Discounted Cash Flow (DCF) Analysis Levered
IDEXX Laboratories, Inc. (IDXX)
$437.24
+1.55 (+0.36%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,213.24 | 2,406.91 | 2,706.66 | 3,215.36 | 3,367.32 | 3,743.83 | 4,162.44 | 4,627.84 | 5,145.29 | 5,720.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 400.08 | 459.16 | 648.06 | 755.55 | 542.98 | 754.16 | 838.48 | 932.23 | 1,036.47 | 1,152.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -122.94 | -155.22 | -107.63 | -119.55 | -148.84 | -180.59 | -200.78 | -223.23 | -248.19 | -275.94 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 277.15 | 303.93 | 540.44 | 636 | 394.15 | 573.57 | 637.70 | 709 | 788.28 | 876.42 |
Weighted Average Cost Of Capital
| Share price | $ 437.24 |
|---|---|
| Beta | 1.198 |
| Diluted Shares Outstanding | 84.60 |
| Cost of Debt | |
| Tax Rate | 21.03 |
| After-tax Cost of Debt | 2.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.199 |
| Total Debt | 1,348.37 |
| Total Equity | 36,990.50 |
| Total Capital | 38,338.87 |
| Debt Weighting | 3.52 |
| Equity Weighting | 96.48 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,213.24 | 2,406.91 | 2,706.66 | 3,215.36 | 3,367.32 | 3,743.83 | 4,162.44 | 4,627.84 | 5,145.29 | 5,720.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 400.08 | 459.16 | 648.06 | 755.55 | 542.98 | 754.16 | 838.48 | 932.23 | 1,036.47 | 1,152.36 |
| Capital Expenditure | -122.94 | -155.22 | -107.63 | -119.55 | -148.84 | -180.59 | -200.78 | -223.23 | -248.19 | -275.94 |
| Free Cash Flow | 277.15 | 303.93 | 540.44 | 636 | 394.15 | 573.57 | 637.70 | 709 | 788.28 | 876.42 |
| WACC | ||||||||||
| PV LFCF | 521.81 | 527.79 | 533.85 | 539.97 | 546.17 | |||||
| SUM PV LFCF | 2,669.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.92 |
| Free cash flow (t + 1) | 893.94 |
| Terminal Value | 11,287.18 |
| Present Value of Terminal Value | 7,033.99 |
Intrinsic Value
| Enterprise Value | 9,703.58 |
|---|---|
| Net Debt | 1,235.82 |
| Equity Value | 8,467.75 |
| Shares Outstanding | 84.60 |
| Equity Value Per Share | 100.09 |