Discounted Cash Flow (DCF) Analysis Levered
Bristol-Myers Squibb Company (BMY)
$64.435
+0.72 (+1.14%)
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 | 22,561 | 26,145 | 42,518 | 46,385 | 46,159 | 56,212.13 | 68,454.77 | 83,363.77 | 101,519.86 | 123,630.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,940 | 8,067 | 14,052 | 16,207 | 13,066 | 17,254.84 | 21,012.83 | 25,589.29 | 31,162.47 | 37,949.45 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -951 | -836 | -753 | -973 | -1,118 | -1,540.61 | -1,876.14 | -2,284.76 | -2,782.36 | -3,388.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4,989 | 7,231 | 13,299 | 15,234 | 11,948 | 15,714.23 | 19,136.69 | 23,304.53 | 28,380.11 | 34,561.11 |
Weighted Average Cost Of Capital
| Share price | $ 64.435 |
|---|---|
| Beta | 0.432 |
| Diluted Shares Outstanding | 2,245 |
| Cost of Debt | |
| Tax Rate | 17.97 |
| After-tax Cost of Debt | 2.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.675 |
| Total Debt | 39,320 |
| Total Equity | 144,656.58 |
| Total Capital | 183,976.58 |
| Debt Weighting | 21.37 |
| Equity Weighting | 78.63 |
| 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 | 22,561 | 26,145 | 42,518 | 46,385 | 46,159 | 56,212.13 | 68,454.77 | 83,363.77 | 101,519.86 | 123,630.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,940 | 8,067 | 14,052 | 16,207 | 13,066 | 17,254.84 | 21,012.83 | 25,589.29 | 31,162.47 | 37,949.45 |
| Capital Expenditure | -951 | -836 | -753 | -973 | -1,118 | -1,540.61 | -1,876.14 | -2,284.76 | -2,782.36 | -3,388.34 |
| Free Cash Flow | 4,989 | 7,231 | 13,299 | 15,234 | 11,948 | 15,714.23 | 19,136.69 | 23,304.53 | 28,380.11 | 34,561.11 |
| WACC | ||||||||||
| PV LFCF | 11,719.50 | 13,591.02 | 15,761.41 | 18,278.40 | 21,197.33 | |||||
| SUM PV LFCF | 102,850.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.01 |
| Free cash flow (t + 1) | 35,252.33 |
| Terminal Value | 1,171,173.90 |
| Present Value of Terminal Value | 917,208.54 |
Intrinsic Value
| Enterprise Value | 1,020,059.01 |
|---|---|
| Net Debt | 30,197 |
| Equity Value | 989,862.01 |
| Shares Outstanding | 2,245 |
| Equity Value Per Share | 440.92 |