BDX — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($172.46)
DCF	$669.19	+288.0%
Graham Number	$110.66	-35.8%
Reverse DCF	—	implied g: 8.7%
DDM	$86.52	-49.8%
EV/EBITDA	$176.70	+2.5%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.11B

Near-term growth (yrs 1–5)(%)Rev: 1.6% / EPS: 28.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.21%

Computed WACC: 5.21%

Cost of equity (Re)5.99%(Rf 4.30% + β 0.31 × ERP 5.50%)

Cost of debt (Rd)3.45%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.18%

Debt weight (D/V)23.82%

Results

Intrinsic Value / share$1934.80

Current Price$172.46

Upside / Downside+1021.9%

Net Debt (used)$18.79B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	20.6%	24.6%	28.6%	32.6%	36.6%
7.0%	$763.85	$905.79	$1066.83	$1248.83	$1453.80
8.0%	$592.56	$704.25	$830.89	$973.96	$1135.01
9.0%	$475.12	$566.09	$669.19	$785.60	$916.59
10.0%	$389.90	$465.87	$551.91	$649.02	$758.23
11.0%	$325.47	$390.11	$463.29	$545.83	$638.62

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $6.13

Book Value / share($)Yahoo: $88.79

Results

Graham Number$110.66

Current Price$172.46

Margin of Safety-35.8%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.21%

Terminal growth rate(%)

Computed WACC: 5.21%

Cost of equity (Re)5.99%(Rf 4.30% + β 0.31 × ERP 5.50%)

Cost of debt (Rd)3.45%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.18%

Debt weight (D/V)23.82%

Results

Current Price$172.46

Implied Near-term FCF Growth-4.9%

Historical Revenue Growth1.6%

Historical Earnings Growth28.6%

Base FCF (TTM)$3.11B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $4.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$86.52

Current Price$172.46

Upside / Downside-49.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $6.04B

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: $18.79B

Results

Implied Equity Value / share$176.70

Current Price$172.46

Upside / Downside+2.5%

Implied EV$69.05B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$8.79B	$13.79B	$18.79B	$23.79B	$28.79B
7.4x	$126.90	$109.32	$91.74	$74.17	$56.59
9.4x	$169.38	$151.80	$134.22	$116.65	$99.07
11.4x	$211.86	$194.28	$176.70	$159.13	$141.55
13.4x	$254.34	$236.76	$219.18	$201.61	$184.03
15.4x	$296.82	$279.24	$261.66	$244.08	$226.51

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