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 | $80.5B | $105.5B | $125.0B | $142.0B | $159.8B |
| EBIT | $22.4B | $29.3B | $34.7B | $39.5B | $44.4B |
| Tax | $4.4B | $5.8B | $6.9B | $7.8B | $8.8B |
| NOPAT | $17.9B | $23.5B | $27.9B | $31.7B | $35.6B |
| + Depreciation | $2.1B | $2.7B | $3.2B | $3.6B | $4.1B |
| - Capex | $7.1B | $9.3B | $11.0B | $12.5B | $14.0B |
| - Δ NWC | $1.5B | $1.2B | $918M | $795M | $456M |
| Free Cash Flow | $11.4B | $15.8B | $19.2B | $22.0B | $25.2B |
| Discount Factor | 0.943 | 0.839 | 0.746 | 0.663 | 0.556 |
| Present Value | $10.8B | $13.2B | $14.3B | $14.6B | $14.0B |
FCF Formula: Free Cash Flow = NOPAT + Depreciation - Capex - Change in Net Working Capital
Sensitivity AnalysisPrice per Share
| WACC ↓ / Growth → | 3.28% | 3.78% | 4.28% | 4.78% | 5.28% |
|---|
| 4.04% | $980.23 | $944.10 | $909.63 | $876.74 | $845.36 |
| 5.04% | $980.23 | $944.10 | $909.63 | $876.74 | $845.36 |
| 6.04% | $697.42 | $830.14 | $909.63 | $876.74 | $845.36 |
| 7.04% | $503.55 | $565.63 | $650.20 | $772.17 | $845.36 |
| 8.04% | $394.08 | $428.60 | $472.30 | $529.40 | $607.18 |
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 Growth23.44%
Year 3 Revenue Growth12.92%
Year 5 Revenue Growth8.11%
Year 7 Revenue Growth6.07%
Year 10 Revenue Growth3.00%
Terminal Growth Rate4.28%
Margin & Efficiency
EBIT Margin27.79%
Tax Rate19.79%
Capex / Revenue8.78%
NWC / Revenue9.79%
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: 18x EV/EBITDA (S&P 500: 22x P/E)
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.