Discounted Cash Flow (DCF) Analysis Levered
Intuitive Surgical, Inc. (ISRG)
$288.2
+3.85 (+1.35%)
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 | 3,724.20 | 4,478.50 | 4,358.40 | 5,710.10 | 6,222.20 | 7,117.49 | 8,141.59 | 9,313.05 | 10,653.07 | 12,185.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,169.60 | 1,598.20 | 1,484.80 | 2,089.40 | 1,490.80 | 2,301.93 | 2,633.15 | 3,012.02 | 3,445.41 | 3,941.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -187.40 | -425.60 | -341.50 | -353.50 | -532.40 | -528.37 | -604.40 | -691.36 | -790.84 | -904.63 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 982.20 | 1,172.60 | 1,143.30 | 1,735.90 | 958.40 | 1,773.56 | 2,028.75 | 2,320.66 | 2,654.57 | 3,036.53 |
Weighted Average Cost Of Capital
| Share price | $ 288.2 |
|---|---|
| Beta | 1.300 |
| Diluted Shares Outstanding | 366.80 |
| Cost of Debt | |
| Tax Rate | 17.71 |
| After-tax Cost of Debt | 4.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.573 |
| Total Debt | - |
| Total Equity | 105,711.76 |
| Total Capital | 105,711.76 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 3,724.20 | 4,478.50 | 4,358.40 | 5,710.10 | 6,222.20 | 7,117.49 | 8,141.59 | 9,313.05 | 10,653.07 | 12,185.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,169.60 | 1,598.20 | 1,484.80 | 2,089.40 | 1,490.80 | 2,301.93 | 2,633.15 | 3,012.02 | 3,445.41 | 3,941.15 |
| Capital Expenditure | -187.40 | -425.60 | -341.50 | -353.50 | -532.40 | -528.37 | -604.40 | -691.36 | -790.84 | -904.63 |
| Free Cash Flow | 982.20 | 1,172.60 | 1,143.30 | 1,735.90 | 958.40 | 1,773.56 | 2,028.75 | 2,320.66 | 2,654.57 | 3,036.53 |
| WACC | ||||||||||
| PV LFCF | 1,604.02 | 1,659.41 | 1,716.72 | 1,776.01 | 1,837.34 | |||||
| SUM PV LFCF | 8,593.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.57 |
| Free cash flow (t + 1) | 3,097.26 |
| Terminal Value | 36,140.67 |
| Present Value of Terminal Value | 21,868.03 |
Intrinsic Value
| Enterprise Value | 30,461.53 |
|---|---|
| Net Debt | -1,581.20 |
| Equity Value | 32,042.73 |
| Shares Outstanding | 366.80 |
| Equity Value Per Share | 87.36 |