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Discounted Cash Flow (DCF) Analysis Levered


Illumina Inc.

Illumina Inc. (ILMN)

Healthcare

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,421.181,861.322,437.773,192.744,181.545,476.567,172.659,394.0212,303.3416,113.6921,104.10
Revenue (%)
Operating Cash Flow 386.42501.25659.66863.961,131.521,481.961,940.922,542.023,329.284,360.365,710.77
Operating Cash Flow (%)
Capital Expenditure 79.16105.91137.25179.75235.42308.33403.82528.88692.68907.201,188.16
Capital Expenditure (%)
Free Cash Flow 465.58607.16796.911,043.711,366.941,790.292,344.743,070.904,021.965,267.566,898.93

Weighted Average Cost Of Capital

Share price $ 276.22
Diluted Shares Outstanding 149.00
Cost of Debt
Tax Rate 7.61
After-tax Cost of Debt -0.33
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.75
Total Debt 890.00
Total Equity 41,156.78
Total Capital 42,046.78
Debt Weighting 2.12
Equity Weighting 97.88
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,421.181,861.322,437.773,192.744,181.545,476.567,172.659,394.0212,303.3416,113.6921,104.10
Operating Cash Flow 386.42501.25659.66863.961,131.521,481.961,940.922,542.023,329.284,360.365,710.77
Capital Expenditure 79.16105.91137.25179.75235.42308.33403.82528.88692.68907.201,188.16
Free Cash Flow 465.58607.16796.911,043.711,366.941,790.292,344.743,070.904,021.965,267.566,898.93
WACC
PV LFCF 1,078.721,277.161,512.111,790.292,119.632,509.572,971.243,517.834,164.98
SUM PV LFCF 12,346.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.62
Free cash flow (t + 1) 1,198.92
Terminal Value 18,110.52
Present Value of Terminal Value 10,933.59

Intrinsic Value

Enterprise Value 13,948.43
Net Debt -3,324.76
Equity Value 17,273.18
Shares Outstanding 149.00
Equity Value Per Share 544.31