PTCT
PTC Therapeutics, Inc.
$66.06
Platform & Compounding FCF
80%
Two-stage FCF DCF
Moderate
·
Conviction
Undervalued
Trading 30.9% below fair value
You pay
$66.06
Bear
$86.99
Fair
$95.60
Bull
$105.66
Bear
$86.99
+31.7%
3% stage 1 growth, 11% discount
Fair
$95.60
+44.7%
4% stage 1 growth, 11% discount
Bull
$105.66
+59.9%
5% stage 1 growth, 11% discount
Adjust Assumptions
4.2%
11.0%
3.0%
Key Value Driver
FCF growth rate (4% base case)
Terminal Value % of EV
34%
Implied Market Multiple
10.1x
Market is pricing in (growth)
-0.4%
vs 4.2% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (26 analysts)
$106.14
Divergence from AlphaVal
10%
Summary
Using a two-stage FCF DCF with 4% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $95.60 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