Discounted Cash Flow (DCF) Analysis Levered

IDEXX Laboratories, Inc. (IDXX)

$346.02

-4.10 (-1.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.81 | 346.02 | overvalue

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 1,969.062,213.242,406.912,706.663,215.363,636.574,112.964,651.755,261.125,950.33
Revenue (%)
Operating Cash Flow 373.28400.08459.16648.06755.55753.15851.81963.401,089.601,232.34
Operating Cash Flow (%)
Capital Expenditure -76.70-122.94-155.22-107.88-119.55-171.67-194.15-219.59-248.35-280.89
Capital Expenditure (%)
Free Cash Flow 296.57277.15303.93540.19636581.48657.65743.81841.24951.45

Weighted Average Cost Of Capital

Share price $ 346.02
Beta 1.166
Diluted Shares Outstanding 86.72
Cost of Debt
Tax Rate 17.48
After-tax Cost of Debt 2.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.330
Total Debt 1,031.01
Total Equity 30,007.55
Total Capital 31,038.56
Debt Weighting 3.32
Equity Weighting 96.68
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 1,969.062,213.242,406.912,706.663,215.363,636.574,112.964,651.755,261.125,950.33
Operating Cash Flow 373.28400.08459.16648.06755.55753.15851.81963.401,089.601,232.34
Capital Expenditure -76.70-122.94-155.22-107.88-119.55-171.67-194.15-219.59-248.35-280.89
Free Cash Flow 296.57277.15303.93540.19636581.48657.65743.81841.24951.45
WACC
PV LFCF 532.98552.52572.78593.78615.55
SUM PV LFCF 2,867.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.10
Free cash flow (t + 1) 970.48
Terminal Value 13,668.67
Present Value of Terminal Value 8,843.06

Intrinsic Value

Enterprise Value 11,710.66
Net Debt 886.55
Equity Value 10,824.11
Shares Outstanding 86.72
Equity Value Per Share 124.81