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Discounted Cash Flow (DCF) Analysis Levered


Atrion Corporation

Atrion Corporation (ATRI)

Healthcare

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.99140.76145.73143.48146.60152.44156.96161.60166.39171.31176.38
Revenue (%)
Operating Cash Flow 36.5831.2240.4237.4147.0443.2342.9444.2145.5246.8748.26
Operating Cash Flow (%)
Capital Expenditure -7.50-12.67-9.33-10.63-9.68-17.50-12.18-12.54-12.91-13.29-13.69
Capital Expenditure (%)
Free Cash Flow 29.0818.5531.1026.7737.3725.7330.7631.6732.6133.5834.57

Weighted Average Cost Of Capital

Share price $ 804.87
Diluted Shares Outstanding 1.86
Cost of Debt
Tax Rate 18.51
After-tax Cost of Debt -0.88
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.96
Total Debt -
Total Equity 1,495.45
Total Capital 1,495.45
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.99140.76145.73143.48146.60152.44156.96161.60166.39171.31176.38
Operating Cash Flow 36.5831.2240.4237.4147.0443.2342.9444.2145.5246.8748.26
Capital Expenditure -7.50-12.67-9.33-10.63-9.68-17.50-12.18-12.54-12.91-13.29-13.69
Free Cash Flow 29.0818.5531.1026.7737.3725.7330.7631.6732.6133.5834.57
WACC
PV LFCF 29.0328.2127.4126.6425.88
SUM PV LFCF 234.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.96
Free cash flow (t + 1) 48.88
Terminal Value 2,493.98
Present Value of Terminal Value 1,867.17

Intrinsic Value

Enterprise Value 2,187.92
Net Debt -68.43
Equity Value 2,256.35
Shares Outstanding 1.86
Equity Value Per Share 902.15