| Intrinsic Valuation of: GMAB | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 1 | Market Cap | $16B | |||||
| 2021 | - | - (-) | P/E Ratio | 20 | Total Asset | $13B | |||||
| 2022 | $517M | - (-) | Net Income | $963M | Total Debt | $5B | |||||
| 2023 | $1B | 96.6% (71.7%) | EBITDA | $1B | Total Liab | $7B | |||||
| 2024 | $1B | 6.4% (-18.5%) | Opr Margin | 33.60 | Debt/Equity | 0.86 | |||||
| 2025 | $1B | 4.5% (-12.3%) | PreTax Margin | 31.96 | BV/Share | -6 | |||||
| 5Y Average FCF | $937M | 15.0% (13.6%) | |||||||||
| 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 | $1B | MBG Intrinsic Value | $12 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $40B | Net Worth/Share | $10 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $34B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $50 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $5B | WACC | 6.5% | 47 | 51 | 57 | 64 | 74 | |||
| Equity Value | $31B | 7.1% | 41 | 44 | 48 | 54 | 61 | ||||
| Shares Outstanding | 613,934,040 | 7.8% | 36 | 39 | 42 | 46 | 51 | ||||
| 8.4% | 32 | 34 | 37 | 40 | 43 | ||||||
| DCF Intrinsic Value | $50 | 9.0% | 29 | 31 | 33 | 35 | 38 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||