Discounted Cash Flow (DCF) Analysis Levered

InMode Ltd. (INMD)

$32.22

-0.07 (-0.22%)

All numbers are in Millions, Currency in USD

Stock DCF: 93.51 | 32.22 | undervalue

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	100.16	156.36	206.11	357.57	454.27	668.29	983.15	1,446.35	2,127.77	3,130.23
Revenue (%)
Operating Cash Flow	36.89	62.21	79.23	174.88	181.58	272.57	400.99	589.91	867.83	1,276.70
Operating Cash Flow (%)
Capital Expenditure	-0.38	-0.69	-0.46	-0.94	-1.57	-2.22	-3.26	-4.79	-7.05	-10.38
Capital Expenditure (%)
Free Cash Flow	36.50	61.51	78.76	173.95	180	270.35	397.73	585.11	860.78	1,266.32

Weighted Average Cost Of Capital

Share price	$ 32.22
Beta	2.075
Diluted Shares Outstanding	86.02
Cost of Debt
Tax Rate	19.83
After-tax Cost of Debt	58.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.604
Total Debt	4.96
Total Equity	2,771.47
Total Capital	2,776.43
Debt Weighting	0.18
Equity Weighting	99.82
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	100.16	156.36	206.11	357.57	454.27	668.29	983.15	1,446.35	2,127.77	3,130.23
Operating Cash Flow	36.89	62.21	79.23	174.88	181.58	272.57	400.99	589.91	867.83	1,276.70
Capital Expenditure	-0.38	-0.69	-0.46	-0.94	-1.57	-2.22	-3.26	-4.79	-7.05	-10.38
Free Cash Flow	36.50	61.51	78.76	173.95	180	270.35	397.73	585.11	860.78	1,266.32
WACC
PV LFCF						237.82	307.76	398.28	515.41	667
SUM PV LFCF										2,126.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	13.68
Free cash flow (t + 1)	1,291.65
Terminal Value	11,058.62
Present Value of Terminal Value	5,824.79

Intrinsic Value

Enterprise Value	7,951.07
Net Debt	-92.58
Equity Value	8,043.64
Shares Outstanding	86.02
Equity Value Per Share	93.51