Discounted Cash Flow (DCF) Analysis Levered
Alexion Pharmaceuticals, Inc. (ALXN)
$182.5
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,084 | 3,551.10 | 4,131.20 | 4,991.10 | 6,069.90 | 7,191.48 | 8,520.30 | 10,094.66 | 11,959.93 | 14,169.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,086 | 1,115.60 | 426 | 2,084.90 | 3,002.90 | 2,419.01 | 2,865.99 | 3,395.56 | 4,022.98 | 4,766.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -333 | -357.30 | -213 | -170.70 | -106.70 | -448.65 | -531.55 | -629.77 | -746.14 | -884.01 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 753 | 758.30 | 213 | 1,914.20 | 2,896.20 | 1,970.36 | 2,334.44 | 2,765.79 | 3,276.84 | 3,882.33 |
Weighted Average Cost Of Capital
| Share price | $ 182.5 |
|---|---|
| Beta | 1.260 |
| Diluted Shares Outstanding | 219.10 |
| Cost of Debt | |
| Tax Rate | -6.05 |
| After-tax Cost of Debt | 4.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.690 |
| Total Debt | 2,562 |
| Total Equity | 39,985.75 |
| Total Capital | 42,547.75 |
| Debt Weighting | 6.02 |
| Equity Weighting | 93.98 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,084 | 3,551.10 | 4,131.20 | 4,991.10 | 6,069.90 | 7,191.48 | 8,520.30 | 10,094.66 | 11,959.93 | 14,169.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,086 | 1,115.60 | 426 | 2,084.90 | 3,002.90 | 2,419.01 | 2,865.99 | 3,395.56 | 4,022.98 | 4,766.33 |
| Capital Expenditure | -333 | -357.30 | -213 | -170.70 | -106.70 | -448.65 | -531.55 | -629.77 | -746.14 | -884.01 |
| Free Cash Flow | 753 | 758.30 | 213 | 1,914.20 | 2,896.20 | 1,970.36 | 2,334.44 | 2,765.79 | 3,276.84 | 3,882.33 |
| WACC | ||||||||||
| PV LFCF | 1,506.92 | 1,632.70 | 1,768.99 | 1,916.65 | 2,076.64 | |||||
| SUM PV LFCF | 10,644.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.35 |
| Free cash flow (t + 1) | 3,959.98 |
| Terminal Value | 53,877.22 |
| Present Value of Terminal Value | 34,459.68 |
Intrinsic Value
| Enterprise Value | 45,104.05 |
|---|---|
| Net Debt | -402.50 |
| Equity Value | 45,506.55 |
| Shares Outstanding | 219.10 |
| Equity Value Per Share | 207.70 |