Discounted Cash Flow

Halozyme Therapeutics, Inc.

HALO · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $146.7m $-103.0m $-53.5m -70.2% $-0.81
2017 $316.6m (115.8%) $63.0m (161.1%) $132.7m (348.0%) 19.9% (128.3%) $0.46 (156.8%)
2018 $151.9m (-52.0%) $-80.3m (-227.6%) $-54.2m (-140.8%) -52.9% (-366.0%) $-0.56 (-221.7%)
2019 $196.0m (29.1%) $-72.2m (10.1%) $-89.5m (-65.2%) -36.9% (30.3%) $-0.50 (10.7%)
2020 $267.6m (36.5%) $129.1m (278.7%) $53.0m (159.2%) 48.2% (230.9%) $0.95 (290.0%)
2021 $443.3m (65.7%) $402.7m (212.0%) $298.0m (462.8%) 90.8% (88.3%) $2.86 (201.1%)
2022 $660.1m (48.9%) $202.1m (-49.8%) $235.3m (-21.0%) 30.6% (-66.3%) $1.48 (-48.3%)
2023 $829.3m (25.6%) $281.6m (39.3%) $373.3m (58.6%) 34.0% (10.9%) $2.13 (43.9%)
2024 $1.0b (22.4%) $444.1m (57.7%) $468.4m (25.5%) 43.7% (28.8%) $3.50 (64.3%)
2025 $1.4b (37.6%) $316.9m (-28.6%) $644.6m (37.6%) 22.7% (-48.1%) $2.64 (-24.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model