Discounted Cash Flow (DCF) Analysis Levered

Teva Pharmaceutical Industries Limi... (TEVA)

$13.085

-0.21 (-1.62%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.04 | 13.085 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 16,88716,65815,87814,92515,84515,612.2215,382.8615,156.8814,934.2114,714.81
Revenue (%)
Operating Cash Flow 5381,2167981,5901,3681,086.561,070.601,054.871,039.371,024.10
Operating Cash Flow (%)
Capital Expenditure -119-578-562-548-526-459.17-452.42-445.77-439.22-432.77
Capital Expenditure (%)
Free Cash Flow 4196382361,042842627.40618.18609.10600.15591.33

Weighted Average Cost Of Capital

Share price $ 13.085
Beta 1.012
Diluted Shares Outstanding 1,119
Cost of Debt
Tax Rate 10.42
After-tax Cost of Debt 4.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.064
Total Debt 20,153
Total Equity 14,642.12
Total Capital 34,795.11
Debt Weighting 57.92
Equity Weighting 42.08
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 16,88716,65815,87814,92515,84515,612.2215,382.8615,156.8814,934.2114,714.81
Operating Cash Flow 5381,2167981,5901,3681,086.561,070.601,054.871,039.371,024.10
Capital Expenditure -119-578-562-548-526-459.17-452.42-445.77-439.22-432.77
Free Cash Flow 4196382361,042842627.40618.18609.10600.15591.33
WACC
PV LFCF 589.27545.33504.67467.04432.21
SUM PV LFCF 2,538.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.47
Free cash flow (t + 1) 603.16
Terminal Value 13,493.47
Present Value of Terminal Value 9,862.51

Intrinsic Value

Enterprise Value 12,401.02
Net Debt 16,927
Equity Value -4,525.98
Shares Outstanding 1,119
Equity Value Per Share -4.04