TGM's two-stage DCF values Halozyme Therapeutics, Inc. (HALO) between $69.13 and $133.63 depending on assumptions, with a base case of $97.39. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth (capped at 18%)), fading to 2.5% long-run; the discount rate (8.5%) reflects its beta.
What would today's price require?
$109.70 is justified only if free cash flow grows about +20.6% a year (fading to 2.5% long-run) at a 8.5% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 15.0%/yr | 9.5% | $69.13 |
| Base case | 18.0%/yr | 8.5% | $97.39 |
| Optimistic | 20.0%/yr | 7.5% | $133.63 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 6, 2026 · assumptions not provided | $87.90 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$109.70
Market-Implied Growth
+20.6%/yr
vs +40.1% 5Y actual
Model Scenario Range
$69.13 – $133.63
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for HALO (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $420.8M · 0.12B shares · net debt $2.0B
Estimated Fair Value
$97.39
-11.2% vs $109.70
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 18.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $109.70; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.5% | $127 | $141 | $159 | $182 | $212 |
| 7.5% | $102 | $111 | $122 | $136 | $153 |
| 8.5% | $83.27 | $89.79 | $97.39 | $106 | $117 |
| 9.5% | $69.65 | $74.43 | $79.87 | $86.15 | $93.47 |
| 10.5% | $59.11 | $62.72 | $66.78 | $71.38 | $76.63 |
