| Intrinsic Valuation of: AMGN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 14 | Market Cap | $176B | |||||
| 2021 | - | - (-) | P/E Ratio | 23 | Total Asset | $91B | |||||
| 2022 | $9B | - (-) | Net Income | $8B | Total Debt | $50B | |||||
| 2023 | $7B | -16.2% (-21.8%) | EBITDA | $17B | Total Liab | $82B | |||||
| 2024 | $10B | 41.2% (19.1%) | Opr Margin | 24.71 | Debt/Equity | 5.78 | |||||
| 2025 | $8B | -22.1% (-29.1%) | PreTax Margin | 17.21 | BV/Share | -60 | |||||
| 5Y Average FCF | $9B | 7.5% (-10.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (7.5%) | ||||||||||
| 2026 | $9B | MBG Intrinsic Value | $128 | ||||||||
| 2027 | $9B | ||||||||||
| 2028 | $10B | ||||||||||
| 2029 | $10B | ||||||||||
| 2030 | $11B | ||||||||||
| 2031 | $11B | ||||||||||
| Terminal Value | $251B | Net Worth/Share | $16 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $215B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $9B | $322 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $50B | WACC | 6.5% | 298 | 331 | 372 | 425 | 496 | |||
| Equity Value | $174B | 7.1% | 257 | 282 | 312 | 350 | 398 | ||||
| Shares Outstanding | 540,000,000 | 7.8% | 223 | 242 | 265 | 293 | 328 | ||||
| 8.4% | 195 | 211 | 229 | 250 | 276 | ||||||
| DCF Intrinsic Value | $322 | 9.0% | 172 | 185 | 199 | 216 | 236 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||