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 | $46.9B | $52.6B | $57.2B | $60.6B | $66.2B |
| EBIT | $9.5B | $10.6B | $11.6B | $12.2B | $13.4B |
| Tax | $712M | $799M | $870M | $921M | $1.0B |
| NOPAT | $8.7B | $9.8B | $10.7B | $11.3B | $12.4B |
| + Depreciation | $3.2B | $3.6B | $3.9B | $4.2B | $4.5B |
| - Capex | $1.9B | $2.1B | $2.2B | $2.2B | $2.3B |
| - Δ NWC | $343M | $490M | $237M | $256M | $286M |
| Free Cash Flow | $9.7B | $10.8B | $12.2B | $13.0B | $14.3B |
| Discount Factor | 0.928 | 0.799 | 0.688 | 0.592 | 0.473 |
| Present Value | $9.0B | $8.7B | $8.4B | $7.7B | $6.8B |
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% |
|---|
| 5.77% | $772.34 | $818.80 | $882.03 | $973.09 | $1,021.15 |
| 6.77% | $649.25 | $675.09 | $707.79 | $750.47 | $808.56 |
| 7.77% | $560.02 | $575.94 | $595.20 | $618.96 | $649.02 |
| 8.77% | $490.77 | $501.27 | $513.58 | $528.23 | $545.95 |
| 9.77% | $434.61 | $441.87 | $450.21 | $459.88 | $471.22 |
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 Growth5.18%
Year 3 Revenue Growth6.69%
Year 5 Revenue Growth2.87%
Year 7 Revenue Growth2.92%
Year 10 Revenue Growth3.00%
Terminal Growth Rate3.00%
Margin & Efficiency
Current EBIT Margin20.18%
Tax Rate7.53%
Historical Capex / Rev4.12%
Terminal Capex / Rev3.50%
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: 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.