Discounted Cash Flow (DCF) Analysis Levered
Bristol-Myers Squibb Company (BMY)
$67.51
+0.27 (+0.40%)
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 | $ 67.51 |
|---|---|
| Beta | 0.448 |
| 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 | 5.720 |
| Total Debt | 39,320 |
| Total Equity | 151,559.95 |
| Total Capital | 190,879.95 |
| Debt Weighting | 20.60 |
| Equity Weighting | 79.40 |
| 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 | 11,679.41 | 13,536.79 | 15,689.55 | 18,184.67 | 21,076.59 | |||||
| SUM PV LFCF | 102,657.18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.07 |
| Free cash flow (t + 1) | 35,252.33 |
| Terminal Value | 1,148,284.50 |
| Present Value of Terminal Value | 896,717.91 |
Intrinsic Value
| Enterprise Value | 999,375.09 |
|---|---|
| Net Debt | 30,197 |
| Equity Value | 969,178.09 |
| Shares Outstanding | 2,245 |
| Equity Value Per Share | 431.71 |