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