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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Abbott Laboratories

Abbott Laboratories (ABT)

$79.34
4.78 (+6.41%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 21,848.0020,246.5420,404.4620,853.3627,390.8930,579.1931,906.3334,190.8236,638.8839,262.2342,073.40
Revenue (%)
EBITDA 4,347.754,146.494,337.994,702.435,658.966,959.827,545.857,388.647,917.668,484.579,092.06
EBITDA (%)
EBIT 2,628.312,597.632,866.833,184.311,725.633,651.164,530.704,232.824,535.894,860.665,208.69
EBIT (%)
Depreciation 1,719.441,548.861,471.161,518.123,933.333,308.673,015.153,155.813,381.773,623.903,883.38
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 3,500.054,460.316,125.4218,774.289,608.724,164.894,141.4410,735.9211,504.6112,328.3413,211.05
Total Cash (%)
Account Receivables 3,985.083,585.663,417.753,248.955,248.095,183.175,424.085,928.696,353.186,808.077,295.53
Account Receivables (%)
Inventories 2,693.862,642.172,599.532,433.593,601.903,794.884,316.934,342.234,653.144,986.305,343.32
Inventories (%)
Accounts Payable 1,026.861,064.971,081.441,178.222,402.182,975.363,251.252,420.712,594.032,779.772,978.80
Accounts Payable (%)
Capital Expenditure 1,144.841,077.121,110.001,121.911,133.981,394.411,636.791,719.801,842.941,974.892,116.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 79.34
Diluted Shares Outstanding 1,781.00
Cost of Debt
Tax Rate 9.57
After-tax Cost of Debt -0.43
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.31
Total Debt 16,661.00
Total Equity 141,304.54
Total Capital 157,965.54
Debt Weighting 10.55
Equity Weighting 89.45
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 21,848.0020,246.5420,404.4620,853.3627,390.8930,579.1931,906.3334,190.8236,638.8839,262.2342,073.40
EBITDA 4,347.754,146.494,337.994,702.435,658.966,959.827,545.857,388.647,917.668,484.579,092.06
EBIT 2,628.312,597.632,866.833,184.311,725.633,651.164,530.704,232.824,535.894,860.665,208.69
Tax Rate -2.18%9.29%-38.96%0.92%78.62%17.58%9.57%10.69%10.69%10.69%10.69%
EBIAT 2,685.662,356.233,983.663,155.01368.953,009.384,097.303,780.294,050.964,341.014,651.82
Depreciation 1,719.441,548.861,471.161,518.123,933.333,308.673,015.153,155.813,381.773,623.903,883.38
Accounts Receivable -399.41167.91168.79-1,999.1464.92-240.90-504.61-424.49-454.89-487.46
Inventories -51.6842.64165.94-1,168.31-192.98-522.05-25.31-310.90-333.16-357.02
Accounts Payable -38.1116.4796.781,223.97573.17275.90-830.54173.32185.73199.03
Capital Expenditure -67.72-32.89-11.91-12.07-260.43-242.38-83.00-123.14-131.95-141.40
UFCF 4,405.094,462.025,648.965,092.742,346.726,502.746,383.015,492.636,747.527,230.647,748.35
WACC
PV UFCF 4,490.254,987.454,832.334,682.02
SUM PV UFCF 33,709.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.60
Free cash flow (t + 1) 8,058.29
Terminal Value 122,095.25
Present Value of Terminal Value 73,777.36

Intrinsic Value

Enterprise Value 107,487.14
Net Debt 12,519.56
Equity Value 94,967.58
Shares Outstanding 1,781.00
Equity Value Per Share 53.32