Discounted Cash Flow (DCF) Analysis Levered
Eli Lilly and Company (LLY)
$446.04
+0.38 (+0.09%)
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 | 24,555.70 | 22,319.50 | 24,539.80 | 28,318.40 | 28,541.40 | 29,756.30 | 31,022.91 | 32,343.44 | 33,720.18 | 35,155.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,524.50 | 4,836.60 | 6,499.60 | 7,260.70 | 7,084.40 | 7,207.85 | 7,514.66 | 7,834.53 | 8,168.01 | 8,515.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,018.20 | -1,353.50 | -2,029.10 | -1,873.20 | -2,484 | -2,496.08 | -2,602.32 | -2,713.10 | -2,828.58 | -2,948.98 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,506.30 | 3,483.10 | 4,470.50 | 5,387.50 | 4,600.40 | 4,711.77 | 4,912.33 | 5,121.43 | 5,339.43 | 5,566.71 |
Weighted Average Cost Of Capital
| Share price | $ 446.04 |
|---|---|
| Beta | 0.367 |
| 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 | 5.477 |
| Total Debt | 16,238.60 |
| Total Equity | 403,496.26 |
| Total Capital | 419,734.86 |
| Debt Weighting | 3.87 |
| Equity Weighting | 96.13 |
| 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 | 24,555.70 | 22,319.50 | 24,539.80 | 28,318.40 | 28,541.40 | 29,756.30 | 31,022.91 | 32,343.44 | 33,720.18 | 35,155.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,524.50 | 4,836.60 | 6,499.60 | 7,260.70 | 7,084.40 | 7,207.85 | 7,514.66 | 7,834.53 | 8,168.01 | 8,515.69 |
| Capital Expenditure | -3,018.20 | -1,353.50 | -2,029.10 | -1,873.20 | -2,484 | -2,496.08 | -2,602.32 | -2,713.10 | -2,828.58 | -2,948.98 |
| Free Cash Flow | 2,506.30 | 3,483.10 | 4,470.50 | 5,387.50 | 4,600.40 | 4,711.77 | 4,912.33 | 5,121.43 | 5,339.43 | 5,566.71 |
| WACC | ||||||||||
| PV LFCF | 4,472.92 | 4,426.91 | 4,381.38 | 4,336.32 | 4,291.73 | |||||
| SUM PV LFCF | 21,909.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.34 |
| Free cash flow (t + 1) | 5,678.04 |
| Terminal Value | 170,001.33 |
| Present Value of Terminal Value | 131,064.70 |
Intrinsic Value
| Enterprise Value | 152,973.97 |
|---|---|
| Net Debt | 14,171.60 |
| Equity Value | 138,802.37 |
| Shares Outstanding | 904.62 |
| Equity Value Per Share | 153.44 |