Discounted Cash Flow (DCF) Analysis Unlevered
AbbVie Inc. (ABBV)
$137.56
-1.06 (-0.76%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 32,753 | 33,266 | 45,804 | 56,197 | 58,054 | 67,524.21 | 78,539.26 | 91,351.18 | 106,253.07 | 123,585.87 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 8,310 | 12,227 | 12,317 | 23,926 | 19,891 | 22,398.56 | 26,052.38 | 30,302.24 | 35,245.37 | 40,994.86 |
EBITDA (%) | ||||||||||
EBIT | 6,545 | 10,210 | 5,846 | 15,405 | 11,424 | 14,926.73 | 17,361.69 | 20,193.85 | 23,488.03 | 27,319.57 |
EBIT (%) | ||||||||||
Depreciation | 1,765 | 2,017 | 6,471 | 8,521 | 8,467 | 7,471.83 | 8,690.70 | 10,108.39 | 11,757.34 | 13,675.29 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 8,061 | 39,924 | 8,479 | 9,830 | 9,229 | 26,540.62 | 30,870.12 | 35,905.89 | 41,763.13 | 48,575.85 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,384 | 5,428 | 8,822 | 9,977 | 11,254 | 12,040.17 | 14,004.26 | 16,288.74 | 18,945.88 | 22,036.47 |
Account Receivables (%) | ||||||||||
Inventories | 1,605 | 1,813 | 3,310 | 3,128 | 3,579 | 3,957.98 | 4,603.63 | 5,354.61 | 6,228.10 | 7,244.07 |
Inventories (%) | ||||||||||
Accounts Payable | 1,546 | 1,452 | 2,276 | 2,882 | 2,784.03 | 3,238.19 | 3,766.42 | 4,380.83 | 5,095.47 | 5,926.68 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -638 | -552 | -798 | -787 | -695 | -1,073.24 | -1,248.31 | -1,451.95 | -1,688.80 | -1,964.29 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 137.56 |
---|---|
Beta | 0.551 |
Diluted Shares Outstanding | 1,778 |
Cost of Debt | |
Tax Rate | 12.18 |
After-tax Cost of Debt | -2.84% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.411 |
Total Debt | 63,271 |
Total Equity | 244,581.68 |
Total Capital | 307,852.68 |
Debt Weighting | 20.55 |
Equity Weighting | 79.45 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 32,753 | 33,266 | 45,804 | 56,197 | 58,054 | 67,524.21 | 78,539.26 | 91,351.18 | 106,253.07 | 123,585.87 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 8,310 | 12,227 | 12,317 | 23,926 | 19,891 | 22,398.56 | 26,052.38 | 30,302.24 | 35,245.37 | 40,994.86 |
EBIT | 6,545 | 10,210 | 5,846 | 15,405 | 11,424 | 14,926.73 | 17,361.69 | 20,193.85 | 23,488.03 | 27,319.57 |
Tax Rate | -9.43% | 6.46% | -35.84% | 11.14% | 12.18% | -3.10% | -3.10% | -3.10% | -3.10% | -3.10% |
EBIAT | 7,162.10 | 9,550.82 | 7,941.48 | 13,688.85 | 10,032.98 | 15,389.47 | 17,899.91 | 20,819.88 | 24,216.18 | 28,166.50 |
Depreciation | 1,765 | 2,017 | 6,471 | 8,521 | 8,467 | 7,471.83 | 8,690.70 | 10,108.39 | 11,757.34 | 13,675.29 |
Accounts Receivable | - | -44 | -3,394 | -1,155 | -1,277 | -786.17 | -1,964.08 | -2,284.48 | -2,657.14 | -3,090.59 |
Inventories | - | -208 | -1,497 | 182 | -451 | -378.98 | -645.66 | -750.98 | -873.48 | -1,015.97 |
Accounts Payable | - | -94 | 824 | 606 | -97.97 | 454.15 | 528.24 | 614.41 | 714.63 | 831.21 |
Capital Expenditure | -638 | -552 | -798 | -787 | -695 | -1,073.24 | -1,248.31 | -1,451.95 | -1,688.80 | -1,964.29 |
UFCF | 8,289.10 | 10,669.82 | 9,547.48 | 21,055.85 | 15,979.01 | 21,077.07 | 23,260.79 | 27,055.27 | 31,468.73 | 36,602.15 |
WACC | ||||||||||
PV UFCF | 20,167.51 | 21,296.53 | 23,701.64 | 26,378.36 | 29,357.38 | |||||
SUM PV UFCF | 120,901.42 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.51 |
Free cash flow (t + 1) | 37,334.19 |
Terminal Value | 1,487,417.84 |
Present Value of Terminal Value | 1,193,009.08 |
Intrinsic Value
Enterprise Value | 1,313,910.50 |
---|---|
Net Debt | 54,070 |
Equity Value | 1,259,840.50 |
Shares Outstanding | 1,778 |
Equity Value Per Share | 708.57 |