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 | $30.2B | $33.8B | $37.8B | $41.4B | $45.9B |
| EBIT | $7.9B | $8.8B | $9.8B | $10.8B | $11.9B |
| Tax | $1.0B | $1.2B | $1.3B | $1.4B | $1.6B |
| NOPAT | $6.8B | $7.6B | $8.5B | $9.4B | $10.4B |
| + Depreciation | $2.0B | $2.2B | $2.5B | $2.7B | $3.0B |
| - Capex | $611M | $684M | $765M | $838M | $928M |
| - Δ NWC | $13M | $29M | $33M | $30M | $23M |
| Free Cash Flow | $8.2B | $9.1B | $10.2B | $11.2B | $12.4B |
| Discount Factor | 0.944 | 0.842 | 0.750 | 0.669 | 0.563 |
| Present Value | $7.7B | $7.7B | $7.7B | $7.5B | $7.0B |
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% |
|---|
| 3.92% | $322.26 | $308.71 | $295.79 | $283.47 | $271.73 |
| 4.92% | $247.01 | $270.00 | $295.79 | $283.47 | $271.73 |
| 5.92% | $200.88 | $212.00 | $226.93 | $248.03 | $271.73 |
| 6.92% | $170.54 | $176.83 | $184.73 | $194.95 | $208.66 |
| 7.92% | $148.33 | $152.25 | $156.97 | $162.76 | $170.03 |
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 Growth2.60%
Year 3 Revenue Growth5.31%
Year 5 Revenue Growth5.39%
Year 7 Revenue Growth4.44%
Year 10 Revenue Growth3.00%
Terminal Growth Rate3.00%
Margin & Efficiency
Current EBIT Margin26.01%
Terminal EBIT Margin40.14%
Tax Rate13.13%
Historical Capex / Rev2.02%
NWC / Revenue1.73%
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.