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
Stock DCF: -4.36 | 8.85 | overvalue

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 18,85416,88716,65815,87914,92514,086.4713,295.0512,548.0911,843.1011,177.72
Revenue (%)
Operating Cash Flow 2,4467481,2167981,5901,137.661,073.741,013.42956.48902.74
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 1,7952236382361,042651.89615.26580.70548.07517.28

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 18,85416,88716,65815,87914,92514,086.4713,295.0512,548.0911,843.1011,177.72
Operating Cash Flow 2,4467481,2167981,5901,137.661,073.741,013.42956.48902.74
Capital Expenditure -651-525-578-562-548-485.77-458.48-432.72-408.41-385.46
Free Cash Flow 1,7952236382361,042651.89615.26580.70548.07517.28
WACC
PV LFCF 617.73552.47494.11441.91395.23
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