BMY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($62.37)
DCF	$925343972044.25	+1483636318713.9%
Graham Number	$26.58	-57.4%
Reverse DCF	—	implied g: 1.9%
DDM	$51.91	-16.8%
EV/EBITDA	$62.38	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $11.15B

Near-term growth (yrs 1–5)(%)Rev: 1.3% / EPS: 1392.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.32%

Computed WACC: 4.32%

Cost of equity (Re)5.92%(Rf 4.30% + β 0.29 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)72.91%

Debt weight (D/V)27.09%

Results

Intrinsic Value / share$4870695073162.83

Current Price$62.37

Upside / Downside+7809355576560.0%

Net Debt (used)$36.51B

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

WACC \ Near-term	1384.1%	1388.1%	1392.1%	1396.1%	1400.1%
7.0%	$1532202449727.76	$1552962290545.58	$1573946544459.78	$1595157025996.05	$1616595559434.93
8.0%	$1154614328561.64	$1170258220440.16	$1186071222198.55	$1202054701200.05	$1218210032158.82
9.0%	$900519819801.37	$912720980149.68	$925054034578.97	$937520049538.57	$950120097210.99
10.0%	$719916761151.38	$729670927087.42	$739530535186.56	$749496438017.16	$759569492731.00
11.0%	$586388577696.87	$594333567639.83	$602364442621.26	$610481897077.45	$618686629178.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.46

Book Value / share($)Yahoo: $9.07

Results

Graham Number$26.58

Current Price$62.37

Margin of Safety-57.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.32%

Terminal growth rate(%)

Computed WACC: 4.32%

Cost of equity (Re)5.92%(Rf 4.30% + β 0.29 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)72.91%

Debt weight (D/V)27.09%

Results

Current Price$62.37

Implied Near-term FCF Growth-15.5%

Historical Revenue Growth1.3%

Historical Earnings Growth1392.1%

Base FCF (TTM)$11.15B

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: $2.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.91

Current Price$62.37

Upside / Downside-16.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $19.12B

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: $36.51B

Results

Implied Equity Value / share$62.38

Current Price$62.37

Upside / Downside+0.0%

Implied EV$163.56B

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

Mult \ Net Debt	$18.51B	$27.51B	$36.51B	$45.51B	$54.51B
4.6x	$33.68	$29.26	$24.84	$20.42	$16.00
6.6x	$52.45	$48.03	$43.61	$39.19	$34.77
8.6x	$71.22	$66.80	$62.38	$57.96	$53.54
10.6x	$90.00	$85.58	$81.16	$76.74	$72.32
12.6x	$108.77	$104.35	$99.93	$95.51	$91.09

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