This exercise asks you to forecast Gilead Science (GILD) free

| June 7, 2016

Question
This exercise asks you to forecast Gilead Science (GILD) free cash flow and discuss risks the company is facing. You may use and modify if necessary the template below or you may create your own template.

a) download 2012-2014 historical financial data for the company, using one of the sources listed in Course Content (you may enter numbers in the template below or create your own).

b) Based on historical financial data calculate ratios that to be used later in pro-forma financial statements (revenue growth, gross margin etc., see chapter 6 for details);

c) Using historical data from a) and ratios from b) create pro-forma statements (see chapter 6 for details);d) Estimate free cash flows FCF for 2015-2018 (see chapters 2 and 6 for details);

e) What are risks the company is facing? Discuss, how its tornado diagram would look like (see chapter 3 for details). You don’t have to build the diagram itself, unless you want to earn bonus points (5 points maximum);

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