Discounted Cash Flow (DCF) Analysis Levered
Becton, Dickinson and Company (BDX)
$258.53
-4.21 (-1.60%)
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 | 15,983 | 17,290 | 17,117 | 20,248 | 18,870 | 19,750.43 | 20,671.93 | 21,636.43 | 22,645.94 | 23,702.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,865 | 3,330 | 3,539 | 4,647 | 2,633 | 3,743.26 | 3,917.91 | 4,100.72 | 4,292.04 | 4,492.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -895 | -957 | -810 | -1,231 | -973 | -1,070.58 | -1,120.53 | -1,172.81 | -1,227.54 | -1,284.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,970 | 2,373 | 2,729 | 3,416 | 1,660 | 2,672.68 | 2,797.38 | 2,927.90 | 3,064.51 | 3,207.49 |
Weighted Average Cost Of Capital
| Share price | $ 258.53 |
|---|---|
| Beta | 0.587 |
| Diluted Shares Outstanding | 287.36 |
| Cost of Debt | |
| Tax Rate | 0.22 |
| After-tax Cost of Debt | 2.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.346 |
| Total Debt | 16,065 |
| Total Equity | 74,292.21 |
| Total Capital | 90,357.21 |
| Debt Weighting | 17.78 |
| Equity Weighting | 82.22 |
| 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 | 15,983 | 17,290 | 17,117 | 20,248 | 18,870 | 19,750.43 | 20,671.93 | 21,636.43 | 22,645.94 | 23,702.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,865 | 3,330 | 3,539 | 4,647 | 2,633 | 3,743.26 | 3,917.91 | 4,100.72 | 4,292.04 | 4,492.30 |
| Capital Expenditure | -895 | -957 | -810 | -1,231 | -973 | -1,070.58 | -1,120.53 | -1,172.81 | -1,227.54 | -1,284.81 |
| Free Cash Flow | 1,970 | 2,373 | 2,729 | 3,416 | 1,660 | 2,672.68 | 2,797.38 | 2,927.90 | 3,064.51 | 3,207.49 |
| WACC | ||||||||||
| PV LFCF | 2,510.03 | 2,467.26 | 2,425.23 | 2,383.90 | 2,343.29 | |||||
| SUM PV LFCF | 12,129.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.48 |
| Free cash flow (t + 1) | 3,271.64 |
| Terminal Value | 73,027.70 |
| Present Value of Terminal Value | 53,351.60 |
Intrinsic Value
| Enterprise Value | 65,481.31 |
|---|---|
| Net Debt | 15,059 |
| Equity Value | 50,422.31 |
| Shares Outstanding | 287.36 |
| Equity Value Per Share | 175.46 |