Discounted Cash Flow (DCF) Analysis Levered
AbbVie Inc. (ABBV)
$145.55
+0.35 (+0.24%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 28,216 | 32,753 | 33,266 | 45,804 | 56,197 | 67,159.08 | 80,259.48 | 95,915.32 | 114,625.06 | 136,984.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 9,960 | 13,427 | 13,324 | 17,588 | 22,777 | 26,229.08 | 31,345.47 | 37,459.88 | 44,766.99 | 53,499.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -529 | -638 | -552 | -798 | -787 | -1,158.46 | -1,384.43 | -1,654.49 | -1,977.22 | -2,362.91 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 9,431 | 12,789 | 12,772 | 16,790 | 21,990 | 25,070.63 | 29,961.03 | 35,805.39 | 42,789.78 | 51,136.57 |
Weighted Average Cost Of Capital
| Share price | $ 145.55 |
|---|---|
| Beta | 0.624 |
| Diluted Shares Outstanding | 1,777 |
| Cost of Debt | |
| Tax Rate | 11.14 |
| After-tax Cost of Debt | 2.81% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.563 |
| Total Debt | 76,684 |
| Total Equity | 258,642.35 |
| Total Capital | 335,326.35 |
| Debt Weighting | 22.87 |
| Equity Weighting | 77.13 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 28,216 | 32,753 | 33,266 | 45,804 | 56,197 | 67,159.08 | 80,259.48 | 95,915.32 | 114,625.06 | 136,984.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 9,960 | 13,427 | 13,324 | 17,588 | 22,777 | 26,229.08 | 31,345.47 | 37,459.88 | 44,766.99 | 53,499.48 |
| Capital Expenditure | -529 | -638 | -552 | -798 | -787 | -1,158.46 | -1,384.43 | -1,654.49 | -1,977.22 | -2,362.91 |
| Free Cash Flow | 9,431 | 12,789 | 12,772 | 16,790 | 21,990 | 25,070.63 | 29,961.03 | 35,805.39 | 42,789.78 | 51,136.57 |
| WACC | ||||||||||
| PV LFCF | 17,976.92 | 20,325.06 | 22,979.92 | 25,981.55 | 29,375.26 | |||||
| SUM PV LFCF | 153,892.57 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.70 |
| Free cash flow (t + 1) | 52,159.30 |
| Terminal Value | 1,409,710.93 |
| Present Value of Terminal Value | 1,068,452.28 |
Intrinsic Value
| Enterprise Value | 1,222,344.85 |
|---|---|
| Net Debt | 66,938 |
| Equity Value | 1,155,406.85 |
| Shares Outstanding | 1,777 |
| Equity Value Per Share | 650.20 |