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Discounted Cash Flow (DCF) Analysis Unlevered


Boston Scientific Corporation

Boston Scientific Corporation (BSX)

Healthcare

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,143.007,380.157,476.838,386.019,047.679,823.0510,476.2811,172.9611,915.9612,708.3713,553.48
Revenue (%)
EBITDA 790.02431.74403.001,225.202,004.962,556.941,485.541,584.331,689.681,802.051,921.88
EBITDA (%)
EBIT 100.72-292.99-366.36410.081,160.821,663.04474.58506.13539.79575.69613.97
EBIT (%)
Depreciation 689.30724.73769.37815.12844.15893.901,010.961,078.191,149.891,226.361,307.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 217.15586.72319.26196.23188.19146.36369.81394.41420.63448.61478.44
Total Cash (%)
Account Receivables 1,307.171,183.041,274.801,471.741,548.061,608.031,788.301,907.222,034.052,169.322,313.58
Account Receivables (%)
Inventories 897.16946.131,016.10955.171,077.581,166.001,294.871,380.981,472.811,570.751,675.21
Inventories (%)
Accounts Payable 245.72262.00209.35446.97530.19348.72428.48456.97487.36519.77554.34
Accounts Payable (%)
Capital Expenditure -192.15-259.04-246.74-347.18-319.38-301.57-353.05-376.53-401.57-428.27-456.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 45.07
Diluted Shares Outstanding 1,381.00
Cost of Debt
Tax Rate -17.51
After-tax Cost of Debt 0.93
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.31
Total Debt 4,803.00
Total Equity 62,241.67
Total Capital 67,044.67
Debt Weighting 7.16
Equity Weighting 92.84
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,143.007,380.157,476.838,386.019,047.679,823.0510,476.2811,172.9611,915.9612,708.3713,553.48
EBITDA 790.02431.74403.001,225.202,004.962,556.941,485.541,584.331,689.681,802.051,921.88
EBIT 100.72-292.99-366.36410.081,160.821,663.04474.58506.13539.79575.69613.97
Tax Rate 45.74%76.62%63.23%-96.05%88.84%-17.51%26.81%26.81%26.81%26.81%26.81%
EBIAT 54.65-68.50-134.71803.93129.531,954.25347.33370.43395.06421.33449.35
Depreciation 689.30724.73769.37815.12844.15893.901,010.961,078.191,149.891,226.361,307.91
Accounts Receivable -124.13-91.76-196.95-76.31-59.98-180.27-118.92-126.83-135.26-144.26
Inventories --48.97-69.9760.93-122.41-88.42-128.87-86.11-91.83-97.94-104.46
Accounts Payable -16.28-52.64237.6283.22-181.4779.7628.4930.3932.4134.56
Capital Expenditure -66.90-12.31100.45-27.80-17.8151.4823.4825.0426.7028.48
UFCF 743.95814.56407.981,821.11830.382,500.461,180.391,295.561,381.711,473.601,571.59
WACC
PV UFCF 1,082.331,089.251,065.171,041.641,018.62
SUM PV UFCF 8,141.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.06
Free cash flow (t + 1) 1,634.45
Terminal Value 32,301.45
Present Value of Terminal Value 20,936.04

Intrinsic Value

Enterprise Value 29,077.09
Net Debt 4,656.64
Equity Value 24,420.45
Shares Outstanding 1,381.00
Equity Value Per Share 17.68