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Discounted Cash Flow (DCF) Analysis Unlevered


Atrion Corporation

Atrion Corporation (ATRI)

Healthcare

Operating Data

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 131.9911.652.062.048.17152.43729.033,486.8016,676.6879,761.24381,482.07
Revenue (%)
EBITDA 46.5449.5451.3348.0849.9550.837,230.3734,581.42165,396.01791,056.063,783,462.92
EBITDA (%)
EBIT 37.9540.8242.5139.1341.2741.705,942.1828,420.24135,928.31650,117.943,109,384.10
EBIT (%)
Depreciation 8.598.728.828.958.689.131,288.206,161.1829,467.70140,938.12674,078.83
Depreciation (%)

Balance Sheet Data

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
Total Cash 28.5620.7828.3520.0230.1468.443,608.1917,257.2482,537.91394,762.321,888,069.23
Total Cash (%)
Account Receivables 14.1616.9616.6217.1717.0817.012,458.8711,760.2956,247.12269,018.721,286,662.74
Account Receivables (%)
Inventories 26.2728.0229.7729.0129.3533.564,261.6220,382.4697,485.22466,252.322,229,991.62
Inventories (%)
Accounts Payable 4.094.533.934.033.935.08584.682,796.4213,374.7063,968.52305,948.62
Accounts Payable (%)
Capital Expenditure 7.5012.679.3210.649.6817.511,479.717,077.1733,848.67161,891.40774,294.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 662
Diluted Shares Outstanding 0.00
Cost of Debt
Tax Rate 18.51
After-tax Cost of Debt -0.88
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.55
Total Debt -
Total Equity 1.23
Total Capital 1.23
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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.9911.652.062.048.17152.43729.033,486.8016,676.6879,761.24381,482.07
EBITDA 46.5449.5451.3348.0849.9550.837,230.3734,581.42165,396.01791,056.063,783,462.92
EBIT 37.9540.8242.5139.1341.2741.705,942.1828,420.24135,928.31650,117.943,109,384.10
Tax Rate -Infinity%-Infinity%-Infinity%-Infinity%-Infinity%18.51%-Infinity%-Infinity%-Infinity%-Infinity%-Infinity%
EBIAT InfinityInfinityInfinityInfinityInfinity33.98InfinityInfinityInfinityInfinityInfinity
Depreciation 8.598.728.828.958.689.131,288.206,161.1829,467.70140,938.12674,078.83
Accounts Receivable --2.800.34-0.550.090.07-2,441.86-9,301.42-44,486.83-212,771.60-1,017,644.02
Inventories --1.76-1.750.76-0.34-4.21-4,228.05-16,120.84-77,102.76-368,767.10-1,763,739.29
Accounts Payable -0.44-0.600.10-0.101.15579.612,211.7310,578.2850,593.82241,980.11
Capital Expenditure --5.173.35-1.320.96-7.84-1,462.20-5,597.45-26,771.50-128,042.73-612,402.77
UFCF InfinityInfinityInfinityInfinityInfinity32.28InfinityInfinityInfinityInfinityInfinity
WACC
PV UFCF InfinityInfinityInfinityInfinityInfinity
SUM PV UFCF Infinity

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.55
Free cash flow (t + 1) Infinity
Terminal Value -Infinity
Present Value of Terminal Value -Infinity

Intrinsic Value

Enterprise Value -
Net Debt -68.44
Equity Value -
Shares Outstanding 0.00
Equity Value Per Share -