World246_AY01

Please run an upside DCF scenario for Kenvue assuming slightly better revenue growth and margins changing the following metrics:
1.	Revise 2025E revenue growth rate to 2% stepping up by 0.1% per year until 2029E.
2.	Increase existing 2025E – 2029E operating margins by 0.1%.
3.	Increase D&A as a % of Net Sales by 0.1% in 2025E, and hold the resulting value flat for 2026E–2029E
4.	Increase Operating Current Assets as % of Net Sales in 2025E to 2024A + 0.1% stepping up by 0.1% per year until 2029E....

1.	WACC = 7.26%
2.	Change in unlevered free cash flow from 2025E – 2029E = $486 million
3.	Change in terminal value = $3,539 million
4.	Change in enterprise value = $2,725 million
5.	% change in enterprise value = 6.65%
6.	Revised implied share price = $18.91
7.	% change in revised implied share price = 8.15%