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 | $2.5B | $2.8B | $3.2B | $3.5B | $3.9B |
| - Capex | $611M | $684M | $765M | $838M | $928M |
| - Δ NWC | $13M | $29M | $33M | $30M | $23M |
| Free Cash Flow | $8.7B | $9.8B | $10.9B | $12.0B | $13.3B |
| Discount Factor | 0.945 | 0.843 | 0.752 | 0.671 | 0.566 |
| Present Value | $8.3B | $8.2B | $8.2B | $8.0B | $7.5B |
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% |
|---|
| 3.86% | $344.41 | $329.97 | $316.21 | $303.09 | $290.58 |
| 4.86% | $267.58 | $293.34 | $316.21 | $303.09 | $290.58 |
| 5.86% | $216.97 | $229.28 | $245.90 | $269.55 | $290.58 |
| 6.86% | $183.96 | $190.88 | $199.60 | $210.91 | $226.18 |
| 7.86% | $159.92 | $164.22 | $169.40 | $175.77 | $183.79 |
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.