DCF Tool

BMY

Bristol-Myers Squibb Co. – Pharmaceutical Preparation Manufacturing
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.
Analysis Results
Intrinsic Value $1,457.71
Latest Price $67.50
Relative Value 95% undervalued
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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 42.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 42.9%, 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)
2023 26.9 26.0
2024 38.4 36.1
2025 54.9 49.9
2026 78.5 69.1
2027 112 95.7
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 3360 billion. This corresponds to a present value of 2780 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 277 billion. Adding in the terminal value gives a total present value of 3060 billion.

There are presently 2.1 billion outstanding shares, so the intrinsic value per share is 1457.71.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 27,273,000,000
Current Cash 9,253,000,000
Current Liabilities 21,890,000,000
Current Debt 4,264,000,000
Non-Cash Working Capital (NCWC) 394,000,000
Change in NCWC 1,273,000,000
EBIT 9,104,000,000
Tax Provision 1,368,000,000
Depreciation and Amortization 10,276,000,000
Capital Expenditure -1,118,000,000
Unlevered Free Cash Flow 17,920,288,214
Current Assets 33,262,000,000
Current Cash 17,221,000,000
Current Liabilities 21,868,000,000
Current Debt 4,948,000,000
Non-Cash Working Capital (NCWC) -879,000,000
Change in NCWC 2,119,000,000
EBIT 7,378,000,000
Tax Provision 1,084,000,000
Depreciation and Amortization 10,686,000,000
Capital Expenditure -973,000,000
Unlevered Free Cash Flow 18,222,379,352
Current Assets 30,192,000,000
Current Cash 16,450,000,000
Current Liabilities 19,080,000,000
Current Debt 2,340,000,000
Non-Cash Working Capital (NCWC) -2,998,000,000
Change in NCWC -2,001,000,000
EBIT 2,177,000,000
Tax Provision 2,124,000,000
Depreciation and Amortization 10,380,000,000
Capital Expenditure -753,000,000
Unlevered Free Cash Flow 9,803,000,000
Current Assets 29,354,000,000
Current Cash 15,393,000,000
Current Liabilities 18,304,000,000
Current Debt 3,346,000,000
Non-Cash Working Capital (NCWC) -997,000,000
Change in NCWC -322,000,000
EBIT 5,909,000,000
Tax Provision 1,515,000,000
Depreciation and Amortization 1,746,000,000
Capital Expenditure -836,000,000
Unlevered Free Cash Flow 4,697,575,879
Current Assets 17,160,000,000
Current Cash 8,884,000,000
Current Liabilities 10,654,000,000
Current Debt 1,703,000,000
Non-Cash Working Capital (NCWC) -675,000,000
Change in NCWC -141,000,000
EBIT 5,211,000,000
Tax Provision 1,021,000,000
Depreciation and Amortization 637,000,000
Capital Expenditure -951,000,000
Unlevered Free Cash Flow 3,864,506,869
Current Assets 14,854,000,000
Current Cash 6,812,000,000
Current Liabilities 9,563,000,000
Current Debt 987,000,000
Non-Cash Working Capital (NCWC) -534,000,000
Change in NCWC -39,000,000
EBIT 3,687,000,000
Tax Provision 4,156,000,000
Depreciation and Amortization 789,000,000
Capital Expenditure -1,055,000,000
Unlevered Free Cash Flow 395,609,043
Current Assets 13,704,000,000
Current Cash 6,350,000,000
Current Liabilities 8,841,000,000
Current Debt 992,000,000
Non-Cash Working Capital (NCWC) -495,000,000
Change in NCWC 1,238,000,000
EBIT 4,707,000,000
Tax Provision 1,408,000,000
Depreciation and Amortization 382,000,000
Capital Expenditure -1,215,000,000
Unlevered Free Cash Flow 3,991,550,972
Current Assets 10,415,000,000
Current Cash 4,270,000,000
Current Liabilities 8,017,000,000
Current Debt 139,000,000
Non-Cash Working Capital (NCWC) -1,733,000,000
Change in NCWC -1,035,000,000
EBIT 1,973,000,000
Tax Provision 446,000,000
Depreciation and Amortization 376,000,000
Capital Expenditure -820,000,000
Unlevered Free Cash Flow 70,332,209
Current Assets 14,608,000,000
Current Cash 7,435,000,000
Current Liabilities 8,461,000,000
Current Debt 590,000,000
Non-Cash Working Capital (NCWC) -698,000,000
Change in NCWC -3,008,000,000
EBIT 2,698,000,000
Tax Provision 352,000,000
Depreciation and Amortization 467,000,000
Capital Expenditure -526,000,000
Unlevered Free Cash Flow -767,864,342
Current Assets 18,916,000,000
Current Cash 4,525,000,000
Current Liabilities 12,440,000,000
Current Debt 359,000,000
Non-Cash Working Capital (NCWC) 2,310,000,000
Change in NCWC 3,071,000,000
EBIT 3,262,000,000
Tax Provision 311,000,000
Depreciation and Amortization 763,000,000
Capital Expenditure -537,000,000
Unlevered Free Cash Flow 6,208,089,588
Current Assets 9,521,000,000
Current Cash 2,829,000,000
Current Liabilities 8,279,000,000
Current Debt 826,000,000
Non-Cash Working Capital (NCWC) -761,000,000
Change in NCWC 319,000,000
EBIT 4,273,000,000
Tax Provision -161,000,000
Depreciation and Amortization 681,000,000
Capital Expenditure -548,000,000
Unlevered Free Cash Flow 4,725,000,000

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