WACC
PREDICTABILITY
GROWTH WINDOWS
FCF PROJECTION
SENSITIVITY
PER-YEAR CASH FLOWS
| Year | CF | Discount factor | PV | Cumulative PV |
|---|---|---|---|---|
| 1 | 382.27 | 0.9355 | 357.62 | 357.62 |
| 2 | 406.00 | 0.8752 | 355.32 | 712.93 |
| 3 | 431.20 | 0.8187 | 353.03 | 1065.97 |
| 4 | 457.96 | 0.7659 | 350.76 | 1416.73 |
| 5 | 486.39 | 0.7165 | 348.51 | 1765.24 |
| 6 | 516.58 | 0.6703 | 346.27 | 2111.51 |
| 7 | 548.65 | 0.6271 | 344.04 | 2455.56 |
| 8 | 582.70 | 0.5866 | 341.83 | 2797.39 |
| 9 | 618.87 | 0.5488 | 339.64 | 3137.03 |
| 10 | 657.28 | 0.5134 | 337.45 | 3474.48 |
| 11 | 673.72 | 0.4803 | 323.58 | 3798.06 |
| 12 | 690.56 | 0.4493 | 310.28 | 4108.34 |
| 13 | 707.82 | 0.4203 | 297.52 | 4405.86 |
| 14 | 725.52 | 0.3932 | 285.29 | 4691.15 |
| 15 | 743.66 | 0.3679 | 273.57 | 4964.72 |
| 16 | 762.25 | 0.3441 | 262.32 | 5227.04 |
| 17 | 781.30 | 0.3219 | 251.54 | 5478.57 |
| 18 | 800.84 | 0.3012 | 241.20 | 5719.77 |
| 19 | 820.86 | 0.2818 | 231.28 | 5951.05 |
| 20 | 841.38 | 0.2636 | 221.77 | 6172.83 |
REVERSE DCF
At $12822.00, the market implies a stage-1 growth rate of 16.6%.
MARKET IMPLIES
16.6%
YOUR ASSUMPTION
6.2%
DELTA
+10.4pp
If $12822.00 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 16.6% annually for the next 10 years.