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
Stock DCF: 440.92 | 64.435 | undervalue

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 22,56126,14542,51846,38546,15956,212.1368,454.7783,363.77101,519.86123,630.22
Revenue (%)
Operating Cash Flow 5,9408,06714,05216,20713,06617,254.8421,012.8325,589.2931,162.4737,949.45
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 4,9897,23113,29915,23411,94815,714.2319,136.6923,304.5328,380.1134,561.11

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 22,56126,14542,51846,38546,15956,212.1368,454.7783,363.77101,519.86123,630.22
Operating Cash Flow 5,9408,06714,05216,20713,06617,254.8421,012.8325,589.2931,162.4737,949.45
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 4,9897,23113,29915,23411,94815,714.2319,136.6923,304.5328,380.1134,561.11
WACC
PV LFCF 11,719.5013,591.0215,761.4118,278.4021,197.33
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