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 | $66.8B | $74.4B | $73.7B | $74.2B | $79.3B |
| EBIT | $17.4B | $19.4B | $19.2B | $16.4B | $14.8B |
| Tax | $2.3B | $2.6B | $2.6B | $2.2B | $2.0B |
| NOPAT | $15.1B | $16.8B | $16.6B | $14.2B | $12.8B |
| + Depreciation | $3.2B | $3.5B | $3.5B | $3.5B | $3.8B |
| - Capex | $3.3B | $3.7B | $3.6B | $3.7B | $3.9B |
| - Δ NWC | $272M | $615M | -$90M | $78M | $343M |
| Free Cash Flow | $14.7B | $16.0B | $16.6B | $14.0B | $12.3B |
| Discount Factor | 0.945 | 0.844 | 0.753 | 0.672 | 0.567 |
| Present Value | $13.9B | $13.5B | $12.5B | $9.4B | $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% |
|---|
| 3.83% | $220.15 | $213.02 | $206.22 | $199.74 | $193.56 |
| 4.83% | $161.32 | $185.62 | $206.22 | $199.74 | $193.56 |
| 5.83% | $125.16 | $136.70 | $152.32 | $174.63 | $193.56 |
| 6.83% | $104.55 | $111.02 | $119.17 | $129.78 | $144.12 |
| 7.83% | $91.43 | $95.44 | $100.27 | $106.22 | $113.72 |
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 Growth2.82%
Year 3 Revenue Growth5.89%
Year 5 Revenue Growth-0.81%
Year 7 Revenue Growth0.71%
Year 10 Revenue Growth3.00%
Terminal Growth Rate3.00%
Margin & Efficiency
EBIT Margin26.00%
Tax Rate13.31%
Capex / Revenue4.94%
NWC / Revenue14.85%
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.