WACC
PREDICTABILITY
GROWTH WINDOWS
FCF PROJECTION
SENSITIVITY
PER-YEAR CASH FLOWS
| Year | CF | Discount factor | PV | Cumulative PV |
|---|---|---|---|---|
| 1 | 382.84 | 0.9355 | 358.15 | 358.15 |
| 2 | 406.60 | 0.8752 | 355.85 | 713.99 |
| 3 | 431.84 | 0.8187 | 353.56 | 1067.55 |
| 4 | 458.64 | 0.7659 | 351.29 | 1418.84 |
| 5 | 487.11 | 0.7165 | 349.03 | 1767.86 |
| 6 | 517.35 | 0.6703 | 346.78 | 2114.65 |
| 7 | 549.46 | 0.6271 | 344.55 | 2459.20 |
| 8 | 583.57 | 0.5866 | 342.34 | 2801.54 |
| 9 | 619.79 | 0.5488 | 340.14 | 3141.68 |
| 10 | 658.26 | 0.5134 | 337.95 | 3479.63 |
| 11 | 674.72 | 0.4803 | 324.06 | 3803.69 |
| 12 | 691.58 | 0.4493 | 310.74 | 4114.43 |
| 13 | 708.87 | 0.4203 | 297.97 | 4412.40 |
| 14 | 726.60 | 0.3932 | 285.72 | 4698.12 |
| 15 | 744.76 | 0.3679 | 273.97 | 4972.09 |
| 16 | 763.38 | 0.3441 | 262.71 | 5234.80 |
| 17 | 782.46 | 0.3219 | 251.91 | 5486.71 |
| 18 | 802.03 | 0.3012 | 241.55 | 5728.26 |
| 19 | 822.08 | 0.2818 | 231.62 | 5959.88 |
| 20 | 842.63 | 0.2636 | 222.10 | 6181.99 |
REVERSE DCF
At $13066.00, the market implies a stage-1 growth rate of 16.8%.
MARKET IMPLIES
16.8%
YOUR ASSUMPTION
6.2%
DELTA
+10.6pp
If $13066.00 is correct and your other inputs (WACC 6.9%, 10+10y, terminal 2.5%) hold, the market needs AZN.L to grow cash flow at 16.8% annually for the next 10 years.