Discounted Cash Flow (DCF) Analysis Levered
GSK plc (GSK)
$34.655
-0.07 (-0.19%)
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 | 30,821 | 33,754 | 34,099 | 34,114 | 29,324 | 29,070.43 | 28,819.06 | 28,569.86 | 28,322.81 | 28,077.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,421 | 8,020 | 8,441 | 7,952 | 7,403 | 7,232.28 | 7,169.75 | 7,107.75 | 7,046.29 | 6,985.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,796 | -2,163 | -2,239 | -2,931 | -2,258 | -2,040.36 | -2,022.72 | -2,005.23 | -1,987.89 | -1,970.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6,625 | 5,857 | 6,202 | 5,021 | 5,145 | 5,191.92 | 5,147.02 | 5,102.52 | 5,058.40 | 5,014.66 |
Weighted Average Cost Of Capital
| Share price | $ 34.655 |
|---|---|
| Beta | 0.282 |
| Diluted Shares Outstanding | 2,042 |
| Cost of Debt | |
| Tax Rate | -165.74 |
| After-tax Cost of Debt | 4.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.090 |
| Total Debt | 20,987 |
| Total Equity | 70,765.51 |
| Total Capital | 91,752.51 |
| Debt Weighting | 22.87 |
| Equity Weighting | 77.13 |
| 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 | 30,821 | 33,754 | 34,099 | 34,114 | 29,324 | 29,070.43 | 28,819.06 | 28,569.86 | 28,322.81 | 28,077.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,421 | 8,020 | 8,441 | 7,952 | 7,403 | 7,232.28 | 7,169.75 | 7,107.75 | 7,046.29 | 6,985.36 |
| Capital Expenditure | -1,796 | -2,163 | -2,239 | -2,931 | -2,258 | -2,040.36 | -2,022.72 | -2,005.23 | -1,987.89 | -1,970.70 |
| Free Cash Flow | 6,625 | 5,857 | 6,202 | 5,021 | 5,145 | 5,191.92 | 5,147.02 | 5,102.52 | 5,058.40 | 5,014.66 |
| WACC | ||||||||||
| PV LFCF | 4,950.34 | 4,679.19 | 4,422.89 | 4,180.63 | 3,951.64 | |||||
| SUM PV LFCF | 22,184.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.88 |
| Free cash flow (t + 1) | 5,114.95 |
| Terminal Value | 177,602.39 |
| Present Value of Terminal Value | 139,954.03 |
Intrinsic Value
| Enterprise Value | 162,138.74 |
|---|---|
| Net Debt | 17,264 |
| Equity Value | 144,874.74 |
| Shares Outstanding | 2,042 |
| Equity Value Per Share | 70.95 |