| Intrinsic Valuation of: ARGX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 16 | Market Cap | $34B | |||||
| 2021 | - | - (-) | P/E Ratio | 34 | Total Asset | $6B | |||||
| 2022 | $-728M | - (-) | Net Income | $833M | Total Debt | $0 | |||||
| 2023 | $-967M | -32.7% (-60.7%) | EBITDA | $105M | Total Liab | $704M | |||||
| 2024 | $-464M | 52.0% (83.9%) | Opr Margin | -0.01 | Debt/Equity | - | |||||
| 2025 | $-151M | 67.5% (81.8%) | PreTax Margin | -0.93 | BV/Share | 87 | |||||
| 5Y Average FCF | $-578M | 28.9% (35.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $-722M | MBG Intrinsic Value | $144 | ||||||||
| 2027 | $-902M | ||||||||||
| 2028 | $-1B | ||||||||||
| 2029 | $-1B | ||||||||||
| 2030 | $-2B | ||||||||||
| 2031 | $-2B | ||||||||||
| Terminal Value | $-46B | Net Worth/Share | $90 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $-36B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $-563 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | -486 | -527 | -576 | -637 | -713 | |||
| Equity Value | $-34B | 7.4% | -482 | -522 | -570 | -629 | -703 | ||||
| Shares Outstanding | 61,059,600 | 7.4% | -477 | -516 | -563 | -621 | -693 | ||||
| 7.9% | -434 | -466 | -504 | -550 | -607 | ||||||
| DCF Intrinsic Value | $-563 | 8.4% | -397 | -424 | -455 | -493 | -538 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||