Discounted Cash Flow (DCF) Analysis Levered
Gilead Sciences, Inc. (GILD)
$85.715
-0.34 (-0.39%)
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 | 22,127 | 22,449 | 24,689 | 27,305 | 27,281 | 28,777.45 | 30,355.99 | 32,021.12 | 33,777.58 | 35,630.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,400 | 9,144 | 8,168 | 11,384 | 9,072 | 10,746.91 | 11,336.41 | 11,958.25 | 12,614.20 | 13,306.13 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -924 | -825 | -650 | -579 | -859.63 | -906.79 | -956.53 | -1,009 | -1,064.34 | -1,122.73 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 7,476 | 8,319 | 7,518 | 10,805 | 8,212.37 | 9,840.12 | 10,379.89 | 10,949.26 | 11,549.86 | 12,183.41 |
Weighted Average Cost Of Capital
| Share price | $ 85.715 |
|---|---|
| Beta | 0.411 |
| Diluted Shares Outstanding | 1,262 |
| Cost of Debt | |
| Tax Rate | 21.02 |
| After-tax Cost of Debt | 3.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.579 |
| Total Debt | - |
| Total Equity | 108,172.33 |
| Total Capital | 108,172.33 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 22,127 | 22,449 | 24,689 | 27,305 | 27,281 | 28,777.45 | 30,355.99 | 32,021.12 | 33,777.58 | 35,630.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,400 | 9,144 | 8,168 | 11,384 | 9,072 | 10,746.91 | 11,336.41 | 11,958.25 | 12,614.20 | 13,306.13 |
| Capital Expenditure | -924 | -825 | -650 | -579 | -859.63 | -906.79 | -956.53 | -1,009 | -1,064.34 | -1,122.73 |
| Free Cash Flow | 7,476 | 8,319 | 7,518 | 10,805 | 8,212.37 | 9,840.12 | 10,379.89 | 10,949.26 | 11,549.86 | 12,183.41 |
| WACC | ||||||||||
| PV LFCF | 9,320.06 | 9,311.71 | 9,303.36 | 9,295.01 | 9,286.68 | |||||
| SUM PV LFCF | 46,516.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.58 |
| Free cash flow (t + 1) | 12,427.08 |
| Terminal Value | 347,125.02 |
| Present Value of Terminal Value | 264,592.56 |
Intrinsic Value
| Enterprise Value | 311,109.38 |
|---|---|
| Net Debt | - |
| Equity Value | 311,109.38 |
| Shares Outstanding | 1,262 |
| Equity Value Per Share | 246.52 |