10-Year Free Cash Flow Projections(showing years 1, 3, 5, 7, 10)
| Year | Year 1 | Year 3 | Year 5 | Year 7 | Year 10 |
|---|
| Revenue | $37.8B | $39.6B | $42.7B | $45.4B | $49.7B |
| EBIT | $11.6B | $12.2B | $13.2B | $14.0B | $15.3B |
| Tax | $1.6B | $1.7B | $1.9B | $2.0B | $2.2B |
| NOPAT | $10.0B | $10.5B | $11.3B | $12.0B | $13.1B |
| + Depreciation | $4.5B | $4.7B | $5.0B | $5.3B | $5.9B |
| - Capex | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B |
| - Δ NWC | $55M | $38M | $68M | $71M | $75M |
| Free Cash Flow | $13.2B | $13.8B | $14.9B | $15.8B | $17.3B |
| Discount Factor | 0.943 | 0.840 | 0.748 | 0.665 | 0.559 |
| Present Value | $12.4B | $11.6B | $11.1B | $10.5B | $9.7B |
FCF Formula: Free Cash Flow = NOPAT + Depreciation - Capex - Change in Net Working Capital
Sensitivity AnalysisPrice per Share
| WACC ↓ / Growth → | 2.00% | 2.50% | 3.00% | 3.50% | 4.00% |
|---|
| 3.99% | $1,015.11 | $971.00 | $928.97 | $888.89 | $850.68 |
| 4.99% | $757.71 | $827.44 | $928.97 | $888.89 | $850.68 |
| 5.99% | $613.50 | $647.73 | $693.42 | $757.45 | $850.68 |
| 6.99% | $517.48 | $537.04 | $561.49 | $592.96 | $634.94 |
| 7.99% | $446.70 | $458.95 | $473.66 | $491.65 | $514.14 |
How to read: This table shows how the valuation changes with different WACC (discount rate) and terminal growth rate assumptions. Green = undervalued, Red = overvalued.
Key Assumptions & Drivers✓ Using Analyst Consensus Estimates• Healthcare Sector
Growth Assumptions (Select Years)
Year 1 Revenue Growth2.89%
Year 3 Revenue Growth1.89%
Year 5 Revenue Growth3.15%
Year 7 Revenue Growth3.09%
Year 10 Revenue Growth3.00%
Terminal Growth Rate3.00%
Margin & Efficiency
Current EBIT Margin30.80%
Tax Rate14.09%
Historical Capex / Rev3.20%
NWC / Revenue5.20%
Key Drivers: Revenue growth, operating margin expansion, capex efficiency, and working capital management are the primary drivers of cash flow generation. Terminal value assumptions significantly impact final valuation.
Institutional-Grade Methodology
Actual Company Data: Revenue, EBIT, Capex, NWC, Tax Rate, Interest Expense, Beta
Market Assumptions: Risk-free: 4.5% (10Y), MRP: 4.5% (Damodaran 2026), Exit: 24x EV/EBITDA (Healthcare sector)
This DCF model is for informational purposes only. Projections are based on assumptions that may not materialize. Past performance does not guarantee future results. Consult a financial advisor before making investment decisions.