| Intrinsic Valuation of: BIIB | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 10 | Market Cap | $19B | |||||
| 2021 | - | - (-) | P/E Ratio | 13 | Total Asset | $28B | |||||
| 2022 | $3B | - (-) | Net Income | $2B | Total Debt | $5B | |||||
| 2023 | $1B | -65.9% (-63.2%) | EBITDA | $3B | Total Liab | $11B | |||||
| 2024 | $1B | 8.3% (12.0%) | Opr Margin | 0.23 | Debt/Equity | 0.27 | |||||
| 2025 | $3B | 103.6% (106.9%) | PreTax Margin | 20.35 | BV/Share | 4 | |||||
| 5Y Average FCF | $2B | 15.3% (18.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.3%) | ||||||||||
| 2026 | $3B | MBG Intrinsic Value | $91 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $4B | ||||||||||
| 2029 | $4B | ||||||||||
| 2030 | $5B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $123B | Net Worth/Share | $114 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $100B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $665 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $5B | WACC | 7.3% | 579 | 624 | 679 | 747 | 833 | |||
| Equity Value | $97B | 7.4% | 573 | 618 | 672 | 738 | 821 | ||||
| Shares Outstanding | 146,528,000 | 7.4% | 568 | 612 | 665 | 729 | 810 | ||||
| 7.9% | 519 | 555 | 598 | 650 | 713 | ||||||
| DCF Intrinsic Value | $665 | 8.4% | 478 | 508 | 543 | 585 | 636 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||