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Glaukos Corp

NYSE:GKOS

美國 / 保健 / 醫護設備及用品

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10 年 DCF EBITDA 退出價

股價

89.96 USD

公允價值

70.81 USD

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal EBITDA Multiple	7.1x - 9.1x	8.1x
Fair Value	$63.06 - $79.15	$70.81
Upside	-29.9% - -12.0%	-21.3%

20.0%

Revenue 10y CAGR

19.0%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

股價

89.96 USD

公允價值

70.81 USD

看漲

-21.3%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	383	480	609	740	1,046	1,555	1,866	2,099	2,256	2,335	2,382
% Growth	21.9%	25.2%	26.8%	21.5%	41.4%	48.6%	20.0%	12.5%	7.5%	3.5%	2.0%

EBITDA	-72	-47	14	78	186	393	518	604	660	683	697
% of Revenue	-18.9%	-9.8%	2.4%	10.6%	17.8%	25.3%	27.8%	28.8%	29.3%	29.3%	29.3%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(USD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		(47)	14	78	186	393	518	604	660	683	697
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(7)	(20)	(32)	(85)	(113)	(136)	(153)	(164)	(170)	(173)

EBIT		(54)	(6)	46	101	280	382	451	496	514	524
Pro forma Taxes		0	0	(4)	(9)	(25)	(34)	(41)	(45)	(46)	(47)
NOPAT	(98)	(54)	(6)	42	92	255	348	411	452	467	477

Capital Expenditures	(6)	(23)	(31)	(39)	(82)	(83)	(68)	(76)	(76)	(73)	(75)
NWC Investment	(12)	(17)	(22)	(23)	(53)	(88)	(54)	(40)	(27)	(14)	(8)
(+) D&A	36	7	20	32	85	113	136	153	164	170	173

Free Cash Flow	(81)	(87)	(38)	12	42	197	362	446	513	550	567
% Growth		NM	NM	NM	239%	370%	84%	23%	15%	7%	3%

載入錯誤

Glaukos Corp

NYSE:GKOS

美國 / 保健 / 醫護設備及用品

10 年 DCF EBITDA 退出價