Discounted Cash Flow (DCF) Analysis Unlevered
Stryker Corporation (SYK)
$233.56
+0.29 (+0.12%)
All numbers are in Millions, Currency in USD
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 | 12,444 | 13,601 | 14,884 | 14,351 | 17,108 | 18,577.62 | 20,173.48 | 21,906.43 | 23,788.25 | 25,831.71 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,705 | 3,079 | 3,340 | 2,766 | 3,271 | 3,909.07 | 4,244.87 | 4,609.52 | 5,005.49 | 5,435.47 |
EBITDA (%) | ||||||||||
EBIT | 2,063 | 2,356 | 2,562 | 1,954 | 2,281 | 2,900.43 | 3,149.58 | 3,420.14 | 3,713.93 | 4,032.97 |
EBIT (%) | ||||||||||
Depreciation | 642 | 723 | 778 | 812 | 990 | 1,008.65 | 1,095.29 | 1,189.38 | 1,291.55 | 1,402.50 |
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 | 2,793 | 3,699 | 4,425 | 3,024 | 3,019 | 4,387.64 | 4,764.55 | 5,173.83 | 5,618.28 | 6,100.90 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,198 | 2,332 | 2,893 | 2,701 | 3,022 | 3,371.14 | 3,660.73 | 3,975.19 | 4,316.67 | 4,687.48 |
Account Receivables (%) | ||||||||||
Inventories | 2,465 | 2,955 | 3,282 | 3,494 | 3,314 | 3,986.88 | 4,329.37 | 4,701.27 | 5,105.12 | 5,543.66 |
Inventories (%) | ||||||||||
Accounts Payable | 487 | 646 | 675 | 810 | 1,129 | 945.29 | 1,026.50 | 1,114.67 | 1,210.43 | 1,314.41 |
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 | 12,444 | 13,601 | 14,884 | 14,351 | 17,108 | 18,577.62 | 20,173.48 | 21,906.43 | 23,788.25 | 25,831.71 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,705 | 3,079 | 3,340 | 2,766 | 3,271 | 3,909.07 | 4,244.87 | 4,609.52 | 5,005.49 | 5,435.47 |
EBIT | 2,063 | 2,356 | 2,562 | 1,954 | 2,281 | 2,900.43 | 3,149.58 | 3,420.14 | 3,713.93 | 4,032.97 |
Tax Rate | 50.56% | -50.81% | 18.70% | 18.17% | 12.58% | 9.84% | 9.84% | 9.84% | 9.84% | 9.84% |
EBIAT | 1,020 | 3,553 | 2,083 | 1,599 | 1,994 | 2,615.04 | 2,839.68 | 3,083.61 | 3,348.50 | 3,636.15 |
Depreciation | 642 | 723 | 778 | 812 | 990 | 1,008.65 | 1,095.29 | 1,189.38 | 1,291.55 | 1,402.50 |
Accounts Receivable | - | -134 | -561 | 192 | -321 | -349.14 | -289.59 | -314.47 | -341.48 | -370.81 |
Inventories | - | -490 | -327 | -212 | 180 | -672.88 | -342.48 | -371.90 | -403.85 | -438.54 |
Accounts Payable | - | 159 | 29 | 135 | 319 | -183.71 | 81.20 | 88.18 | 95.75 | 103.98 |
Capital Expenditure | -598 | -572 | -649 | -487 | -525 | -736.93 | -800.23 | -868.97 | -943.62 | -1,024.68 |
UFCF | 1,064 | 3,239 | 1,353 | 2,039 | 2,637 | 1,681.03 | 2,583.87 | 2,805.83 | 3,046.86 | 3,308.59 |
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 | - |