| Intrinsic Valuation of: ARGX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 23 | Market Cap | $50B | |||||
| 2021 | - | - (-) | P/E Ratio | 35 | Total Asset | $9B | |||||
| 2022 | $-967M | - (-) | Net Income | $1B | Total Debt | $0 | |||||
| 2023 | $-464M | 52.0% (83.9%) | EBITDA | $1B | Total Liab | $1B | |||||
| 2024 | $-151M | 67.5% (81.8%) | Opr Margin | 25.39 | Debt/Equity | - | |||||
| 2025 | $574M | 479.7% (300.2%) | PreTax Margin | 25.29 | BV/Share | 113 | |||||
| 5Y Average FCF | $-252M | 15.0% (155.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $660M | MBG Intrinsic Value | $201 | ||||||||
| 2027 | $742M | ||||||||||
| 2028 | $816M | ||||||||||
| 2029 | $877M | ||||||||||
| 2030 | $921M | ||||||||||
| 2031 | $944M | ||||||||||
| Terminal Value | $21B | Net Worth/Share | $118 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $18B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $348 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 6.5% | 330 | 354 | 385 | 424 | 476 | |||
| Equity Value | $22B | 7.1% | 299 | 318 | 340 | 368 | 404 | ||||
| Shares Outstanding | 62,187,771 | 7.8% | 274 | 289 | 306 | 326 | 352 | ||||
| 8.4% | 254 | 265 | 279 | 294 | 314 | ||||||
| DCF Intrinsic Value | $348 | 9.0% | 237 | 246 | 257 | 270 | 284 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||