Discounted Cash Flow (DCF) Analysis Levered

Integer Holdings Corporation (ITGR)

$78.98

+0.11 (+0.14%)

All numbers are in Millions, Currency in USD

Stock DCF: 36.56 | 78.98 | overvalue

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	1,215.01	1,258.09	1,073.44	1,221.08	1,376.10	1,428.79	1,483.50	1,540.31	1,599.30	1,660.54
Revenue (%)
Operating Cash Flow	167.30	165.36	181.34	156.67	116.38	186.01	193.13	200.53	208.21	216.18
Operating Cash Flow (%)
Capital Expenditure	-44.91	-48.20	-51.44	-53.46	-74.73	-63.23	-65.65	-68.17	-70.78	-73.49
Capital Expenditure (%)
Free Cash Flow	122.39	117.16	129.90	103.20	41.65	122.78	127.48	132.36	137.43	142.69

Weighted Average Cost Of Capital

Share price	$ 78.98
Beta	1.110
Diluted Shares Outstanding	33.36
Cost of Debt
Tax Rate	12.61
After-tax Cost of Debt	3.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.679
Total Debt	1,007.68
Total Equity	2,634.54
Total Capital	3,642.21
Debt Weighting	27.67
Equity Weighting	72.33
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	1,215.01	1,258.09	1,073.44	1,221.08	1,376.10	1,428.79	1,483.50	1,540.31	1,599.30	1,660.54
Operating Cash Flow	167.30	165.36	181.34	156.67	116.38	186.01	193.13	200.53	208.21	216.18
Capital Expenditure	-44.91	-48.20	-51.44	-53.46	-74.73	-63.23	-65.65	-68.17	-70.78	-73.49
Free Cash Flow	122.39	117.16	129.90	103.20	41.65	122.78	127.48	132.36	137.43	142.69
WACC
PV LFCF						113.76	109.44	105.28	101.28	97.43
SUM PV LFCF										527.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.93
Free cash flow (t + 1)	145.55
Terminal Value	2,454.42
Present Value of Terminal Value	1,675.86

Intrinsic Value

Enterprise Value	2,203.04
Net Debt	983.41
Equity Value	1,219.63
Shares Outstanding	33.36
Equity Value Per Share	36.56