Discounted Cash Flow (DCF) Analysis Levered

AstraZeneca PLC (AZN)

$69.41

+0.21 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 115.31 | 69.41 | undervalue

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 22,09024,38426,61737,41744,35153,071.4863,506.6275,993.5690,935.73108,815.90
Revenue (%)
Operating Cash Flow 2,6182,9694,7995,9639,8088,502.9510,174.8412,175.4514,569.4417,434.15
Operating Cash Flow (%)
Capital Expenditure -1,371-2,460-2,606-2,200-2,571-4,008.21-4,796.32-5,739.39-6,867.90-8,218.29
Capital Expenditure (%)
Free Cash Flow 1,2475092,1933,7637,2374,494.745,378.526,436.067,701.559,215.86

Weighted Average Cost Of Capital

Share price $ 69.41
Beta 0.174
Diluted Shares Outstanding 2,854
Cost of Debt
Tax Rate -31.47
After-tax Cost of Debt 4.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.314
Total Debt 29,232
Total Equity 198,096.14
Total Capital 227,328.14
Debt Weighting 12.86
Equity Weighting 87.14
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 22,09024,38426,61737,41744,35153,071.4863,506.6275,993.5690,935.73108,815.90
Operating Cash Flow 2,6182,9694,7995,9639,8088,502.9510,174.8412,175.4514,569.4417,434.15
Capital Expenditure -1,371-2,460-2,606-2,200-2,571-4,008.21-4,796.32-5,739.39-6,867.90-8,218.29
Free Cash Flow 1,2475092,1933,7637,2374,494.745,378.526,436.067,701.559,215.86
WACC
PV LFCF 4,307.374,939.445,664.266,495.437,448.58
SUM PV LFCF 28,855.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.35
Free cash flow (t + 1) 9,400.18
Terminal Value 400,007.45
Present Value of Terminal Value 323,300.08

Intrinsic Value

Enterprise Value 352,155.16
Net Debt 23,066
Equity Value 329,089.16
Shares Outstanding 2,854
Equity Value Per Share 115.31