DCF Tool

AZN

Astrazeneca plc – Pharmaceutical Preparation Manufacturing
Analysis Results
Intrinsic Value $45.76
Latest Price $66.70
Relative Value 46% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 4.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 4.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 4.45 4.25
2023 4.66 4.24
2024 4.87 4.23
2025 5.09 4.22
2026 5.32 4.21
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 160 billion. This corresponds to a present value of 121 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.2 billion. Adding in the terminal value gives a total present value of 142 billion.

There are presently 3.1 billion outstanding shares, so the intrinsic value per share is 45.76.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 26,244,000,000
Current Cash 6,398,000,000
Current Liabilities 22,594,000,000
Current Debt 1,893,000,000
Non-Cash Working Capital (NCWC) -855,000,000
Change in NCWC 5,514,000,000
EBIT -438,000,000
Tax Provision -380,000,000
Depreciation and Amortization 6,530,000,000
Capital Expenditure -2,200,000,000
Unlevered Free Cash Flow 9,406,000,000
Current Assets 19,544,000,000
Current Cash 7,992,000,000
Current Liabilities 20,307,000,000
Current Debt 2,386,000,000
Non-Cash Working Capital (NCWC) -6,369,000,000
Change in NCWC 393,000,000
EBIT 3,754,000,000
Tax Provision 772,000,000
Depreciation and Amortization 3,149,000,000
Capital Expenditure -2,606,000,000
Unlevered Free Cash Flow 3,949,936,670
Current Assets 15,563,000,000
Current Cash 6,218,000,000
Current Liabilities 18,117,000,000
Current Debt 2,010,000,000
Non-Cash Working Capital (NCWC) -6,762,000,000
Change in NCWC -2,135,000,000
EBIT 1,409,000,000
Tax Provision 321,000,000
Depreciation and Amortization 3,762,000,000
Capital Expenditure -2,460,000,000
Unlevered Free Cash Flow 283,823,643
Current Assets 15,591,000,000
Current Cash 5,680,000,000
Current Liabilities 16,292,000,000
Current Debt 1,754,000,000
Non-Cash Working Capital (NCWC) -4,627,000,000
Change in NCWC 913,000,000
EBIT 839,000,000
Tax Provision -57,000,000
Depreciation and Amortization 3,753,000,000
Capital Expenditure -1,371,000,000
Unlevered Free Cash Flow 4,134,000,000
Current Assets 13,150,000,000
Current Cash 4,554,000,000
Current Liabilities 16,383,000,000
Current Debt 2,247,000,000
Non-Cash Working Capital (NCWC) -5,540,000,000
Change in NCWC 49,000,000
EBIT 1,879,000,000
Tax Provision -641,000,000
Depreciation and Amortization 3,036,000,000
Capital Expenditure -1,716,000,000
Unlevered Free Cash Flow 3,248,000,000
Current Assets 13,262,000,000
Current Cash 5,902,000,000
Current Liabilities 15,256,000,000
Current Debt 2,307,000,000
Non-Cash Working Capital (NCWC) -5,589,000,000
Change in NCWC -790,000,000
EBIT 3,534,000,000
Tax Provision 146,000,000
Depreciation and Amortization 2,357,000,000
Capital Expenditure -1,446,000,000
Unlevered Free Cash Flow 3,509,739,864
Current Assets 16,007,000,000
Current Cash 6,853,000,000
Current Liabilities 14,869,000,000
Current Debt 916,000,000
Non-Cash Working Capital (NCWC) -4,799,000,000
Change in NCWC 543,000,000
EBIT 2,806,000,000
Tax Provision 243,000,000
Depreciation and Amortization 2,852,000,000
Capital Expenditure -2,788,000,000
Unlevered Free Cash Flow 3,190,824,046
Current Assets 16,697,000,000
Current Cash 7,155,000,000
Current Liabilities 17,330,000,000
Current Debt 2,446,000,000
Non-Cash Working Capital (NCWC) -5,342,000,000
Change in NCWC -1,401,000,000
EBIT 1,718,000,000
Tax Provision 11,000,000
Depreciation and Amortization 3,282,000,000
Capital Expenditure -2,882,000,000
Unlevered Free Cash Flow 701,833,065
Current Assets 20,335,000,000
Current Cash 10,013,000,000
Current Liabilities 16,051,000,000
Current Debt 1,788,000,000
Non-Cash Working Capital (NCWC) -3,941,000,000
Change in NCWC -1,463,000,000
EBIT 3,581,000,000
Tax Provision 696,000,000
Depreciation and Amortization 4,583,000,000
Capital Expenditure -2,058,000,000
Unlevered Free Cash Flow 3,880,105,601
Current Assets 19,048,000,000
Current Cash 8,524,000,000
Current Liabilities 13,903,000,000
Current Debt 901,000,000
Non-Cash Working Capital (NCWC) -2,478,000,000
Change in NCWC -403,000,000
EBIT 7,745,000,000
Tax Provision 1,391,000,000
Depreciation and Amortization 2,518,000,000
Capital Expenditure -4,619,000,000
Unlevered Free Cash Flow 3,845,133,842

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