Discounted Cash Flow (DCF) Analysis Levered
AstraZeneca PLC (AZN)
$67.91
+0.65 (+0.97%)
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 | 22,090 | 24,384 | 26,617 | 37,417 | 44,351 | 53,071.48 | 63,506.62 | 75,993.56 | 90,935.73 | 108,815.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,618 | 2,969 | 4,799 | 5,963 | 9,808 | 8,502.95 | 10,174.84 | 12,175.45 | 14,569.44 | 17,434.15 |
| 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 | 1,247 | 509 | 2,193 | 3,763 | 7,237 | 4,494.74 | 5,378.52 | 6,436.06 | 7,701.55 | 9,215.86 |
Weighted Average Cost Of Capital
| Share price | $ 67.91 |
|---|---|
| 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 | 4.200 |
| Total Debt | 29,232 |
| Total Equity | 193,815.14 |
| Total Capital | 223,047.14 |
| Debt Weighting | 13.11 |
| Equity Weighting | 86.89 |
| 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 | 22,090 | 24,384 | 26,617 | 37,417 | 44,351 | 53,071.48 | 63,506.62 | 75,993.56 | 90,935.73 | 108,815.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,618 | 2,969 | 4,799 | 5,963 | 9,808 | 8,502.95 | 10,174.84 | 12,175.45 | 14,569.44 | 17,434.15 |
| 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 | 1,247 | 509 | 2,193 | 3,763 | 7,237 | 4,494.74 | 5,378.52 | 6,436.06 | 7,701.55 | 9,215.86 |
| WACC | ||||||||||
| PV LFCF | 3,967.13 | 4,553.63 | 5,226.85 | 5,999.59 | 6,886.58 | |||||
| SUM PV LFCF | 28,945.76 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.25 |
| Free cash flow (t + 1) | 9,400.18 |
| Terminal Value | 417,785.56 |
| Present Value of Terminal Value | 339,291.60 |
Intrinsic Value
| Enterprise Value | 368,237.35 |
|---|---|
| Net Debt | 23,066 |
| Equity Value | 345,171.35 |
| Shares Outstanding | 2,854 |
| Equity Value Per Share | 120.94 |