Discounted Cash Flow (DCF) Analysis Levered

AstraZeneca PLC (AZN)

$64.565

+0.28 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 82.35 | 64.565 | undervalue

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 22,46522,09024,38426,61737,41742,884.4449,150.8056,332.8064,564.2673,998.50
Revenue (%)
Operating Cash Flow 3,5782,6182,9694,7995,9636,340.127,266.558,328.359,545.3010,940.08
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 1,9581,2475092,1933,7632,979.983,415.423,914.494,486.485,142.06

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 22,46522,09024,38426,61737,41742,884.4449,150.8056,332.8064,564.2673,998.50
Operating Cash Flow 3,5782,6182,9694,7995,9636,340.127,266.558,328.359,545.3010,940.08
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 1,9581,2475092,1933,7632,979.983,415.423,914.494,486.485,142.06
WACC
PV LFCF 2,870.893,169.933,500.123,864.714,267.27
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