| Intrinsic Valuation of: BIIB | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 9 | Market Cap | $28B | |||||
| 2021 | - | - (-) | P/E Ratio | 21 | Total Asset | $29B | |||||
| 2022 | $1B | - (-) | Net Income | $1B | Total Debt | $6B | |||||
| 2023 | $1B | 8.3% (12.0%) | EBITDA | $3B | Total Liab | $11B | |||||
| 2024 | $3B | 103.6% (106.9%) | Opr Margin | 24.96 | Debt/Equity | 0.34 | |||||
| 2025 | $2B | -21.7% (-23.4%) | PreTax Margin | 22.26 | BV/Share | 18 | |||||
| 5Y Average FCF | $2B | 11.5% (31.8%) | |||||||||
| 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 (11.5%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $83 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $64B | Net Worth/Share | $124 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $55B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $348 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 6.5% | 325 | 356 | 395 | 444 | 510 | |||
| Equity Value | $51B | 7.1% | 286 | 310 | 338 | 374 | 419 | ||||
| Shares Outstanding | 147,637,117 | 7.8% | 255 | 273 | 295 | 321 | 353 | ||||
| 8.4% | 229 | 243 | 260 | 281 | 305 | ||||||
| DCF Intrinsic Value | $348 | 9.0% | 208 | 220 | 233 | 249 | 268 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||