Wyeth LLC
NYSE-WYE
BUILD UP FREE CASH | 2006-12-31 (A) | 2007-12-31 (A) | 2008-12-31 (A) | 2015-12-31 (E) | 2016-12-31 (E) | 2017-12-31 (E) | 2018-12-31 (E) | 2019-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 20,350.7 | 22,399.8 | 22,833.9 | 22,833.9 | 22,833.9 | 22,833.9 | 22,833.9 | 22,833.9 |
Revenue % Chg. | 8.5% | 10.1% | 1.9% | |||||
EBIT | 5,370.3 | 6,349 | 6,946.2 | 6,946.2 | 6,946.2 | 6,946.2 | 6,946.2 | 6,946.2 |
EBIT Margin | 26.4% | 28.3% | 30.4% | |||||
Tax Rate | 22.7% | 28.5% | 30.3% | |||||
NOPAT | 4,150.7 | 4,539 | 4,841.7 | 4,841.7 | 4,841.7 | 4,841.7 | 4,841.7 | 4,841.7 |
NOPAT Margin | 20.4% | 20.3% | 21.2% | 21.2% | 21.2% | 21.2% | 21.2% | 21.2% |
D&A | 803 | 918.7 | 1,007.6 | 1,007.6 | 1,007.6 | 1,007.6 | 1,007.6 | 1,007.6 |
D&A / Revenue | 3.9% | 4.1% | 4.4% | |||||
Capex | -1,289.8 | -1,390.7 | -1,409 | -1,409 | -1,409 | -1,409 | -1,409 | -1,409 |
Capex / Revenue | -6.3% | -6.2% | -6.2% | |||||
Chg. NWC | -250.1 | -296.8 | 462.7 | -40.2 | -40.2 | -40.2 | -40.2 | -40.2 |
Chg. NWC / Revenue | -1.2% | -1.3% | 2% | |||||
Unlevered FCF (UFCF) | 3,413.8 | 3,770.2 | 4,903 | 4,400.1 | 4,400.1 | 4,400.1 | 4,400.1 | 4,400.1 |
UFCF % Chg. | 6% | 10.4% | 30% | -10.3% | — | — | — | — |
PV of UFCF | — | — | — | 4,055.5 | 3,737.8 | 3,445 | 3,175.2 | 2,926.5 |
Sum of PV of UFCF | — | — | — | 4,055.5 | 7,793.3 | 11,238.3 | 14,413.5 | 17,340 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.5% |
| Total Debt | 11,739.3 |
| Market Cap | 67,273.5 |
| Total Capital | 79,012.8 |
| Debt Weighting | 14.9% |
| Equity Weighting | 85.1% |
| WACC | 8.5% |
| Exit Multiple EV/FCF | |
| Terminal Value | 62,842.7 |
| PV of Terminal Value | 38,522.4 |
| Cumulative PV of UFCF | 17,340 |
| Net Debt | -4,430.8 |
| Equity Value | 60,293.3 |
| Shares Outstanding | 1,335.1 |
| Implied Share Price | 45.2 |
| Current Share Price | 50.4 |
| Implied Upside / (Downside) | -10.4% |