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Discounted Cash Flow (DCF) Analysis Unlevered


Intuitive Surgical Inc.

Intuitive Surgical Inc. (ISRG)

$688.94
3.5 (+0.51%)

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 2,265.102,131.692,384.292,704.263,128.833,724.253,754.414,097.944,472.904,882.185,328.89
Revenue (%)
EBITDA 919.86585.36803.031,001.391,132.641,331.051,596.751,482.641,618.301,766.371,927.99
EBITDA (%)
EBIT 852.58544.86739.85945.141,054.731,199.581,374.491,356.421,480.531,616.001,763.86
EBIT (%)
Depreciation 67.2740.5063.1856.2577.91131.47222.26126.22137.77150.37164.13
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 1,403.461,232.541,559.802,554.721,960.533,063.193,221.662,987.813,261.203,559.593,885.30
Total Cash (%)
Account Receivables 301.48315.06394.36430.25511.88682.28645.38658.13718.35784.08855.82
Account Receivables (%)
Inventories 179.62181.62167.85182.27241.23408.92595.45379.47414.19452.09493.46
Inventories (%)
Accounts Payable 46.2161.6152.6968.4282.60100.55123.52106.96116.74127.42139.08
Accounts Payable (%)
Capital Expenditure 104.65105.5281.0753.81190.55187.33425.75219.24239.30261.20285.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 688.94
Diluted Shares Outstanding 119.00
Cost of Debt
Tax Rate 8.18
After-tax Cost of Debt -0.36
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.49
Total Debt -
Total Equity 81,983.86
Total Capital 81,983.86
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 2,265.102,131.692,384.292,704.263,128.833,724.253,754.414,097.944,472.904,882.185,328.89
EBITDA 919.86585.36803.031,001.391,132.641,331.051,596.751,482.641,618.301,766.371,927.99
EBIT 852.58544.86739.85945.141,054.731,199.581,374.491,356.421,480.531,616.001,763.86
Tax Rate -9.55%23.72%22.37%24.97%39.81%11.85%8.18%17.34%17.34%17.34%17.34%
EBIAT 934.01415.64574.32709.14634.861,057.451,262.041,121.281,223.881,335.871,458.10
Depreciation 67.2740.5063.1856.2577.91131.47222.26126.22137.77150.37164.13
Accounts Receivable --13.58-79.30-35.89-81.63-170.4136.90-12.75-60.22-65.73-71.74
Inventories --2.0013.77-14.41-58.97-167.69-186.53215.98-34.72-37.90-41.37
Accounts Payable -15.40-8.9115.7314.1817.9522.97-16.569.7910.6811.66
Capital Expenditure --0.8724.4527.25-136.733.22-238.42206.51-20.06-21.90-23.90
UFCF 1,001.29455.09587.51758.07449.62871.991,119.221,640.681,256.431,371.391,496.88
WACC
PV UFCF 1,471.591,010.80989.59968.82
SUM PV UFCF 5,490.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.49
Free cash flow (t + 1) 1,556.75
Terminal Value 20,784.41
Present Value of Terminal Value 12,065.86

Intrinsic Value

Enterprise Value 17,556.44
Net Debt -3,221.66
Equity Value 20,778.11
Shares Outstanding 119.00
Equity Value Per Share 174.61