Discounted Cash Flow (DCF) Analysis Levered
Medtronic plc (MDT)
$85.76
-1.34 (-1.54%)
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 | 29,953 | 30,557 | 28,913 | 30,117 | 31,686 | 32,162.10 | 32,645.36 | 33,135.88 | 33,633.77 | 34,139.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,684 | 7,007 | 7,234 | 6,240 | 7,346 | 6,914.31 | 7,018.20 | 7,123.66 | 7,230.69 | 7,339.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,068 | -1,134 | -1,213 | -1,355 | -1,368 | -1,305.04 | -1,324.65 | -1,344.56 | -1,364.76 | -1,385.26 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,616 | 5,873 | 6,021 | 4,885 | 5,978 | 5,609.27 | 5,693.55 | 5,779.10 | 5,865.94 | 5,954.08 |
Weighted Average Cost Of Capital
| Share price | $ 85.76 |
|---|---|
| Beta | 0.722 |
| Diluted Shares Outstanding | 1,351.40 |
| Cost of Debt | |
| Tax Rate | 8.66 |
| After-tax Cost of Debt | 2.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.025 |
| Total Debt | 24,114 |
| Total Equity | 115,896.06 |
| Total Capital | 140,010.06 |
| Debt Weighting | 17.22 |
| Equity Weighting | 82.78 |
| 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 | 29,953 | 30,557 | 28,913 | 30,117 | 31,686 | 32,162.10 | 32,645.36 | 33,135.88 | 33,633.77 | 34,139.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,684 | 7,007 | 7,234 | 6,240 | 7,346 | 6,914.31 | 7,018.20 | 7,123.66 | 7,230.69 | 7,339.34 |
| Capital Expenditure | -1,068 | -1,134 | -1,213 | -1,355 | -1,368 | -1,305.04 | -1,324.65 | -1,344.56 | -1,364.76 | -1,385.26 |
| Free Cash Flow | 3,616 | 5,873 | 6,021 | 4,885 | 5,978 | 5,609.27 | 5,693.55 | 5,779.10 | 5,865.94 | 5,954.08 |
| WACC | ||||||||||
| PV LFCF | 3,914.26 | 3,741.83 | 3,577 | 3,419.42 | 3,268.79 | |||||
| SUM PV LFCF | 24,187.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.18 |
| Free cash flow (t + 1) | 6,073.16 |
| Terminal Value | 145,290.84 |
| Present Value of Terminal Value | 107,652.63 |
Intrinsic Value
| Enterprise Value | 131,839.70 |
|---|---|
| Net Debt | 20,400 |
| Equity Value | 111,439.70 |
| Shares Outstanding | 1,351.40 |
| Equity Value Per Share | 82.46 |