Discounted Cash Flow (DCF) Analysis Levered
Becton, Dickinson and Company (BDX)
$250.92
+8.38 (+3.46%)
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 | 12,093 | 15,983 | 17,290 | 17,117 | 20,248 | 23,165.53 | 26,503.46 | 30,322.34 | 34,691.48 | 39,690.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,550 | 2,865 | 3,328 | 3,539 | 4,647 | 4,720.48 | 5,400.65 | 6,178.83 | 7,069.14 | 8,087.73 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -727 | -895 | -957 | -810 | -1,231 | -1,295.33 | -1,481.98 | -1,695.52 | -1,939.82 | -2,219.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,823 | 1,970 | 2,371 | 2,729 | 3,416 | 3,425.14 | 3,918.67 | 4,483.31 | 5,129.31 | 5,868.40 |
Weighted Average Cost Of Capital
| Share price | $ 250.92 |
|---|---|
| Beta | 0.661 |
| Diluted Shares Outstanding | 292.09 |
| Cost of Debt | |
| Tax Rate | 6.69 |
| After-tax Cost of Debt | 2.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.243 |
| Total Debt | 17,610 |
| Total Equity | 73,290.97 |
| Total Capital | 90,900.97 |
| Debt Weighting | 19.37 |
| Equity Weighting | 80.63 |
| 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 | 12,093 | 15,983 | 17,290 | 17,117 | 20,248 | 23,165.53 | 26,503.46 | 30,322.34 | 34,691.48 | 39,690.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,550 | 2,865 | 3,328 | 3,539 | 4,647 | 4,720.48 | 5,400.65 | 6,178.83 | 7,069.14 | 8,087.73 |
| Capital Expenditure | -727 | -895 | -957 | -810 | -1,231 | -1,295.33 | -1,481.98 | -1,695.52 | -1,939.82 | -2,219.33 |
| Free Cash Flow | 1,823 | 1,970 | 2,371 | 2,729 | 3,416 | 3,425.14 | 3,918.67 | 4,483.31 | 5,129.31 | 5,868.40 |
| WACC | ||||||||||
| PV LFCF | 3,246.27 | 3,520.07 | 3,816.97 | 4,138.90 | 4,487.98 | |||||
| SUM PV LFCF | 19,210.20 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.51 |
| Free cash flow (t + 1) | 5,985.76 |
| Terminal Value | 170,534.61 |
| Present Value of Terminal Value | 130,420.07 |
Intrinsic Value
| Enterprise Value | 149,630.27 |
|---|---|
| Net Debt | 15,327 |
| Equity Value | 134,303.27 |
| Shares Outstanding | 292.09 |
| Equity Value Per Share | 459.80 |