Roche Holding AG engages in the pharmaceuticals and diagnostics businesses in Switzerland, Germany, the United States, Austria, Netherlands, the United Kingdom, France, Belgium, and internationally. The company offers pharmaceutical products for treating oncology, neuroscience, infectious, immunology, cardiovascular and metabolism, ophthalmology, and respiratory, as well as anemia, cancer, dermatology, hemophilia, inflammatory and autoimmune, neurological, and transplantation. It also offers in vitro tests for the diagnosis of various diseases, such as cancer, diabetes, Covid-19, hepatitis, human papillomavirus, and other diseases. In addition, the company supplies diagnostic instruments and reagents. The company was founded in 1896 and is headquartered in Basel, Switzerland.

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	65,814	60,441	62,395	61,558.1	63,114.9	65,049.3	65,049.3	65,049.3
Revenue % Chg.	-0.1%	-8.2%	3.2%
EBIT	20,569	17,779	19,617	21,672.4	22,527.5	23,579.1	23,579.1	23,579.1
EBIT Margin	31.3%	29.4%	31.4%
Tax Rate	17.1%	12.2%	22.1%
NOPAT	17,046.6	15,605.7	15,282.1	17,547.5	18,234.4	19,068.8	19,068.8	19,068.8
NOPAT Margin	25.9%	25.8%	24.5%	28.5%	28.9%	29.3%	29.3%	29.3%
D&A	3,844	3,464	3,423	3,022.5	3,130.2	3,238.4	3,238.4	3,238.4
D&A / Revenue	5.8%	5.7%	5.5%
Capex	-3,449	-3,742	-3,529	-3,907.6	-3,989.1	-4,131.4	-4,131.4	-4,131.4
Capex / Revenue	-5.2%	-6.2%	-5.7%
Chg. NWC	-2,418	-1,107	1,161	-747.9	-766.8	-790.3	-790.3	-790.3
Chg. NWC / Revenue	-3.7%	-1.8%	1.9%
Unlevered FCF (UFCF)	15,023.6	14,220.7	16,337.1	15,914.4	16,608.7	17,385.4	17,385.4	17,385.4
UFCF % Chg.	-12.4%	-5.3%	14.9%	-2.6%	4.4%	4.7%	—	—
PV of UFCF	—	—	—	14,747.1	14,261.5	13,833.4	12,818.6	11,878.3
Sum of PV of UFCF	—	—	—	14,747.1	29,008.5	42,841.9	55,660.5	67,538.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	36,379
Market Cap	219,000.5
Total Capital	255,379.5
Debt Weighting	14.2%
Equity Weighting	85.8%
WACC	7.9%

Exit Multiple EV/FCF
Terminal Value	240,722.6
PV of Terminal Value	152,405.9
Cumulative PV of UFCF	67,538.8
Net Debt	22,607
Equity Value	197,337.7
Shares Outstanding	850.3
Implied Share Price	232.1
Current Share Price	326.4
Implied Upside / (Downside)	-28.9%