Discounted Cash Flow (DCF) Analysis Unlevered
Bristol-Myers Squibb Company (BMY)
$65.16
-0.32 (-0.49%)
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 | 22,561 | 26,145 | 42,518 | 46,385 | 46,159 | 56,212.13 | 68,454.77 | 83,363.77 | 101,519.86 | 123,630.22 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 6,761 | 7,356 | 4,909 | 20,098 | 18,522 | 17,212.60 | 20,961.39 | 25,526.64 | 31,086.18 | 37,856.54 |
EBITDA (%) | ||||||||||
EBIT | 6,124 | 5,610 | -5,471 | 9,412 | 8,246 | 8,306.95 | 10,116.15 | 12,319.39 | 15,002.47 | 18,269.91 |
EBIT (%) | ||||||||||
Depreciation | 637 | 1,746 | 10,380 | 10,686 | 10,276 | 8,905.64 | 10,845.23 | 13,207.25 | 16,083.71 | 19,586.63 |
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 | 8,884 | 15,393 | 16,450 | 17,221 | 9,253 | 21,823.22 | 26,576.17 | 32,364.29 | 39,413.02 | 47,996.92 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,965 | 7,685 | 8,501 | 12,516 | 9,886 | 13,966.15 | 17,007.89 | 20,712.10 | 25,223.06 | 30,716.48 |
Account Receivables (%) | ||||||||||
Inventories | 1,195 | 4,293 | 2,074 | 2,095 | 2,339 | 4,067.34 | 4,953.18 | 6,031.95 | 7,345.67 | 8,945.50 |
Inventories (%) | ||||||||||
Accounts Payable | 1,892 | 2,445 | 2,713 | 2,949 | 3,040 | 4,166.70 | 5,074.18 | 6,179.30 | 7,525.11 | 9,164.03 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -951 | -836 | -753 | -973 | -1,118 | -1,540.61 | -1,876.14 | -2,284.76 | -2,782.36 | -3,388.34 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 65.16 |
---|---|
Beta | 0.432 |
Diluted Shares Outstanding | 2,245 |
Cost of Debt | |
Tax Rate | 17.97 |
After-tax Cost of Debt | 2.57% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.822 |
Total Debt | 39,320 |
Total Equity | 146,284.20 |
Total Capital | 185,604.20 |
Debt Weighting | 21.18 |
Equity Weighting | 78.82 |
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 | 22,561 | 26,145 | 42,518 | 46,385 | 46,159 | 56,212.13 | 68,454.77 | 83,363.77 | 101,519.86 | 123,630.22 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 6,761 | 7,356 | 4,909 | 20,098 | 18,522 | 17,212.60 | 20,961.39 | 25,526.64 | 31,086.18 | 37,856.54 |
EBIT | 6,124 | 5,610 | -5,471 | 9,412 | 8,246 | 8,306.95 | 10,116.15 | 12,319.39 | 15,002.47 | 18,269.91 |
Tax Rate | 17.56% | 30.87% | -31.20% | 13.63% | 17.97% | 9.77% | 9.77% | 9.77% | 9.77% | 9.77% |
EBIAT | 5,048.61 | 3,877.95 | -7,178.15 | 8,128.86 | 6,764.22 | 7,495.63 | 9,128.14 | 11,116.18 | 13,537.22 | 16,485.53 |
Depreciation | 637 | 1,746 | 10,380 | 10,686 | 10,276 | 8,905.64 | 10,845.23 | 13,207.25 | 16,083.71 | 19,586.63 |
Accounts Receivable | - | -1,720 | -816 | -4,015 | 2,630 | -4,080.15 | -3,041.74 | -3,704.21 | -4,510.96 | -5,493.42 |
Inventories | - | -3,098 | 2,219 | -21 | -244 | -1,728.34 | -885.84 | -1,078.77 | -1,313.72 | -1,599.84 |
Accounts Payable | - | 553 | 268 | 236 | 91 | 1,126.70 | 907.48 | 1,105.12 | 1,345.81 | 1,638.92 |
Capital Expenditure | -951 | -836 | -753 | -973 | -1,118 | -1,540.61 | -1,876.14 | -2,284.76 | -2,782.36 | -3,388.34 |
UFCF | 4,734.61 | 522.95 | 4,119.85 | 14,041.86 | 18,399.22 | 10,178.87 | 15,077.13 | 18,360.83 | 22,359.69 | 27,229.49 |
WACC | ||||||||||
PV UFCF | 9,682.18 | 13,641.60 | 15,802.01 | 18,304.56 | 21,203.43 | |||||
SUM PV UFCF | 78,633.77 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.13 |
Free cash flow (t + 1) | 27,774.08 |
Terminal Value | 887,350.78 |
Present Value of Terminal Value | 690,974.49 |
Intrinsic Value
Enterprise Value | 769,608.26 |
---|---|
Net Debt | 30,197 |
Equity Value | 739,411.26 |
Shares Outstanding | 2,245 |
Equity Value Per Share | 329.36 |