Discounted Cash Flow (DCF) Analysis Levered
AbbVie Inc. (ABBV)
$157.65
-0.35 (-0.22%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 32,753 | 33,266 | 45,804 | 56,197 | 58,054 | 67,524.21 | 78,539.26 | 91,351.18 | 106,253.07 | 123,585.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 13,427 | 13,324 | 17,588 | 22,777 | 24,943 | 27,406.97 | 31,877.80 | 37,077.95 | 43,126.38 | 50,161.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -638 | -552 | -798 | -787 | -695 | -1,073.24 | -1,248.31 | -1,451.95 | -1,688.80 | -1,964.29 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 12,789 | 12,772 | 16,790 | 21,990 | 24,248 | 26,333.73 | 30,629.49 | 35,626 | 41,437.58 | 48,197.19 |
Weighted Average Cost Of Capital
| Share price | $ 157.65 |
|---|---|
| Beta | 0.587 |
| Diluted Shares Outstanding | 1,778 |
| Cost of Debt | |
| Tax Rate | 12.18 |
| After-tax Cost of Debt | -2.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.317 |
| Total Debt | 63,271 |
| Total Equity | 280,301.70 |
| Total Capital | 343,572.70 |
| Debt Weighting | 18.42 |
| Equity Weighting | 81.58 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 32,753 | 33,266 | 45,804 | 56,197 | 58,054 | 67,524.21 | 78,539.26 | 91,351.18 | 106,253.07 | 123,585.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 13,427 | 13,324 | 17,588 | 22,777 | 24,943 | 27,406.97 | 31,877.80 | 37,077.95 | 43,126.38 | 50,161.48 |
| Capital Expenditure | -638 | -552 | -798 | -787 | -695 | -1,073.24 | -1,248.31 | -1,451.95 | -1,688.80 | -1,964.29 |
| Free Cash Flow | 12,789 | 12,772 | 16,790 | 21,990 | 24,248 | 26,333.73 | 30,629.49 | 35,626 | 41,437.58 | 48,197.19 |
| WACC | ||||||||||
| PV LFCF | 25,168.43 | 27,978.68 | 31,102.72 | 34,575.58 | 38,436.21 | |||||
| SUM PV LFCF | 157,261.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.63 |
| Free cash flow (t + 1) | 49,161.14 |
| Terminal Value | 1,869,244.69 |
| Present Value of Terminal Value | 1,490,682.07 |
Intrinsic Value
| Enterprise Value | 1,647,943.71 |
|---|---|
| Net Debt | 54,070 |
| Equity Value | 1,593,873.71 |
| Shares Outstanding | 1,778 |
| Equity Value Per Share | 896.44 |