Discounted Cash Flow (DCF) Analysis Levered
Bio-Rad Laboratories, Inc. (BIO)
$475.44
+5.75 (+1.22%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 2,160.15 | 2,289.42 | 2,311.66 | 2,545.63 | 2,922.55 | 3,155.50 | 3,407.01 | 3,678.58 | 3,971.79 | 4,288.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 103.88 | 285.49 | 457.90 | 575.33 | 656.52 | 518.46 | 559.79 | 604.41 | 652.58 | 704.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -115.13 | -129.83 | -98.53 | -98.92 | -120.80 | -146.93 | -158.65 | -171.29 | -184.94 | -199.69 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -11.24 | 155.67 | 359.37 | 476.41 | 535.72 | 371.53 | 401.14 | 433.12 | 467.64 | 504.91 |
Weighted Average Cost Of Capital
| Share price | $ 475.44 |
|---|---|
| Beta | 0.898 |
| Diluted Shares Outstanding | 30.16 |
| Cost of Debt | |
| Tax Rate | 21.92 |
| After-tax Cost of Debt | 0.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.893 |
| Total Debt | 223.38 |
| Total Equity | 14,339.27 |
| Total Capital | 14,562.65 |
| Debt Weighting | 1.53 |
| Equity Weighting | 98.47 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 2,160.15 | 2,289.42 | 2,311.66 | 2,545.63 | 2,922.55 | 3,155.50 | 3,407.01 | 3,678.58 | 3,971.79 | 4,288.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 103.88 | 285.49 | 457.90 | 575.33 | 656.52 | 518.46 | 559.79 | 604.41 | 652.58 | 704.60 |
| Capital Expenditure | -115.13 | -129.83 | -98.53 | -98.92 | -120.80 | -146.93 | -158.65 | -171.29 | -184.94 | -199.69 |
| Free Cash Flow | -11.24 | 155.67 | 359.37 | 476.41 | 535.72 | 371.53 | 401.14 | 433.12 | 467.64 | 504.91 |
| WACC | ||||||||||
| PV LFCF | 344.71 | 345.32 | 345.93 | 346.54 | 347.16 | |||||
| SUM PV LFCF | 1,729.66 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.78 |
| Free cash flow (t + 1) | 515.01 |
| Terminal Value | 8,910.24 |
| Present Value of Terminal Value | 6,126.30 |
Intrinsic Value
| Enterprise Value | 7,855.97 |
|---|---|
| Net Debt | -247.41 |
| Equity Value | 8,103.37 |
| Shares Outstanding | 30.16 |
| Equity Value Per Share | 268.68 |