Discounted Cash Flow (DCF) Analysis Levered
Eli Lilly and Company (LLY)
$553.52
-16.12 (-2.83%)
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 | 21,493.30 | 22,319.50 | 24,539.80 | 28,318.40 | 28,541.40 | 30,680.37 | 32,979.64 | 35,451.23 | 38,108.04 | 40,963.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,524.50 | 4,836.60 | 6,499.60 | 7,260.70 | 7,084.40 | 7,628.38 | 8,200.07 | 8,814.60 | 9,475.20 | 10,185.29 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,018.20 | -1,353.50 | -2,029.10 | -1,873.20 | -2,484 | -2,681.05 | -2,881.98 | -3,097.96 | -3,330.13 | -3,579.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,506.30 | 3,483.10 | 4,470.50 | 5,387.50 | 4,600.40 | 4,947.33 | 5,318.09 | 5,716.65 | 6,145.07 | 6,605.60 |
Weighted Average Cost Of Capital
| Share price | $ 553.52 |
|---|---|
| Beta | 0.315 |
| Diluted Shares Outstanding | 904.62 |
| Cost of Debt | |
| Tax Rate | 8.25 |
| After-tax Cost of Debt | 1.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.955 |
| Total Debt | 16,238.60 |
| Total Equity | 500,724.71 |
| Total Capital | 516,963.31 |
| Debt Weighting | 3.14 |
| Equity Weighting | 96.86 |
| 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 | 21,493.30 | 22,319.50 | 24,539.80 | 28,318.40 | 28,541.40 | 30,680.37 | 32,979.64 | 35,451.23 | 38,108.04 | 40,963.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,524.50 | 4,836.60 | 6,499.60 | 7,260.70 | 7,084.40 | 7,628.38 | 8,200.07 | 8,814.60 | 9,475.20 | 10,185.29 |
| Capital Expenditure | -3,018.20 | -1,353.50 | -2,029.10 | -1,873.20 | -2,484 | -2,681.05 | -2,881.98 | -3,097.96 | -3,330.13 | -3,579.70 |
| Free Cash Flow | 2,506.30 | 3,483.10 | 4,470.50 | 5,387.50 | 4,600.40 | 4,947.33 | 5,318.09 | 5,716.65 | 6,145.07 | 6,605.60 |
| WACC | ||||||||||
| PV LFCF | 4,674.79 | 4,748.30 | 4,822.97 | 4,898.82 | 4,975.86 | |||||
| SUM PV LFCF | 24,120.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.83 |
| Free cash flow (t + 1) | 6,737.71 |
| Terminal Value | 175,919.24 |
| Present Value of Terminal Value | 132,516.32 |
Intrinsic Value
| Enterprise Value | 156,637.06 |
|---|---|
| Net Debt | 14,171.60 |
| Equity Value | 142,465.46 |
| Shares Outstanding | 904.62 |
| Equity Value Per Share | 157.49 |