Discounted Cash Flow (DCF) Analysis Unlevered

Teva Pharmaceutical Industries Limi... (TEVA)

$10.78

+0.05 (+0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -38.75 | 10.78 | overvalue

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 22,38518,85416,88716,65815,87914,599.1813,422.5112,340.6911,346.0510,431.58
Revenue (%)
EBITDA -15,2114171,326-1,6382,849-1,453.47-1,336.32-1,228.61-1,129.59-1,038.55
EBITDA (%)
EBIT -17,323-1,425-396-3,1951,519-2,829.43-2,601.38-2,391.71-2,198.95-2,021.71
EBIT (%)
Depreciation 2,1121,8421,7221,5571,3301,375.961,265.061,163.101,069.36983.17
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 9631,7821,9752,1772,1651,522.761,400.021,287.191,183.441,088.06
Total Cash (%)
Account Receivables 7,1285,8225,6764,5814,5294,448.554,0903,760.363,457.283,178.63
Account Receivables (%)
Inventories 4,9244,7314,4224,4033,8183,613.343,322.123,054.362,808.182,581.85
Inventories (%)
Accounts Payable 2,0691,8531,7181,7561,6861,471.711,353.091,244.031,143.771,051.58
Accounts Payable (%)
Capital Expenditure -874-651-525-578-562-510.25-469.12-431.31-396.55-364.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.78
Beta 1.191
Diluted Shares Outstanding 1,107
Cost of Debt
Tax Rate 36.63
After-tax Cost of Debt 2.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.258
Total Debt 23,459
Total Equity 11,933.46
Total Capital 35,392.46
Debt Weighting 66.28
Equity Weighting 33.72
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 22,38518,85416,88716,65815,87914,599.1813,422.5112,340.6911,346.0510,431.58
EBITDA -15,2114171,326-1,6382,849-1,453.47-1,336.32-1,228.61-1,129.59-1,038.55
EBIT -17,323-1,425-396-3,1951,519-2,829.43-2,601.38-2,391.71-2,198.95-2,021.71
Tax Rate 11.50%17.18%21.03%9.44%36.63%19.16%19.16%19.16%19.16%19.16%
EBIAT -15,330.46-1,180.18-312.73-2,893.34962.65-2,287.43-2,103.07-1,933.57-1,777.72-1,634.44
Depreciation 2,1121,8421,7221,5571,3301,375.961,265.061,163.101,069.36983.17
Accounts Receivable -1,3061461,0955280.45358.54329.65303.08278.65
Inventories -19330919585204.66291.23267.76246.18226.33
Accounts Payable --216-13538-70-214.29-118.62-109.06-100.27-92.19
Capital Expenditure -874-651-525-578-562-510.25-469.12-431.31-396.55-364.59
UFCF -14,092.461,293.821,204.27-762.342,297.65-1,350.90-775.97-713.43-655.93-603.06
WACC
PV UFCF -1,290.02-707.60-621.25-545.43-478.87
SUM PV UFCF -3,643.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.72
Free cash flow (t + 1) -615.13
Terminal Value -22,614.92
Present Value of Terminal Value -17,957.54

Intrinsic Value

Enterprise Value -21,600.71
Net Debt 21,294
Equity Value -42,894.71
Shares Outstanding 1,107
Equity Value Per Share -38.75