Discounted Cash Flow (DCF) Analysis Levered
Masimo Corporation (MASI)
$82.75
-1.88 (-2.22%)
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 | 858.29 | 937.84 | 1,143.74 | 1,239.15 | 2,035.80 | 2,564.37 | 3,230.18 | 4,068.86 | 5,125.29 | 6,456 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 239.53 | 221.64 | 210.96 | 264.75 | 29.50 | 475.95 | 599.52 | 755.18 | 951.26 | 1,198.24 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -22.68 | -72.49 | -79.96 | -34.93 | -56.30 | -117.69 | -148.25 | -186.74 | -235.23 | -296.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 216.84 | 149.15 | 131.01 | 229.83 | -26.80 | 358.26 | 451.27 | 568.44 | 716.03 | 901.94 |
Weighted Average Cost Of Capital
| Share price | $ 82.75 |
|---|---|
| Beta | 0.810 |
| Diluted Shares Outstanding | 55.20 |
| Cost of Debt | |
| Tax Rate | 25.80 |
| After-tax Cost of Debt | 1.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.557 |
| Total Debt | 975.40 |
| Total Equity | 4,567.80 |
| Total Capital | 5,543.20 |
| Debt Weighting | 17.60 |
| Equity Weighting | 82.40 |
| 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 | 858.29 | 937.84 | 1,143.74 | 1,239.15 | 2,035.80 | 2,564.37 | 3,230.18 | 4,068.86 | 5,125.29 | 6,456 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 239.53 | 221.64 | 210.96 | 264.75 | 29.50 | 475.95 | 599.52 | 755.18 | 951.26 | 1,198.24 |
| Capital Expenditure | -22.68 | -72.49 | -79.96 | -34.93 | -56.30 | -117.69 | -148.25 | -186.74 | -235.23 | -296.30 |
| Free Cash Flow | 216.84 | 149.15 | 131.01 | 229.83 | -26.80 | 358.26 | 451.27 | 568.44 | 716.03 | 901.94 |
| WACC | ||||||||||
| PV LFCF | 333.60 | 391.30 | 458.98 | 538.36 | 631.48 | |||||
| SUM PV LFCF | 2,353.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.39 |
| Free cash flow (t + 1) | 919.98 |
| Terminal Value | 17,068.23 |
| Present Value of Terminal Value | 11,950.04 |
Intrinsic Value
| Enterprise Value | 14,303.77 |
|---|---|
| Net Debt | 772.50 |
| Equity Value | 13,531.27 |
| Shares Outstanding | 55.20 |
| Equity Value Per Share | 245.13 |