Discounted Cash Flow (DCF) Analysis Levered
Thermo Fisher Scientific Inc. (TMO)
$548.27
+4.99 (+0.92%)
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 | 20,918 | 24,358 | 25,542 | 32,218 | 39,211 | 45,989.46 | 53,939.73 | 63,264.37 | 74,200.98 | 87,028.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,005 | 4,543 | 4,973 | 8,289 | 9,312 | 9,818.14 | 11,515.41 | 13,506.10 | 15,840.92 | 18,579.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -508 | -758 | -926 | -1,474 | -2,523 | -1,855.71 | -2,176.51 | -2,552.76 | -2,994.06 | -3,511.65 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,497 | 3,785 | 4,047 | 6,815 | 6,789 | 7,962.43 | 9,338.91 | 10,953.34 | 12,846.86 | 15,067.71 |
Weighted Average Cost Of Capital
| Share price | $ 548.27 |
|---|---|
| Beta | 0.830 |
| Diluted Shares Outstanding | 399 |
| Cost of Debt | |
| Tax Rate | 12.62 |
| After-tax Cost of Debt | 1.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.806 |
| Total Debt | 34,870 |
| Total Equity | 218,759.73 |
| Total Capital | 253,629.73 |
| Debt Weighting | 13.75 |
| Equity Weighting | 86.25 |
| 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 | 20,918 | 24,358 | 25,542 | 32,218 | 39,211 | 45,989.46 | 53,939.73 | 63,264.37 | 74,200.98 | 87,028.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,005 | 4,543 | 4,973 | 8,289 | 9,312 | 9,818.14 | 11,515.41 | 13,506.10 | 15,840.92 | 18,579.36 |
| Capital Expenditure | -508 | -758 | -926 | -1,474 | -2,523 | -1,855.71 | -2,176.51 | -2,552.76 | -2,994.06 | -3,511.65 |
| Free Cash Flow | 3,497 | 3,785 | 4,047 | 6,815 | 6,789 | 7,962.43 | 9,338.91 | 10,953.34 | 12,846.86 | 15,067.71 |
| WACC | ||||||||||
| PV LFCF | 7,507.48 | 8,302.19 | 9,181.03 | 10,152.91 | 11,227.66 | |||||
| SUM PV LFCF | 46,371.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.06 |
| Free cash flow (t + 1) | 15,369.07 |
| Terminal Value | 378,548.47 |
| Present Value of Terminal Value | 282,074.21 |
Intrinsic Value
| Enterprise Value | 328,445.48 |
|---|---|
| Net Debt | 30,393 |
| Equity Value | 298,052.48 |
| Shares Outstanding | 399 |
| Equity Value Per Share | 747.00 |