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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Atrion Corporation

Atrion Corporation (ATRI)

$651.2
3.16 (+0.49%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.9911.652.062.048.17152.43155.05644.262,677.0311,123.6046,220.76
Revenue (%)
EBITDA 46.5449.5451.3348.0849.9550.8351.385,507.3922,884.3295,088.94395,113.57
EBITDA (%)
EBIT 37.9540.8242.5139.1341.2741.7040.534,525.2218,803.1978,131.02324,650.02
EBIT (%)
Depreciation 8.598.728.828.958.689.1310.85982.174,081.1316,957.9270,463.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 28.5620.7828.3520.0230.1468.4468.812,773.9311,526.2247,893.75199,008.12
Total Cash (%)
Account Receivables 14.1616.9616.6217.1717.0817.0118.881,873.777,785.8732,351.86134,428.47
Account Receivables (%)
Inventories 26.2728.0229.7729.0129.3533.5642.103,253.0613,517.1356,166.37233,382.50
Inventories (%)
Accounts Payable 4.094.533.934.033.935.085.71446.281,854.387,705.3132,017.12
Accounts Payable (%)
Capital Expenditure 9.6512.679.3210.649.6817.5120.451,134.484,713.9819,587.5481,390.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 651.2
Diluted Shares Outstanding 1.86
Cost of Debt
Tax Rate 14.84
After-tax Cost of Debt -0.69
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.55
Total Debt -
Total Equity 1,213.19
Total Capital 1,213.19
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.9911.652.062.048.17152.43155.05644.262,677.0311,123.6046,220.76
EBITDA 46.5449.5451.3348.0849.9550.8351.385,507.3922,884.3295,088.94395,113.57
EBIT 37.9540.8242.5139.1341.2741.7040.534,525.2218,803.1978,131.02324,650.02
Tax Rate 32.30%33.82%29.23%29.76%13.57%18.51%14.84%24.58%24.58%24.58%24.58%
EBIAT 25.6927.0130.0927.4835.6733.9834.513,413.0814,182.0258,929.12244,862.28
Depreciation 8.598.728.828.958.689.1310.85982.174,081.1316,957.9270,463.55
Accounts Receivable --2.800.34-0.550.090.07-1.87-1,854.88-5,912.11-24,565.99-102,076.60
Inventories --1.76-1.750.76-0.34-4.21-8.53-3,210.97-10,264.06-42,649.24-177,216.13
Accounts Payable -0.44-0.600.10-0.101.150.63440.571,408.105,850.9424,311.81
Capital Expenditure --3.023.35-1.320.96-7.84-2.94-1,114.03-3,579.50-14,873.56-61,802.60
UFCF 34.2828.5940.2535.4344.9632.2832.66-1,344.05-84.43-350.81-1,457.69
WACC
PV UFCF -1,253.47-76.04-305.12-1,224.38
SUM PV UFCF -2,102.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.55
Free cash flow (t + 1) -1,516.00
Terminal Value 336,889.23
Present Value of Terminal Value 282,967.53

Intrinsic Value

Enterprise Value 280,864.82
Net Debt -68.81
Equity Value 280,933.63
Shares Outstanding 1.86
Equity Value Per Share 150,796.37