Discounted Cash Flow (DCF) Analysis Unlevered

Bio-Rad Laboratories, Inc. (BIO)

$464.26

-14.70 (-3.07%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,934.69 | 464.26 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,160.15	2,289.42	2,311.66	2,545.63	2,922.55	3,155.50	3,407.01	3,678.58	3,971.79	4,288.38
Revenue (%)
EBITDA	268.42	674.72	2,418.70	5,067.60	5,573.50	3,384.62	3,654.40	3,945.69	4,260.19	4,599.76
EBITDA (%)
EBIT	119.72	536.62	2,284.50	4,929.50	5,439.70	3,203.34	3,458.67	3,734.36	4,032.01	4,353.40
EBIT (%)
Depreciation	148.70	138.10	134.20	138.10	133.80	181.28	195.73	211.33	228.17	246.36
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	754.98	844.80	1,114.65	991.12	869.92	1,191.32	1,286.27	1,388.80	1,499.50	1,619.02
Total Cash (%)
Account Receivables	464.85	392.44	392.67	419.42	423.54	546.63	590.20	637.25	688.04	742.88
Account Receivables (%)
Inventories	594.80	583.81	554.01	622.25	572.24	763.79	824.67	890.41	961.38	1,038.01
Inventories (%)
Accounts Payable	135.18	122.45	107.01	139.45	141.94	167.69	181.05	195.48	211.07	227.89
Accounts Payable (%)
Capital Expenditure	-115.13	-129.83	-98.53	-98.92	-120.80	-146.93	-158.65	-171.29	-184.94	-199.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 464.26
Beta	0.898
Diluted Shares Outstanding	30.16
Cost of Debt
Tax Rate	21.92
After-tax Cost of Debt	0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.789
Total Debt	223.38
Total Equity	14,002.08
Total Capital	14,225.46
Debt Weighting	1.57
Equity Weighting	98.43
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,160.15	2,289.42	2,311.66	2,545.63	2,922.55	3,155.50	3,407.01	3,678.58	3,971.79	4,288.38
EBITDA	268.42	674.72	2,418.70	5,067.60	5,573.50	3,384.62	3,654.40	3,945.69	4,260.19	4,599.76
EBIT	119.72	536.62	2,284.50	4,929.50	5,439.70	3,203.34	3,458.67	3,734.36	4,032.01	4,353.40
Tax Rate	-24.99%	28.68%	22.22%	22.44%	21.92%	14.06%	14.06%	14.06%	14.06%	14.06%
EBIAT	149.64	382.70	1,776.89	3,823.22	4,247.11	2,753.11	2,972.55	3,209.49	3,465.31	3,741.52
Depreciation	148.70	138.10	134.20	138.10	133.80	181.28	195.73	211.33	228.17	246.36
Accounts Receivable	-	72.40	-0.23	-26.75	-4.11	-123.09	-43.57	-47.04	-50.79	-54.84
Inventories	-	10.99	29.81	-68.25	50.01	-191.55	-60.88	-65.73	-70.97	-76.63
Accounts Payable	-	-12.73	-15.44	32.44	2.49	25.75	13.37	14.43	15.58	16.82
Capital Expenditure	-115.13	-129.83	-98.53	-98.92	-120.80	-146.93	-158.65	-171.29	-184.94	-199.69
UFCF	183.21	461.64	1,826.70	3,799.84	4,308.50	2,498.55	2,918.55	3,151.18	3,402.36	3,673.55
WACC
PV UFCF						2,320.56	2,517.55	2,524.58	2,531.63	2,538.71
SUM PV UFCF										12,433.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.67
Free cash flow (t + 1)	3,747.02
Terminal Value	66,085.05
Present Value of Terminal Value	45,669.86

Intrinsic Value

Enterprise Value	58,102.89
Net Debt	-247.41
Equity Value	58,350.29
Shares Outstanding	30.16
Equity Value Per Share	1,934.69