Discounted Cash Flow (DCF) Analysis Levered
Teva Pharmaceutical Industries Limi... (TEVA)
$8.85
+0.03 (+0.34%)
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 | 18,854 | 16,887 | 16,658 | 15,879 | 14,925 | 14,086.47 | 13,295.05 | 12,548.09 | 11,843.10 | 11,177.72 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,446 | 748 | 1,216 | 798 | 1,590 | 1,137.66 | 1,073.74 | 1,013.42 | 956.48 | 902.74 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -651 | -525 | -578 | -562 | -548 | -485.77 | -458.48 | -432.72 | -408.41 | -385.46 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,795 | 223 | 638 | 236 | 1,042 | 651.89 | 615.26 | 580.70 | 548.07 | 517.28 |
Weighted Average Cost Of Capital
Share price | $ 8.85 |
---|---|
Beta | 1.218 |
Diluted Shares Outstanding | 1,110 |
Cost of Debt | |
Tax Rate | 23.23 |
After-tax Cost of Debt | 3.84% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.242 |
Total Debt | 21,561 |
Total Equity | 9,823.50 |
Total Capital | 31,384.50 |
Debt Weighting | 68.70 |
Equity Weighting | 31.30 |
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 | 18,854 | 16,887 | 16,658 | 15,879 | 14,925 | 14,086.47 | 13,295.05 | 12,548.09 | 11,843.10 | 11,177.72 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,446 | 748 | 1,216 | 798 | 1,590 | 1,137.66 | 1,073.74 | 1,013.42 | 956.48 | 902.74 |
Capital Expenditure | -651 | -525 | -578 | -562 | -548 | -485.77 | -458.48 | -432.72 | -408.41 | -385.46 |
Free Cash Flow | 1,795 | 223 | 638 | 236 | 1,042 | 651.89 | 615.26 | 580.70 | 548.07 | 517.28 |
WACC | ||||||||||
PV LFCF | 617.73 | 552.47 | 494.11 | 441.91 | 395.23 | |||||
SUM PV LFCF | 2,501.45 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.53 |
Free cash flow (t + 1) | 527.63 |
Terminal Value | 14,946.89 |
Present Value of Terminal Value | 11,420.13 |
Intrinsic Value
Enterprise Value | 13,921.58 |
---|---|
Net Debt | 18,760 |
Equity Value | -4,838.42 |
Shares Outstanding | 1,110 |
Equity Value Per Share | -4.36 |