Discounted Cash Flow (DCF) Analysis Unlevered
Abbott Laboratories (ABT)
$102
+0.29 (+0.29%)
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 | 30,578 | 31,904 | 34,608 | 43,075 | 43,653 | 47,867.61 | 52,489.12 | 57,556.84 | 63,113.83 | 69,207.34 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 7,011 | 7,761 | 8,865 | 12,282 | 10,694 | 12,051.21 | 13,214.73 | 14,490.58 | 15,889.62 | 17,423.73 |
EBITDA (%) | ||||||||||
EBIT | 3,733 | 4,747 | 5,538 | 8,744 | 7,427 | 7,697.34 | 8,440.50 | 9,255.42 | 10,149.01 | 11,128.87 |
EBIT (%) | ||||||||||
Depreciation | 3,278 | 3,014 | 3,327 | 3,538 | 3,267 | 4,353.87 | 4,774.22 | 5,235.16 | 5,740.61 | 6,294.85 |
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 | 4,086 | 4,140 | 7,148 | 10,249 | 10,170 | 9,007.14 | 9,876.76 | 10,830.35 | 11,875.99 | 13,022.59 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,182 | 5,425 | 6,414 | 6,487 | 6,218 | 7,830.01 | 8,585.98 | 9,414.94 | 10,323.93 | 11,320.68 |
Account Receivables (%) | ||||||||||
Inventories | 3,796 | 4,316 | 5,012 | 5,157 | 6,173 | 6,370 | 6,985.01 | 7,659.39 | 8,398.89 | 9,209.79 |
Inventories (%) | ||||||||||
Accounts Payable | 2,975 | 3,252 | 3,946 | 4,408 | 4,607 | 4,988.88 | 5,470.55 | 5,998.72 | 6,577.89 | 7,212.97 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,394 | -1,638 | -2,177 | -1,885 | -1,777 | -2,338.84 | -2,564.65 | -2,812.26 | -3,083.78 | -3,381.51 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 102 |
---|---|
Beta | 0.663 |
Diluted Shares Outstanding | 1,786 |
Cost of Debt | |
Tax Rate | 16.53 |
After-tax Cost of Debt | 1.29% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.728 |
Total Debt | 24,295 |
Total Equity | 182,172 |
Total Capital | 206,467 |
Debt Weighting | 11.77 |
Equity Weighting | 88.23 |
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 | 30,578 | 31,904 | 34,608 | 43,075 | 43,653 | 47,867.61 | 52,489.12 | 57,556.84 | 63,113.83 | 69,207.34 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 7,011 | 7,761 | 8,865 | 12,282 | 10,694 | 12,051.21 | 13,214.73 | 14,490.58 | 15,889.62 | 17,423.73 |
EBIT | 3,733 | 4,747 | 5,538 | 8,744 | 7,427 | 7,697.34 | 8,440.50 | 9,255.42 | 10,149.01 | 11,128.87 |
Tax Rate | 17.58% | 9.57% | 9.52% | 13.88% | 16.53% | 13.42% | 13.42% | 13.42% | 13.42% | 13.42% |
EBIAT | 3,076.83 | 4,292.91 | 5,010.73 | 7,530 | 6,199.30 | 6,664.69 | 7,308.16 | 8,013.74 | 8,787.45 | 9,635.86 |
Depreciation | 3,278 | 3,014 | 3,327 | 3,538 | 3,267 | 4,353.87 | 4,774.22 | 5,235.16 | 5,740.61 | 6,294.85 |
Accounts Receivable | - | -243 | -989 | -73 | 269 | -1,612.01 | -755.97 | -828.96 | -908.99 | -996.75 |
Inventories | - | -520 | -696 | -145 | -1,016 | -197 | -615.01 | -674.39 | -739.50 | -810.90 |
Accounts Payable | - | 277 | 694 | 462 | 199 | 381.88 | 481.67 | 528.17 | 579.16 | 635.08 |
Capital Expenditure | -1,394 | -1,638 | -2,177 | -1,885 | -1,777 | -2,338.84 | -2,564.65 | -2,812.26 | -3,083.78 | -3,381.51 |
UFCF | 4,960.83 | 5,182.91 | 5,169.73 | 9,427 | 7,141.30 | 7,252.60 | 8,628.42 | 9,461.47 | 10,374.96 | 11,376.64 |
WACC | ||||||||||
PV UFCF | 6,836.27 | 7,666.24 | 7,923.83 | 8,190.09 | 8,465.29 | |||||
SUM PV UFCF | 39,081.72 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.09 |
Free cash flow (t + 1) | 11,604.17 |
Terminal Value | 283,720.58 |
Present Value of Terminal Value | 211,114.75 |
Intrinsic Value
Enterprise Value | 250,196.47 |
---|---|
Net Debt | 14,413 |
Equity Value | 235,783.47 |
Shares Outstanding | 1,786 |
Equity Value Per Share | 132.02 |