| 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 | $15B | |||||
| 2021 | - | - (-) | P/E Ratio | 13 | Total Asset | $6B | |||||
| 2022 | $301M | - (-) | Net Income | $1B | Total Debt | $0 | |||||
| 2023 | $517M | 72.0% (5.6%) | EBITDA | $1B | Total Liab | $1B | |||||
| 2024 | $1B | 101.0% (71.5%) | Opr Margin | 0.33 | Debt/Equity | - | |||||
| 2025 | $1B | 0.2% (-18.4%) | PreTax Margin | 31.98 | BV/Share | 5 | |||||
| 5Y Average FCF | $725M | 57.7% (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 | $1B | MBG Intrinsic Value | $17 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $4B | ||||||||||
| Terminal Value | $83B | Net Worth/Share | $8 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $65B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $107 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 94 | 101 | 110 | 121 | 134 | |||
| Equity Value | $66B | 7.4% | 93 | 100 | 109 | 119 | 133 | ||||
| Shares Outstanding | 615,070,976 | 7.4% | 92 | 99 | 107 | 118 | 131 | ||||
| 7.9% | 84 | 90 | 97 | 105 | 115 | ||||||
| DCF Intrinsic Value | $107 | 8.4% | 78 | 83 | 88 | 95 | 103 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||