AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company's marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology. Its marketed products also comprise Vaxzevria, Beyfortus, Synagis, FluMist, Soliris, Ultomiris, Strensiq, Koselugo, and Kanuma for covid-19 and rare disease. The company serves primary care and specialty care physicians through distributors and local representative offices in the United Kingdom, rest of Europe, the Americas, Asia, Africa, and Australasia. It has a collaboration agreement with Neurimmune AG to develop and commercialize NI006; BenevolentAI for drug discovery for systemic lupus erythematosus; Lunit for developing AI-Powered Digital Pathology Risk Assessment Tools for NSCLC; and Absci Corporation for AI-driven drug discovery against an oncology target. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in Cambridge, the United Kingdom.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	44,351	45,811	54,073	58,578.8	62,307.6	66,141.8	66,141.8	66,141.8
Revenue % Chg.	18.5%	3.3%	18%
EBIT	8,812	9,648	12,929	18,773.3	21,092.8	23,450.1	23,450.1	23,450.1
EBIT Margin	19.9%	21.1%	23.9%
Tax Rate	-31.7%	13.6%	19%
NOPAT	11,602.5	8,336.2	10,474.4	15,092	16,901.1	18,794.2	18,794.2	18,794.2
NOPAT Margin	26.2%	18.2%	19.4%	25.8%	27.1%	28.4%	28.4%	28.4%
D&A	5,178	4,851	4,981	5,681.1	5,761.1	5,730.7	5,730.7	5,730.7
D&A / Revenue	11.7%	10.6%	9.2%
Capex	-1,091	-1,361	-1,924	-2,682	-2,652.4	-2,552.6	-2,552.6	-2,552.6
Capex / Revenue	-2.5%	-3%	-3.6%
Chg. NWC	3,757	300	-893	1,459.5	1,552.4	1,647.9	1,647.9	1,647.9
Chg. NWC / Revenue	8.5%	0.7%	-1.7%
Unlevered FCF (UFCF)	19,446.5	12,126.2	12,638.4	19,550.6	21,562.2	23,620.3	23,620.3	23,620.3
UFCF % Chg.	423.9%	-37.6%	4.2%	54.7%	10.3%	9.5%	—	—
PV of UFCF	—	—	—	17,937.2	18,150	18,241.6	16,736.2	15,355
Sum of PV of UFCF	—	—	—	17,937.2	36,087.2	54,328.8	71,065	86,420

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.6%
Total Debt	30,460
Market Cap	208,479.6
Total Capital	238,939.6
Debt Weighting	12.7%
Equity Weighting	87.3%
WACC	9%

Exit Multiple EV/FCF
Terminal Value	226,752.2
PV of Terminal Value	135,240.9
Cumulative PV of UFCF	86,420
Net Debt	24,479
Equity Value	197,181.9
Shares Outstanding	1,550.7
Implied Share Price	127.2
Current Share Price	89.8
Implied Upside / (Downside)	41.6%