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Discounted Cash Flow (DCF) Analysis Unlevered


Pfizer Inc.

Pfizer Inc. (PFE)

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 51,584.0049,603.1748,849.2152,820.6552,540.7053,644.0554,110.7654,581.5255,056.3855,535.3756,018.53
Revenue (%)
EBITDA 32,719.7317,792.6614,107.6514,092.5518,525.8518,244.3420,215.7820,391.6620,569.0620,748.0120,928.52
EBITDA (%)
EBIT 26,307.8412,256.948,949.178,335.1012,257.7411,860.7014,003.8614,125.7014,248.5914,372.5514,497.59
EBIT (%)
Depreciation 6,411.895,535.715,158.485,757.456,268.116,383.646,211.916,265.966,320.476,375.466,430.93
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 32,410.2336,121.0323,291.3017,848.1019,991.7418,834.4326,178.7826,406.5426,636.2826,868.0127,101.76
Total Cash (%)
Account Receivables 9,357.348,402.788,177.368,224.178,222.628,025.158,836.298,913.168,990.719,068.939,147.83
Account Receivables (%)
Inventories 6,164.295,664.687,513.016,782.177,576.377,510.177,218.377,281.177,344.527,408.427,472.87
Inventories (%)
Accounts Payable 3,234.323,209.333,619.734,537.294,655.114,672.404,177.354,213.694,250.354,287.334,324.63
Accounts Payable (%)
Capital Expenditure -1,464.99-1,582.34-1,494.79-1,996.62-2,217.22-2,194.04-1,910.11-1,926.73-1,943.49-1,960.40-1,977.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.12
Diluted Shares Outstanding 5,872.00
Cost of Debt
Tax Rate 5.95
After-tax Cost of Debt -0.25
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.36
Total Debt 32,909.00
Total Equity 223,840.64
Total Capital 256,749.64
Debt Weighting 12.82
Equity Weighting 87.18
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 51,584.0049,603.1748,849.2152,820.6552,540.7053,644.0554,110.7654,581.5255,056.3855,535.3756,018.53
EBITDA 32,719.7317,792.6614,107.6514,092.5518,525.8518,244.3420,215.7820,391.6620,569.0620,748.0120,928.52
EBIT 26,307.8412,256.948,949.178,335.1012,257.7411,860.7014,003.8614,125.7014,248.5914,372.5514,497.59
Tax Rate 16.37%25.46%22.23%13.47%-73.82%5.95%1.61%1.61%1.61%1.61%1.61%
EBIAT 22,002.039,136.456,959.367,212.4921,305.8211,154.6013,778.2313,898.1014,019.0214,140.9814,264.01
Depreciation 6,411.895,535.715,158.485,757.456,268.116,383.646,211.916,265.966,320.476,375.466,430.93
Accounts Receivable -954.56225.42-46.821.56197.47-811.14-76.88-77.54-78.22-78.90
Inventories -499.61-1,848.33730.84-794.2066.20291.79-62.80-63.35-63.90-64.45
Accounts Payable --24.99410.40917.57117.8117.29-495.0536.3436.6636.9837.30
Capital Expenditure -117.36-87.56501.83220.60-23.18-283.9316.6216.7616.9117.06
UFCF 28,413.9216,218.6910,817.7715,073.3627,119.6917,796.0318,691.8220,077.3520,252.0220,428.2120,605.94
WACC
PV UFCF 17,324.8917,248.2116,125.9315,076.6814,095.69
SUM PV UFCF 140,483.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.89
Free cash flow (t + 1) 21,430.17
Terminal Value 550,904.24
Present Value of Terminal Value 376,851.41

Intrinsic Value

Enterprise Value 517,335.12
Net Debt 14,074.57
Equity Value 503,260.54
Shares Outstanding 5,872.00
Equity Value Per Share 85.71