Discounted Cash Flow (DCF) Analysis Levered

Sanofi (SAN.PA)

78.42 €

+0.97 (+1.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 149.13 | 78.42 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36,20435,67737,63137,36939,17539,973.9740,789.2341,621.1242,469.9743,336.14
Revenue (%)
Operating Cash Flow 7,3795,5477,7447,44910,5228,258.708,427.138,5998,774.388,953.33
Operating Cash Flow (%)
Capital Expenditure -1,956-1,977-1,816-2,114-2,043-2,129.98-2,173.42-2,217.75-2,262.98-2,309.13
Capital Expenditure (%)
Free Cash Flow 5,4233,5705,9285,3358,4796,128.726,253.716,381.266,511.406,644.20

Weighted Average Cost Of Capital

Share price $ 78.42
Beta 0.418
Diluted Shares Outstanding 1,253.60
Cost of Debt
Tax Rate 20.20
After-tax Cost of Debt 1.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.937
Total Debt 22,414
Total Equity 98,307.31
Total Capital 120,721.31
Debt Weighting 18.57
Equity Weighting 81.43
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36,20435,67737,63137,36939,17539,973.9740,789.2341,621.1242,469.9743,336.14
Operating Cash Flow 7,3795,5477,7447,44910,5228,258.708,427.138,5998,774.388,953.33
Capital Expenditure -1,956-1,977-1,816-2,114-2,043-2,129.98-2,173.42-2,217.75-2,262.98-2,309.13
Free Cash Flow 5,4233,5705,9285,3358,4796,128.726,253.716,381.266,511.406,644.20
WACC
PV LFCF 5,832.435,663.675,499.795,340.655,186.12
SUM PV LFCF 27,522.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) 6,777.08
Terminal Value 220,035.15
Present Value of Terminal Value 171,748.02

Intrinsic Value

Enterprise Value 199,270.68
Net Debt 12,316
Equity Value 186,954.68
Shares Outstanding 1,253.60
Equity Value Per Share 149.13