Discounted Cash Flow (DCF) Analysis Levered
Teva Pharmaceutical Industries Limi... (TEVA)
$10.38
+0.11 (+1.07%)
All numbers are in Millions, Currency in USD
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 | 22,385 | 18,854 | 16,887 | 16,658 | 15,879 | 14,599.18 | 13,422.51 | 12,340.69 | 11,346.05 | 10,431.58 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 3,507 | 2,446 | 748 | 1,216 | 798 | 1,325.46 | 1,218.63 | 1,120.41 | 1,030.10 | 947.08 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -874 | -651 | -525 | -578 | -562 | -510.25 | -469.12 | -431.31 | -396.55 | -364.59 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 2,633 | 1,795 | 223 | 638 | 236 | 815.21 | 749.50 | 689.09 | 633.56 | 582.49 |
Weighted Average Cost Of Capital
Share price | $ 10.38 |
---|---|
Beta | 1.191 |
Diluted Shares Outstanding | 1,107 |
Cost of Debt | |
Tax Rate | 36.63 |
After-tax Cost of Debt | 2.41% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.140 |
Total Debt | 23,459 |
Total Equity | 11,490.66 |
Total Capital | 34,949.66 |
Debt Weighting | 67.12 |
Equity Weighting | 32.88 |
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 | 22,385 | 18,854 | 16,887 | 16,658 | 15,879 | 14,599.18 | 13,422.51 | 12,340.69 | 11,346.05 | 10,431.58 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 3,507 | 2,446 | 748 | 1,216 | 798 | 1,325.46 | 1,218.63 | 1,120.41 | 1,030.10 | 947.08 |
Capital Expenditure | -874 | -651 | -525 | -578 | -562 | -510.25 | -469.12 | -431.31 | -396.55 | -364.59 |
Free Cash Flow | 2,633 | 1,795 | 223 | 638 | 236 | 815.21 | 749.50 | 689.09 | 633.56 | 582.49 |
WACC | ||||||||||
PV LFCF | 621.70 | 546.35 | 480.13 | 421.94 | 370.80 | |||||
SUM PV LFCF | 3,059.34 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.62 |
Free cash flow (t + 1) | 594.14 |
Terminal Value | 22,677.16 |
Present Value of Terminal Value | 18,093.19 |
Intrinsic Value
Enterprise Value | 21,152.53 |
---|---|
Net Debt | 21,294 |
Equity Value | -141.47 |
Shares Outstanding | 1,107 |
Equity Value Per Share | -0.13 |