Discounted Cash Flow (DCF) Analysis Levered

Elevance Health Inc. (ANTM)

$482.58

+12.71 (+2.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 991.83 | 482.58 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 104,213121,867138,639156,595171,340194,072.74219,821.57248,986.66282,021.27319,438.78
Revenue (%)
Operating Cash Flow 6,06110,6888,3648,3998,06111,911.1413,491.4715,281.4717,308.9519,605.44
Operating Cash Flow (%)
Capital Expenditure -1,077-1,021-1,087-1,152-1,296-1,609.78-1,823.36-2,065.27-2,339.28-2,649.65
Capital Expenditure (%)
Free Cash Flow 4,9849,6677,2777,2476,76510,301.3711,668.1113,216.1914,969.6716,955.79

Weighted Average Cost Of Capital

Share price $ 482.58
Beta 0.974
Diluted Shares Outstanding 237.40
Cost of Debt
Tax Rate 22.40
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.881
Total Debt 25,120
Total Equity 114,564.49
Total Capital 139,684.49
Debt Weighting 17.98
Equity Weighting 82.02
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 104,213121,867138,639156,595171,340194,072.74219,821.57248,986.66282,021.27319,438.78
Operating Cash Flow 6,06110,6888,3648,3998,06111,911.1413,491.4715,281.4717,308.9519,605.44
Capital Expenditure -1,077-1,021-1,087-1,152-1,296-1,609.78-1,823.36-2,065.27-2,339.28-2,649.65
Free Cash Flow 4,9849,6677,2777,2476,76510,301.3711,668.1113,216.1914,969.6716,955.79
WACC
PV LFCF 6,535.066,861.427,204.097,563.867,941.61
SUM PV LFCF 52,757.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.88
Free cash flow (t + 1) 17,294.90
Terminal Value 294,131.02
Present Value of Terminal Value 201,296.46

Intrinsic Value

Enterprise Value 254,054
Net Debt 18,594
Equity Value 235,460
Shares Outstanding 237.40
Equity Value Per Share 991.83