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Author: Beth00 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 18386  
Subject: PFE Discounted CF Analysis Date: 10/31/2001 3:23 PM
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A discounted cash flow analysis of Pfizer also suggests it is worth $41-42...PFE VALUATION 		Dec Fiscal Year																				
10/30/01														13%								
					 8,474 																	
5yr trail cf g							18%	24%	21%	19%	18%	16%	15%	14%	13%	12%	11%	10%	9%	8%		
	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016		01-16
																						
CF Ops	 -   	 5,177 	 5,493 	 6,195 	 7,713 	 9,475 	 11,479 	 13,665 	 16,034 	 18,600 	 21,390 	 24,384 	 27,554 	 30,860 	 34,255 	 37,681 	 41,072 	 44,358 	 47,906 	 51,260 		15%
Cap Ex	 -   	 1,830 	 2,410 	 2,100 	 2,625 	 3,224 	 3,906 	 4,651 	 5,457 	 6,330 	 7,279 	 8,298 	 9,377 	 10,502 	 11,658 	 12,823 	 13,977 	 15,096 	 16,303 	 17,445 		15%
Net CF	 -   	 3,347 	 3,083 	 4,095 	 5,088 	 6,250 	 7,572 	 9,015 	 10,577 	 12,270 	 14,110 	 16,086 	 18,177 	 20,358 	 22,597 	 24,857 	 27,094 	 29,262 	 31,603 	 33,815 	 21,783 	15%
										16%	15%	14%	13%	12%	11%	10%	9%	8%	8%	7%		
VaL, 1st 15	 114,552 				Average analyst estimates:																 622,376 	
Val to Infin	 144,401 				Dec '01	Dec '02	Dec '03															
Total Val	 258,954 				 1.31 	 1.59 		10/30/01														
Val Per Shr	 $41.02 																					
Net Cash	 $0.32 																					
	        $41.34 																					
												
											19%	2001-5
EPS				 1.02 	 1.27 	 1.56 	 1.89 	 2.25 	 2.64 	 $3.06 	20%	2000-5
Growth					25%	23%	21%	19%	17%	16%	19%	2001-6
												
Past 5 Yr G	19%											
Five Year G	21%		yhoo fin 20%									
2015 on		7%										
Cost of Equ	11%	11%										
A-T Cost Dbt	6%											
WACC	10%	10%										
Debt	 7,005 											
Mkt Cap	 265,146 											
Debt %	3%	3%										
Equ %	97%	97%										

RF	0.055	0.055		
B	1	1		bloomberg 0.627 and yhoo fin 0.67
RP	0.05	0.05		

Shrs	 6,313 			

Cash	 9,016 	 $1.43 		
SH Equity	 17,816 	 $2.82 		Goodwill on;y 1.8 bb
Price		 $42.00 		


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