Discounted Cash Flow (DCF) Analysis Levered

Integer Holdings Corporation (ITGR)

$55.28

-11.01 (-16.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.60 | 55.28 | 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 1,136.081,215.011,258.091,073.441,221.081,250.291,280.211,310.841,342.201,374.31
Revenue (%)
Operating Cash Flow 149.36167.30165.36181.34156.67174.50178.67182.95187.33191.81
Operating Cash Flow (%)
Capital Expenditure -47.30-44.91-48.20-51.44-53.46-52.16-53.41-54.69-56-57.34
Capital Expenditure (%)
Free Cash Flow 102.06122.39117.16129.90103.20122.33125.26128.26131.33134.47

Weighted Average Cost Of Capital

Share price $ 55.28
Beta 1.225
Diluted Shares Outstanding 33.26
Cost of Debt
Tax Rate 4.21
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.610
Total Debt 897.75
Total Equity 1,838.50
Total Capital 2,736.26
Debt Weighting 32.81
Equity Weighting 67.19
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 1,136.081,215.011,258.091,073.441,221.081,250.291,280.211,310.841,342.201,374.31
Operating Cash Flow 149.36167.30165.36181.34156.67174.50178.67182.95187.33191.81
Capital Expenditure -47.30-44.91-48.20-51.44-53.46-52.16-53.41-54.69-56-57.34
Free Cash Flow 102.06122.39117.16129.90103.20122.33125.26128.26131.33134.47
WACC
PV LFCF 113.74108.27103.0798.1293.40
SUM PV LFCF 516.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.56
Free cash flow (t + 1) 137.16
Terminal Value 2,466.87
Present Value of Terminal Value 1,713.53

Intrinsic Value

Enterprise Value 2,230.13
Net Debt 879.87
Equity Value 1,350.26
Shares Outstanding 33.26
Equity Value Per Share 40.60