DCF Tool

RHHBY

Roche Holding AG – Medicinal and Botanical Manufacturing
Analysis Results
Intrinsic Value $88.96
Latest Price $41.55
Relative Value 53% 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 8.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.0%, 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 12.3 12.0
2023 13.3 12.7
2024 14.4 13.3
2025 15.5 14.1
2026 16.8 14.8
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 503 billion. This corresponds to a present value of 433 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 66.9 billion. Adding in the terminal value gives a total present value of 500 billion.

There are presently 5.62 billion outstanding shares, so the intrinsic value per share is 88.96.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 38,956,153,959
Current Cash 14,248,677,751
Current Liabilities 42,005,771,199
Current Debt 16,894,813,900
Non-Cash Working Capital (NCWC) -403,481,090
Change in NCWC 138,477,625
EBIT 19,851,488,341
Tax Provision 2,693,154,270
Depreciation and Amortization 0
Capital Expenditure -4,974,079,893
Unlevered Free Cash Flow 12,205,550,645
Current Assets 37,349,799,203
Current Cash 13,984,348,958
Current Liabilities 28,799,776,867
Current Debt 4,892,367,906
Non-Cash Working Capital (NCWC) -541,958,715
Change in NCWC 2,235,391,415
EBIT 21,024,143,240
Tax Provision 3,284,632,635
Depreciation and Amortization -5,167,882,483
Capital Expenditure -7,585,154,413
Unlevered Free Cash Flow 7,116,186,434
Current Assets 32,292,894,714
Current Cash 12,252,164,379
Current Liabilities 24,920,724,631
Current Debt 2,102,644,165
Non-Cash Working Capital (NCWC) -2,777,350,130
Change in NCWC -1,545,405,627
EBIT 18,131,302,119
Tax Provision 2,589,300,382
Depreciation and Amortization 3,852,953,362
Capital Expenditure -5,058,744,881
Unlevered Free Cash Flow 12,645,240,214
Current Assets 32,720,608,382
Current Cash 13,311,901,152
Current Liabilities 23,373,457,786
Current Debt 2,732,806,053
Non-Cash Working Capital (NCWC) -1,231,944,503
Change in NCWC -1,779,609,773
EBIT 14,993,393,773
Tax Provision 3,331,527,022
Depreciation and Amortization 3,639,005,757
Capital Expenditure -4,994,753,580
Unlevered Free Cash Flow 8,378,865,145
Current Assets 32,259,119,217
Current Cash 12,258,097,467
Current Liabilities 22,642,280,560
Current Debt 3,188,924,080
Non-Cash Working Capital (NCWC) 547,665,269
Change in NCWC -1,737,880,708
EBIT 12,634,106,458
Tax Provision 3,497,496,676
Depreciation and Amortization 2,243,792,784
Capital Expenditure -4,304,689,891
Unlevered Free Cash Flow 5,304,421,850
Current Assets 28,171,368,524
Current Cash 8,948,610,155
Current Liabilities 22,206,938,564
Current Debt 5,269,726,173
Non-Cash Working Capital (NCWC) 2,285,545,977
Change in NCWC 880,170,937
EBIT 13,824,310,560
Tax Provision 3,217,058,268
Depreciation and Amortization 2,120,467,850
Capital Expenditure -5,055,517,651
Unlevered Free Cash Flow 8,289,705,950
Current Assets 28,411,965,120
Current Cash 9,245,835,360
Current Liabilities 23,961,946,880
Current Debt 6,201,192,160
Non-Cash Working Capital (NCWC) 1,405,375,040
Change in NCWC -1,295,249,860
EBIT 13,933,779,360
Tax Provision 2,954,916,960
Depreciation and Amortization 1,984,058,880
Capital Expenditure -4,143,537,600
Unlevered Free Cash Flow 7,072,034,236
Current Assets 31,470,877,580
Current Cash 11,837,233,410
Current Liabilities 23,373,048,760
Current Debt 6,440,029,490
Non-Cash Working Capital (NCWC) 2,700,624,900
Change in NCWC -1,440,867,840
EBIT 14,251,612,300
Tax Provision 3,014,180,600
Depreciation and Amortization 1,938,987,990
Capital Expenditure -3,372,240,980
Unlevered Free Cash Flow 7,983,979,312

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