PTCT
PTC Therapeutics, Inc.
$61.07
Platform & Compounding FCF
80%
Two-stage FCF DCF
Moderate
·
Conviction
Undervalued
Trading 29.8% below fair value
You pay
$61.07
Bear
$86.99
Fair
$86.99
Bull
$93.48
Bear
$86.99
+42.4%
3% stage 1 growth, 11% discount
Fair
$86.99
+42.4%
3% stage 1 growth, 11% discount
Bull
$93.48
+53.1%
4% stage 1 growth, 11% discount
Adjust Assumptions
3.0%
11.0%
3.0%
Key Value Driver
FCF growth rate (3% base case)
Terminal Value % of EV
33%
Implied Market Multiple
9.4x
Market is pricing in (growth)
-1.4%
vs 3.0% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (26 analysts)
$102.89
Divergence from AlphaVal
15%
Summary
Using a two-stage FCF DCF with 3% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $86.99 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