Discounted Cash Flow (DCF) Analysis Unlevered

Bio-Rad Laboratories, Inc. (BIO)

$452.85

-3.16 (-0.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,722.85 | 452.85 | 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 2,160.152,289.422,311.662,545.632,922.553,155.503,407.013,678.583,971.794,288.38
Revenue (%)
EBITDA 268.42674.722,418.705,067.605,573.503,384.623,654.403,945.694,260.194,599.76
EBITDA (%)
EBIT 119.72536.622,284.504,929.505,439.703,203.343,458.673,734.364,032.014,353.40
EBIT (%)
Depreciation 148.70138.10134.20138.10133.80181.28195.73211.33228.17246.36
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 754.98844.801,114.65991.12869.921,191.321,286.271,388.801,499.501,619.02
Total Cash (%)
Account Receivables 464.85392.44392.67419.42423.54546.63590.20637.25688.04742.88
Account Receivables (%)
Inventories 594.80583.81554.01622.25572.24763.79824.67890.41961.381,038.01
Inventories (%)
Accounts Payable 135.18122.45107.01139.45141.94167.69181.05195.48211.07227.89
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 $ 452.85
Beta 0.986
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 8.478
Total Debt 223.38
Total Equity 13,657.96
Total Capital 13,881.33
Debt Weighting 1.61
Equity Weighting 98.39
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 2,160.152,289.422,311.662,545.632,922.553,155.503,407.013,678.583,971.794,288.38
EBITDA 268.42674.722,418.705,067.605,573.503,384.623,654.403,945.694,260.194,599.76
EBIT 119.72536.622,284.504,929.505,439.703,203.343,458.673,734.364,032.014,353.40
Tax Rate -24.99%28.68%22.22%22.44%21.92%14.06%14.06%14.06%14.06%14.06%
EBIAT 149.64382.701,776.893,823.224,247.112,753.112,972.553,209.493,465.313,741.52
Depreciation 148.70138.10134.20138.10133.80181.28195.73211.33228.17246.36
Accounts Receivable -72.40-0.23-26.75-4.11-123.09-43.57-47.04-50.79-54.84
Inventories -10.9929.81-68.2550.01-191.55-60.88-65.73-70.97-76.63
Accounts Payable --12.73-15.4432.442.4925.7513.3714.4315.5816.82
Capital Expenditure -115.13-129.83-98.53-98.92-120.80-146.93-158.65-171.29-184.94-199.69
UFCF 183.21461.641,826.703,799.844,308.502,498.552,918.553,151.183,402.363,673.55
WACC
PV UFCF 2,3062,486.052,477.352,468.682,460.04
SUM PV UFCF 12,198.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.35
Free cash flow (t + 1) 3,747.02
Terminal Value 59,008.22
Present Value of Terminal Value 39,515.54

Intrinsic Value

Enterprise Value 51,713.65
Net Debt -247.41
Equity Value 51,961.05
Shares Outstanding 30.16
Equity Value Per Share 1,722.85