Discounted Cash Flow (DCF) Analysis Unlevered
CONMED Corporation (CNMD)
$100.51
+3.50 (+3.61%)
All numbers are in Millions, Currency in USD
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 | 796.39 | 859.63 | 955.10 | 862.46 | 1,010.64 | 1,077.66 | 1,149.13 | 1,225.34 | 1,306.60 | 1,393.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 105.48 | 133.11 | 146.25 | 118.28 | 179.33 | 162.73 | 173.52 | 185.03 | 197.30 | 210.38 |
| EBITDA (%) | ||||||||||
| EBIT | 46.93 | 71.30 | 73.93 | 45.66 | 108.59 | 81.83 | 87.26 | 93.04 | 99.21 | 105.79 |
| EBIT (%) | ||||||||||
| Depreciation | 58.55 | 61.80 | 72.32 | 72.62 | 70.74 | 80.90 | 86.26 | 91.98 | 98.08 | 104.59 |
| 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 | 32.62 | 17.51 | 25.86 | 27.36 | 20.85 | 30.34 | 32.35 | 34.49 | 36.78 | 39.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 167.04 | 181.55 | 189.10 | 177.15 | 183.88 | 216.88 | 231.27 | 246.60 | 262.96 | 280.40 |
| Account Receivables (%) | ||||||||||
| Inventories | 141.44 | 154.60 | 164.62 | 194.87 | 231.64 | 212.29 | 226.37 | 241.38 | 257.39 | 274.46 |
| Inventories (%) | ||||||||||
| Accounts Payable | 42.04 | 53.50 | 55.97 | 53.31 | 58.20 | 63.16 | 67.34 | 71.81 | 76.57 | 81.65 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.84 | -16.51 | -20.07 | -13.01 | -14.87 | -18.56 | -19.80 | -21.11 | -22.51 | -24 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 100.51 |
|---|---|
| Beta | 1.561 |
| Diluted Shares Outstanding | 32.22 |
| Cost of Debt | |
| Tax Rate | 14.45 |
| After-tax Cost of Debt | 4.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.131 |
| Total Debt | 684.66 |
| Total Equity | 3,238.03 |
| Total Capital | 3,922.69 |
| Debt Weighting | 17.45 |
| Equity Weighting | 82.55 |
| 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 | 796.39 | 859.63 | 955.10 | 862.46 | 1,010.64 | 1,077.66 | 1,149.13 | 1,225.34 | 1,306.60 | 1,393.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 105.48 | 133.11 | 146.25 | 118.28 | 179.33 | 162.73 | 173.52 | 185.03 | 197.30 | 210.38 |
| EBIT | 46.93 | 71.30 | 73.93 | 45.66 | 108.59 | 81.83 | 87.26 | 93.04 | 99.21 | 105.79 |
| Tax Rate | -93.12% | 19.35% | 8.34% | -493.70% | 14.45% | -108.94% | -108.94% | -108.94% | -108.94% | -108.94% |
| EBIAT | 90.64 | 57.51 | 67.76 | 271.05 | 92.90 | 170.97 | 182.31 | 194.40 | 207.30 | 221.04 |
| Depreciation | 58.55 | 61.80 | 72.32 | 72.62 | 70.74 | 80.90 | 86.26 | 91.98 | 98.08 | 104.59 |
| Accounts Receivable | - | -14.51 | -7.55 | 11.94 | -6.73 | -33 | -14.38 | -15.34 | -16.35 | -17.44 |
| Inventories | - | -13.16 | -10.02 | -30.25 | -36.78 | 19.36 | -14.08 | -15.01 | -16.01 | -17.07 |
| Accounts Payable | - | 11.45 | 2.47 | -2.66 | 4.89 | 4.96 | 4.19 | 4.47 | 4.76 | 5.08 |
| Capital Expenditure | -12.84 | -16.51 | -20.07 | -13.01 | -14.87 | -18.56 | -19.80 | -21.11 | -22.51 | -24 |
| UFCF | 136.35 | 86.58 | 104.92 | 309.70 | 110.16 | 224.62 | 224.51 | 239.39 | 255.27 | 272.20 |
| WACC | ||||||||||
| PV UFCF | 205.81 | 188.48 | 184.15 | 179.91 | 175.78 | |||||
| SUM PV UFCF | 934.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.14 |
| Free cash flow (t + 1) | 277.64 |
| Terminal Value | 3,888.56 |
| Present Value of Terminal Value | 2,511.13 |
Intrinsic Value
| Enterprise Value | 3,445.26 |
|---|---|
| Net Debt | 663.81 |
| Equity Value | 2,781.45 |
| Shares Outstanding | 32.22 |
| Equity Value Per Share | 86.34 |