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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 131.99140.76145.73143.48146.60152.44156.96161.60166.39171.31176.38
Revenue (%)
EBITDA 47.8650.7449.6948.2251.0251.1654.5156.1257.7959.5061.26
EBITDA (%)
EBIT 39.2742.0240.8839.2742.3442.0444.8646.1947.5548.9650.41
EBIT (%)
Depreciation 8.598.738.828.958.689.129.659.9410.2310.5410.85
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 46.9123.8628.3944.1165.6068.4350.3251.8153.3454.9256.55
Total Cash (%)
Account Receivables 14.1616.9616.6117.1617.0817.0118.0318.5719.1219.6820.27
Account Receivables (%)
Inventories 26.2728.0229.7729.0129.3533.5732.0533.0033.9834.9836.02
Inventories (%)
Accounts Payable 4.094.533.924.033.939.605.455.615.775.946.12
Accounts Payable (%)
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 (%)

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

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
EBITDA 47.8650.7449.6948.2251.0251.1654.5156.1257.7959.5061.26
EBIT 39.2742.0240.8839.2742.3442.0444.8646.1947.5548.9650.41
Tax Rate 32.30%33.82%29.23%29.76%13.57%18.51%26.20%26.20%26.20%26.20%26.20%
EBIAT 26.5827.8028.9327.5836.5934.2633.1134.0935.0936.1337.20
Depreciation 8.598.738.828.958.689.129.659.9410.2310.5410.85
Accounts Receivable --2.800.35-0.550.080.07-1.02-0.53-0.55-0.57-0.58
Inventories --1.76-1.750.76-0.34-4.221.52-0.95-0.98-1.01-1.04
Accounts Payable -0.44-0.610.11-0.105.68-4.160.160.170.170.18
Capital Expenditure -5.17-3.341.31-0.967.83-5.320.360.370.380.39
UFCF 35.1837.5932.3938.1743.9552.7233.7843.0644.3445.6547.00
WACC
PV UFCF 31.8838.3637.2736.2135.19
SUM PV UFCF 320.75

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 1,214.40