Discounted Cash Flow (DCF) Analysis Levered

AstraZeneca PLC (AZN)

$64.6

+0.44 (+0.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 94.24 | 64.6 | 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 24,38426,61737,41744,35145,81154,006.2263,667.5175,057.1288,484.24104,313.37
Revenue (%)
Operating Cash Flow 2,9694,7995,9639,80810,3459,811.7311,566.9713,636.2116,075.6218,951.42
Operating Cash Flow (%)
Capital Expenditure -2,460-2,606-2,200-2,571-3,778-4,299.20-5,068.30-5,974.98-7,043.85-8,303.94
Capital Expenditure (%)
Free Cash Flow 5092,1933,7637,2376,5675,512.526,498.677,661.239,031.7610,647.47

Weighted Average Cost Of Capital

Share price $ 64.6
Beta 0.185
Diluted Shares Outstanding 3,124
Cost of Debt
Tax Rate 13.68
After-tax Cost of Debt 4.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.032
Total Debt 28,622
Total Equity 201,810.40
Total Capital 230,432.40
Debt Weighting 12.42
Equity Weighting 87.58
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 24,38426,61737,41744,35145,81154,006.2263,667.5175,057.1288,484.24104,313.37
Operating Cash Flow 2,9694,7995,9639,80810,3459,811.7311,566.9713,636.2116,075.6218,951.42
Capital Expenditure -2,460-2,606-2,200-2,571-3,778-4,299.20-5,068.30-5,974.98-7,043.85-8,303.94
Free Cash Flow 5092,1933,7637,2376,5675,512.526,498.677,661.239,031.7610,647.47
WACC
PV LFCF 5,250.025,894.496,618.067,430.458,342.57
SUM PV LFCF 33,535.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) 10,860.42
Terminal Value 362,014.12
Present Value of Terminal Value 283,647.53

Intrinsic Value

Enterprise Value 317,183.13
Net Debt 22,782
Equity Value 294,401.13
Shares Outstanding 3,124
Equity Value Per Share 94.24