Discounted Cash Flow (DCF) Analysis Unlevered

Stryker Corporation (SYK)

$233.56

+0.29 (+0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 233.56 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,44413,60114,88414,35117,10818,577.6220,173.4821,906.4323,788.2525,831.71
Revenue (%)
EBITDA 2,7053,0793,3402,7663,2713,909.074,244.874,609.525,005.495,435.47
EBITDA (%)
EBIT 2,0632,3562,5621,9542,2812,900.433,149.583,420.143,713.934,032.97
EBIT (%)
Depreciation 6427237788129901,008.651,095.291,189.381,291.551,402.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2,7933,6994,4253,0243,0194,387.644,764.555,173.835,618.286,100.90
Total Cash (%)
Account Receivables 2,1982,3322,8932,7013,0223,371.143,660.733,975.194,316.674,687.48
Account Receivables (%)
Inventories 2,4652,9553,2823,4943,3143,986.884,329.374,701.275,105.125,543.66
Inventories (%)
Accounts Payable 4876466758101,129945.291,026.501,114.671,210.431,314.41
Accounts Payable (%)
Capital Expenditure -598-572-649-487-525-736.93-800.23-868.97-943.62-1,024.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 233.56
Beta 0.987
Diluted Shares Outstanding 380.30
Cost of Debt
Tax Rate 12.58
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.535
Total Debt 12,479
Total Equity 88,822.87
Total Capital 101,301.87
Debt Weighting 12.32
Equity Weighting 87.68
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,44413,60114,88414,35117,10818,577.6220,173.4821,906.4323,788.2525,831.71
EBITDA 2,7053,0793,3402,7663,2713,909.074,244.874,609.525,005.495,435.47
EBIT 2,0632,3562,5621,9542,2812,900.433,149.583,420.143,713.934,032.97
Tax Rate 50.56%-50.81%18.70%18.17%12.58%9.84%9.84%9.84%9.84%9.84%
EBIAT 1,0203,5532,0831,5991,9942,615.042,839.683,083.613,348.503,636.15
Depreciation 6427237788129901,008.651,095.291,189.381,291.551,402.50
Accounts Receivable --134-561192-321-349.14-289.59-314.47-341.48-370.81
Inventories --490-327-212180-672.88-342.48-371.90-403.85-438.54
Accounts Payable -15929135319-183.7181.2088.1895.75103.98
Capital Expenditure -598-572-649-487-525-736.93-800.23-868.97-943.62-1,024.68
UFCF 1,0643,2391,3532,0392,6371,681.032,583.872,805.833,046.863,308.59
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 3,374.77
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 9,535
Equity Value -
Shares Outstanding 380.30
Equity Value Per Share -