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Discounted Cash Flow (DCF) Analysis Levered


Intuitive Surgical Inc.

Intuitive Surgical Inc. (ISRG)

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 2,265.102,131.692,384.292,706.413,138.083,723.964,126.894,573.425,068.275,616.656,224.37
Revenue (%)
Operating Cash Flow 879.99665.09806.131,086.891,143.831,169.701,457.211,614.881,789.601,983.242,197.83
Operating Cash Flow (%)
Capital Expenditure -104.65-105.52-81.07-53.86-190.80-187.32-179.11-198.49-219.96-243.76-270.14
Capital Expenditure (%)
Free Cash Flow 775.34559.57725.061,033.04953.03982.381,278.101,416.391,569.641,739.481,927.69

Weighted Average Cost Of Capital

Share price $ 580.68
Diluted Shares Outstanding 113.70
Cost of Debt
Tax Rate 12.05
After-tax Cost of Debt -0.55
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.19
Total Debt -
Total Equity 66,023.32
Total Capital 66,023.32
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 2,265.102,131.692,384.292,706.413,138.083,723.964,126.894,573.425,068.275,616.656,224.37
Operating Cash Flow 879.99665.09806.131,086.891,143.831,169.701,457.211,614.881,789.601,983.242,197.83
Capital Expenditure -104.65-105.52-81.07-53.86-190.80-187.32-179.11-198.49-219.96-243.76-270.14
Free Cash Flow 775.34559.57725.061,033.04953.03982.381,278.101,416.391,569.641,739.481,927.69
WACC
PV LFCF 1,149.471,145.651,141.841,138.041,134.25
SUM PV LFCF 6,455.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.19
Free cash flow (t + 1) 1,759.74
Terminal Value 24,474.80
Present Value of Terminal Value 14,400.93

Intrinsic Value

Enterprise Value 20,069.00
Net Debt -3,062.96
Equity Value 23,131.96
Shares Outstanding 113.70
Equity Value Per Share 228.01