Discounted Cash Flow (DCF) Analysis Levered

Sanofi (SAN.PA)

87.31 €

-0.58 (-0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 155.31 | 87.31 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 37,63137,36939,17545,38943,07044,673.2446,336.1648,060.9849,850.0151,705.63
Revenue (%)
Operating Cash Flow 7,7447,44910,52210,52610,25810,219.3710,599.7710,994.3411,403.5911,828.08
Operating Cash Flow (%)
Capital Expenditure -1,816-2,114-2,043-2,201-3,253-2,510.63-2,604.09-2,701.03-2,801.57-2,905.85
Capital Expenditure (%)
Free Cash Flow 5,9285,3358,4798,3257,0057,708.737,995.688,293.328,602.038,922.23

Weighted Average Cost Of Capital

Share price $ 87.31
Beta 0.444
Diluted Shares Outstanding 1,256.40
Cost of Debt
Tax Rate 24.51
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.255
Total Debt 18,422
Total Equity 109,696.28
Total Capital 128,118.28
Debt Weighting 14.38
Equity Weighting 85.62
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 37,63137,36939,17545,38943,07044,673.2446,336.1648,060.9849,850.0151,705.63
Operating Cash Flow 7,7447,44910,52210,52610,25810,219.3710,599.7710,994.3411,403.5911,828.08
Capital Expenditure -1,816-2,114-2,043-2,201-3,253-2,510.63-2,604.09-2,701.03-2,801.57-2,905.85
Free Cash Flow 5,9285,3358,4798,3257,0057,708.737,995.688,293.328,602.038,922.23
WACC
PV LFCF 6,472.406,333.336,197.256,064.095,933.79
SUM PV LFCF 34,832.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.00
Free cash flow (t + 1) 9,100.67
Terminal Value 227,516.83
Present Value of Terminal Value 170,013.81

Intrinsic Value

Enterprise Value 204,846.38
Net Debt 9,712
Equity Value 195,134.38
Shares Outstanding 1,256.40
Equity Value Per Share 155.31