Discounted Cash Flow (DCF) Analysis Levered
AstraZeneca PLC (AZN)
$64.565
+0.28 (+0.43%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 22,465 | 22,090 | 24,384 | 26,617 | 37,417 | 42,884.44 | 49,150.80 | 56,332.80 | 64,564.26 | 73,998.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,578 | 2,618 | 2,969 | 4,799 | 5,963 | 6,340.12 | 7,266.55 | 8,328.35 | 9,545.30 | 10,940.08 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,620 | -1,371 | -2,460 | -2,606 | -2,200 | -3,360.14 | -3,851.13 | -4,413.86 | -5,058.82 | -5,798.03 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,958 | 1,247 | 509 | 2,193 | 3,763 | 2,979.98 | 3,415.42 | 3,914.49 | 4,486.48 | 5,142.06 |
Weighted Average Cost Of Capital
| Share price | $ 64.565 |
|---|---|
| Beta | 0.231 |
| Diluted Shares Outstanding | 2,854 |
| Cost of Debt | |
| Tax Rate | 142.26 |
| After-tax Cost of Debt | -1.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.730 |
| Total Debt | 30,781 |
| Total Equity | 184,268.51 |
| Total Capital | 215,049.51 |
| Debt Weighting | 14.31 |
| Equity Weighting | 85.69 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 22,465 | 22,090 | 24,384 | 26,617 | 37,417 | 42,884.44 | 49,150.80 | 56,332.80 | 64,564.26 | 73,998.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,578 | 2,618 | 2,969 | 4,799 | 5,963 | 6,340.12 | 7,266.55 | 8,328.35 | 9,545.30 | 10,940.08 |
| Capital Expenditure | -1,620 | -1,371 | -2,460 | -2,606 | -2,200 | -3,360.14 | -3,851.13 | -4,413.86 | -5,058.82 | -5,798.03 |
| Free Cash Flow | 1,958 | 1,247 | 509 | 2,193 | 3,763 | 2,979.98 | 3,415.42 | 3,914.49 | 4,486.48 | 5,142.06 |
| WACC | ||||||||||
| PV LFCF | 2,870.89 | 3,169.93 | 3,500.12 | 3,864.71 | 4,267.27 | |||||
| SUM PV LFCF | 17,672.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.80 |
| Free cash flow (t + 1) | 5,244.90 |
| Terminal Value | 291,383.18 |
| Present Value of Terminal Value | 241,811.93 |
Intrinsic Value
| Enterprise Value | 259,484.84 |
|---|---|
| Net Debt | 24,452 |
| Equity Value | 235,032.84 |
| Shares Outstanding | 2,854 |
| Equity Value Per Share | 82.35 |