AMGEN DCF Model - Jyo Makala.xlsx

	B	C	D	E	F	G	H	I	J	L	M	N	O	P	Q	R	S	T
1
2	Income Statement Items									Balance Sheet Items
3	All numbers in thousands	Historical			Projections					All numbers in thousands	Historical			Projections
4		FY2022A	FY2023A	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029		FY2022A	FY2023A	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029
5	Revenue	$ 26,323,000	$ 28,190,000	$ 33,424,000	$ 35,760,338	$ 35,731,729	$ 36,089,047	$ 37,171,718	$ 37,543,435	ST Debt	$ 1,591,000	$ 1,443,000	$ 3,550,000	$ 3,550,000	$ 3,550,000	$ 3,550,000	$ 3,550,000	$ 3,550,000
6										LT Debt	$ 37,354,000	$ 63,170,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000
7	Cost of Revenues	$ 6,406,000	$ 8,451,000	$ 12,858,000	$ 13,946,532	$ 15,364,644	$ 14,435,619	$ 14,125,253	$ 13,140,202	Net Working Capital	$ 6,499,000	$ 11,940,000	$ 5,931,000	$ 10,107,017	$ 10,098,932	$ 10,199,921	$ 10,505,919	$ 10,610,978
8	Gross profit	$ 19,917,000	$ 19,739,000	$ 20,566,000	$ 21,813,806	$ 20,367,086	$ 21,653,428	$ 23,046,465	$ 24,403,233	NWC/Sales	24.69%	42.36%	17.74%	28.26%	28.26%	28.26%	28.26%	28.26%
9										Change in NWC YoY		$ 5,441,000	$ (6,009,000)	$ 4,176,017	$ (8,086)	$ 100,989	$ 305,998	$ 105,059
10	Total Operating Expenses	$ 10,351,000	$ 11,842,000	$ 13,308,000	$ 14,411,416	$ 14,399,887	$ 14,543,886	$ 14,980,202	$ 15,130,004
11	Income from Operations	$ 9,566,000	$ 7,897,000	$ 7,258,000	$ 7,402,390	$ 5,967,199	$ 7,109,542	$ 8,066,263	$ 9,273,228	Cash Flow Statement Items
12										All numbers in thousands	Historical			Projections
13											FY2022A	FY2023A	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029
14	Interest Expense	$ 1,406,000	$ 2,875,000	$ 3,155,000	$ 2,544,705	$ 2,544,705	$ 2,544,705	$ 2,544,705	$ 2,544,705	Capital Expenditures	$ 936,000	$ 1,112,000	$ 1,096,000	$ 1,284,937	$ 1,283,909	$ 1,296,748	$ 1,335,650	$ 1,349,007
15	Other income/(expense), net	$ (814,000)	$ 2,833,000	$ 506,000	$ 600,100	$ 600,100	$ 600,100	$ 600,100	$ 600,100	Capex/Sales	3.56%	3.94%	3.28%	3.59%	3.59%	3.59%	3.59%	3.59%
16	Income before taxes	$ 7,346,000	$ 7,855,000	$ 4,609,000	$ 5,457,785	$ 4,022,594	$ 5,164,937	$ 6,121,658	$ 7,328,623	D&A	$ 3,417,000	$ 4,071,000	$ 5,592,000	$ 5,263,067	$ 5,258,856	$ 5,311,445	$ 5,470,788	$ 5,525,496
17										D&A/Sales	12.98%	14.44%	16.73%	14.72%	14.72%	14.72%	14.72%	14.72%
18	Income Tax expense(benefit)	$ 794,000	$ 1,138,000	$ 519,000	$ 682,223	$ 502,824	$ 645,617	$ 765,207	$ 916,078
19	Net Income	$ 6,552,000	$ 6,717,000	$ 4,090,000	$ 4,775,562	$ 3,519,770	$ 4,519,320	$ 5,356,451	$ 6,412,546
20
21
22
23
24
25	Assumptions and Metrics
26		FY2022A	FY2023A	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029
27	Revenue YoY Growth		7.09%	18.57%	6.99%	-0.08%	1.00%	3%	1.00%
28
29	Cost of Revenues (Margin %)	24.34%	29.98%	38.47%	39%	43.00%	40.00%	38%	35%
30
31	Gross Profit Margin	75.66%	70.02%	61.53%	61.00%	57.00%	60.00%	62.00%	65.00%
32
33	Operating Expense Margins	39.32%	42.01%	39.82%	40.30%	40.30%	40.30%	40.30%	40.30%
34
35	Operating Margin	36.34%	28.01%	21.71%	20.70%	16.70%	19.70%	21.70%	24.70%
36
37	Net Profit Margin	25%	24%	12%	13%	10%	13%	14%	17%
38	Interest Expense of LT Debt	-3.76%	-4.55%	-5.58%	4.50%	4.50%	4.50%	4.50%	4.50%
39	LT Debt will stay same	$ 37,354,000	$ 63,170,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000	$ 56,549,000
40	Interest Income will remain same				$0	$0	$0	$0	$0
41	Tax Rate	10.81%	14.49%	11.26%	12.50%	12.50%	12.50%	12.50%	12.50%
42	Cash (FY2024A)	11,973,000
43	Share Price (4/2/2025)	$ 305.41
44	Shares Outstanding	537,200
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100