Discounted Cash Flow (DCF) Analysis Levered
Amgen Inc. (AMGN)
$244.605
-0.57 (-0.23%)
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 | 23,747 | 23,362 | 25,424 | 25,979 | 26,323 | 27,027.94 | 27,751.76 | 28,494.96 | 29,258.07 | 30,041.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 11,296 | 9,150 | 10,497 | 9,261 | 9,721 | 10,843.60 | 11,133.99 | 11,432.16 | 11,738.32 | 12,052.68 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -738 | -618 | -608 | -880 | -936 | -815.58 | -837.42 | -859.85 | -882.87 | -906.52 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 10,558 | 8,532 | 9,889 | 8,381 | 8,785 | 10,028.02 | 10,296.57 | 10,572.32 | 10,855.45 | 11,146.16 |
Weighted Average Cost Of Capital
| Share price | $ 244.605 |
|---|---|
| Beta | 0.660 |
| Diluted Shares Outstanding | 541 |
| Cost of Debt | |
| Tax Rate | 10.81 |
| After-tax Cost of Debt | 3.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.734 |
| Total Debt | 38,945 |
| Total Equity | 132,331.30 |
| Total Capital | 171,276.30 |
| Debt Weighting | 22.74 |
| Equity Weighting | 77.26 |
| 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 | 23,747 | 23,362 | 25,424 | 25,979 | 26,323 | 27,027.94 | 27,751.76 | 28,494.96 | 29,258.07 | 30,041.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 11,296 | 9,150 | 10,497 | 9,261 | 9,721 | 10,843.60 | 11,133.99 | 11,432.16 | 11,738.32 | 12,052.68 |
| Capital Expenditure | -738 | -618 | -608 | -880 | -936 | -815.58 | -837.42 | -859.85 | -882.87 | -906.52 |
| Free Cash Flow | 10,558 | 8,532 | 9,889 | 8,381 | 8,785 | 10,028.02 | 10,296.57 | 10,572.32 | 10,855.45 | 11,146.16 |
| WACC | ||||||||||
| PV LFCF | 9,465.75 | 9,174.30 | 8,891.81 | 8,618.03 | 8,352.67 | |||||
| SUM PV LFCF | 44,502.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.94 |
| Free cash flow (t + 1) | 11,369.09 |
| Terminal Value | 288,555.47 |
| Present Value of Terminal Value | 216,236.73 |
Intrinsic Value
| Enterprise Value | 260,739.29 |
|---|---|
| Net Debt | 38,945 |
| Equity Value | 221,794.29 |
| Shares Outstanding | 541 |
| Equity Value Per Share | 409.97 |