Discounted Cash Flow (DCF) Analysis Levered

Alexion Pharmaceuticals, Inc. (ALXN)

$182.5

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 238.49 | 182.5 | undervalue

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 3,0843,551.104,131.204,991.106,069.907,191.488,520.3010,094.6611,959.9314,169.85
Revenue (%)
Operating Cash Flow 1,0861,115.604262,084.903,002.902,419.012,865.993,395.564,022.984,766.33
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 753758.302131,914.202,896.201,970.362,334.442,765.793,276.843,882.33

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 8.732
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 3,0843,551.104,131.204,991.106,069.907,191.488,520.3010,094.6611,959.9314,169.85
Operating Cash Flow 1,0861,115.604262,084.903,002.902,419.012,865.993,395.564,022.984,766.33
Capital Expenditure -333-357.30-213-170.70-106.70-448.65-531.55-629.77-746.14-884.01
Free Cash Flow 753758.302131,914.202,896.201,970.362,334.442,765.793,276.843,882.33
WACC
PV LFCF 1,816.841,984.832,168.352,368.852,587.88
SUM PV LFCF 10,926.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.45
Free cash flow (t + 1) 3,959.98
Terminal Value 61,394.97
Present Value of Terminal Value 40,924.65

Intrinsic Value

Enterprise Value 51,851.40
Net Debt -402.50
Equity Value 52,253.90
Shares Outstanding 219.10
Equity Value Per Share 238.49