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
Stock DCF: -0.13 | 10.38 | overvalue

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 22,38518,85416,88716,65815,87914,599.1813,422.5112,340.6911,346.0510,431.58
Revenue (%)
Operating Cash Flow 3,5072,4467481,2167981,325.461,218.631,120.411,030.10947.08
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 2,6331,795223638236815.21749.50689.09633.56582.49

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 22,38518,85416,88716,65815,87914,599.1813,422.5112,340.6911,346.0510,431.58
Operating Cash Flow 3,5072,4467481,2167981,325.461,218.631,120.411,030.10947.08
Capital Expenditure -874-651-525-578-562-510.25-469.12-431.31-396.55-364.59
Free Cash Flow 2,6331,795223638236815.21749.50689.09633.56582.49
WACC
PV LFCF 621.70546.35480.13421.94370.80
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