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Discounted Cash Flow (DCF) Analysis Unlevered


Intuitive Surgical Inc.

Intuitive Surgical Inc. (ISRG)

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 2,265.102,131.692,384.292,706.413,138.083,723.964,126.894,573.425,068.275,616.656,224.37
Revenue (%)
EBITDA 938.20623.30848.091,077.421,203.771,405.051,527.781,693.081,876.272,079.282,304.26
EBITDA (%)
EBIT 870.93548.91758.68985.401,104.601,282.161,389.521,539.871,706.491,891.132,095.75
EBIT (%)
Depreciation 67.2774.4089.4192.0299.16122.89138.25153.21169.79188.16208.52
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 1,403.461,232.541,559.802,554.581,960.673,062.962,918.543,234.323,584.283,972.104,401.88
Total Cash (%)
Account Receivables 301.48315.06394.36430.32508.06682.23653.70724.43802.81889.68985.94
Account Receivables (%)
Inventories 179.62181.62167.85182.41241.32408.89336.34372.73413.06457.76507.29
Inventories (%)
Accounts Payable 46.2161.6152.6968.4782.53100.55103.17114.34126.71140.42155.61
Accounts Payable (%)
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 (%)

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

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
EBITDA 938.20623.30848.091,077.421,203.771,405.051,527.781,693.081,876.272,079.282,304.26
EBIT 870.93548.91758.68985.401,104.601,282.161,389.521,539.871,706.491,891.132,095.75
Tax Rate 22.95%23.72%22.37%25.07%39.27%12.05%24.24%24.24%24.24%24.24%24.24%
EBIAT 671.02418.73588.94738.38670.781,127.691,052.721,166.631,292.851,432.741,587.76
Depreciation 67.2774.4089.4192.0299.16122.89138.25153.21169.79188.16208.52
Accounts Receivable --13.58-79.30-35.96-77.74-174.1728.53-70.73-78.38-86.86-96.26
Inventories --2.0013.77-14.56-58.91-167.5772.55-36.39-40.33-44.69-49.53
Accounts Payable -15.40-8.9115.7814.0618.022.6311.1612.3713.7115.19
Capital Expenditure -0.87-24.45-27.21136.94-3.48-8.2119.3821.4823.8026.38
UFCF 738.30493.82579.45768.45784.30923.371,286.471,243.261,377.781,526.851,692.06
WACC
PV UFCF 1,157.001,005.611,002.26998.93995.60
SUM PV UFCF 5,668.07

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 203.45