	—	—	9,703.8	10,867.7	12,294.7	11,199.7	10,202.2
Sum of PV of UFCF	—	—	—	9,703.8	20,571.5	32,866.1	44,065.8	54,268

Cost of Debt
Tax Rate
After Tax Cost of Debt	—
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.8%
Total Debt	8,501.9
Market Cap	1,939,442.8
Total Capital	1,947,944.7
Debt Weighting	0.4%
Equity Weighting	99.6%
WACC	9.8%

Exit Multiple EV/FCF
Terminal Value	1,769,011.7
PV of Terminal Value	1,010,789.5
Cumulative PV of UFCF	54,268
Net Debt	-24,653.8
Equity Value	1,089,711.3
Shares Outstanding	2,963.8
Implied Share Price	367.7
Current Share Price	94.3
Implied Upside / (Downside)	289.9%