HALO
Halozyme Therapeutics, Inc.
$125.63
Platform & Compounding FCF
85%
Two-stage FCF DCF
Mild
·
Conviction
Overvalued
Trading 0.2% above fair value
You pay
$125.63
Bear
$80.44
Fair
$125.33
Bull
$172.46
Bear
$80.44
-36.0%
8% stage 1 growth, 11% discount
Fair
$125.33
-0.2%
13% stage 1 growth, 11% discount
Bull
$172.46
+37.3%
16% stage 1 growth, 11% discount
Adjust Assumptions
12.6%
11.0%
3.0%
Key Value Driver
FCF growth rate (13% base case)
Terminal Value % of EV
41%
Implied Market Multiple
26.3x
Market is pricing in (growth)
12.7%
vs 12.6% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (27 analysts)
$110.00
Divergence from AlphaVal
14%
Summary
Using a two-stage FCF DCF with 13% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $125.33 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions