| Intrinsic Valuation of: GMAB | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $13B | |||||
| 2021 | - | - (-) | P/E Ratio | 12 | Total Asset | $46B | |||||
| 2022 | $2B | - (-) | Net Income | $8B | Total Debt | $0 | |||||
| 2023 | $4B | 81.9% (5.6%) | EBITDA | $10B | Total Liab | $9B | |||||
| 2024 | $7B | 94.8% (71.5%) | Opr Margin | 0.33 | Debt/Equity | - | |||||
| 2025 | $7B | 6.6% (-18.4%) | PreTax Margin | 31.98 | BV/Share | 35 | |||||
| 5Y Average FCF | $5B | 61.1% (19.6%) | |||||||||
| 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 | $9B | MBG Intrinsic Value | $15 | ||||||||
| 2027 | $12B | ||||||||||
| 2028 | $15B | ||||||||||
| 2029 | $18B | ||||||||||
| 2030 | $23B | ||||||||||
| 2031 | $28B | ||||||||||
| Terminal Value | $592B | Net Worth/Share | $60 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $464B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $10B | $769 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 671 | 723 | 786 | 863 | 961 | |||
| Equity Value | $474B | 7.4% | 664 | 716 | 777 | 853 | 948 | ||||
| Shares Outstanding | 616,212,992 | 7.4% | 658 | 709 | 769 | 843 | 936 | ||||
| 7.9% | 603 | 644 | 693 | 752 | 825 | ||||||
| DCF Intrinsic Value | $769 | 8.4% | 556 | 590 | 631 | 679 | 736 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||