Discounted Cash Flow (DCF) Analysis Levered
Cerner Corporation (CERN)
$94.92
0.00 (-%)
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 | 5,142.27 | 5,366.33 | 5,692.60 | 5,505.79 | 5,764.82 | 5,935.75 | 6,111.75 | 6,292.97 | 6,479.56 | 6,671.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,307.67 | 1,454.01 | 1,313.10 | 1,436.70 | 1,771.68 | 1,572.01 | 1,618.62 | 1,666.62 | 1,716.03 | 1,766.91 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -665.88 | -757.44 | -780.98 | -617.50 | -627.28 | -746.48 | -768.61 | -791.40 | -814.86 | -839.03 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 641.80 | 696.57 | 532.12 | 819.20 | 1,144.40 | 825.54 | 850.01 | 875.22 | 901.17 | 927.89 |
Weighted Average Cost Of Capital
| Share price | $ 94.92 |
|---|---|
| Beta | 0.761 |
| Diluted Shares Outstanding | 306.67 |
| Cost of Debt | |
| Tax Rate | 20.57 |
| After-tax Cost of Debt | 1.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.213 |
| Total Debt | 1,836.26 |
| Total Equity | 29,109.02 |
| Total Capital | 30,945.28 |
| Debt Weighting | 5.93 |
| Equity Weighting | 94.07 |
| 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 | 5,142.27 | 5,366.33 | 5,692.60 | 5,505.79 | 5,764.82 | 5,935.75 | 6,111.75 | 6,292.97 | 6,479.56 | 6,671.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,307.67 | 1,454.01 | 1,313.10 | 1,436.70 | 1,771.68 | 1,572.01 | 1,618.62 | 1,666.62 | 1,716.03 | 1,766.91 |
| Capital Expenditure | -665.88 | -757.44 | -780.98 | -617.50 | -627.28 | -746.48 | -768.61 | -791.40 | -814.86 | -839.03 |
| Free Cash Flow | 641.80 | 696.57 | 532.12 | 819.20 | 1,144.40 | 825.54 | 850.01 | 875.22 | 901.17 | 927.89 |
| WACC | ||||||||||
| PV LFCF | 553.18 | 532.82 | 513.21 | 494.32 | 476.12 | |||||
| SUM PV LFCF | 3,587.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.90 |
| Free cash flow (t + 1) | 946.45 |
| Terminal Value | 19,315.22 |
| Present Value of Terminal Value | 13,836.02 |
Intrinsic Value
| Enterprise Value | 17,423.29 |
|---|---|
| Net Debt | 1,246.41 |
| Equity Value | 16,176.88 |
| Shares Outstanding | 306.67 |
| Equity Value Per Share | 52.75 |