Discounted Cash Flow (DCF) Analysis Unlevered

CONMED Corporation (CNMD)

$100.51

+3.50 (+3.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.34 | 100.51 | overvalue

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 796.39859.63955.10862.461,010.641,077.661,149.131,225.341,306.601,393.25
Revenue (%)
EBITDA 105.48133.11146.25118.28179.33162.73173.52185.03197.30210.38
EBITDA (%)
EBIT 46.9371.3073.9345.66108.5981.8387.2693.0499.21105.79
EBIT (%)
Depreciation 58.5561.8072.3272.6270.7480.9086.2691.9898.08104.59
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 32.6217.5125.8627.3620.8530.3432.3534.4936.7839.22
Total Cash (%)
Account Receivables 167.04181.55189.10177.15183.88216.88231.27246.60262.96280.40
Account Receivables (%)
Inventories 141.44154.60164.62194.87231.64212.29226.37241.38257.39274.46
Inventories (%)
Accounts Payable 42.0453.5055.9753.3158.2063.1667.3471.8176.5781.65
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 796.39859.63955.10862.461,010.641,077.661,149.131,225.341,306.601,393.25
EBITDA 105.48133.11146.25118.28179.33162.73173.52185.03197.30210.38
EBIT 46.9371.3073.9345.66108.5981.8387.2693.0499.21105.79
Tax Rate -93.12%19.35%8.34%-493.70%14.45%-108.94%-108.94%-108.94%-108.94%-108.94%
EBIAT 90.6457.5167.76271.0592.90170.97182.31194.40207.30221.04
Depreciation 58.5561.8072.3272.6270.7480.9086.2691.9898.08104.59
Accounts Receivable --14.51-7.5511.94-6.73-33-14.38-15.34-16.35-17.44
Inventories --13.16-10.02-30.25-36.7819.36-14.08-15.01-16.01-17.07
Accounts Payable -11.452.47-2.664.894.964.194.474.765.08
Capital Expenditure -12.84-16.51-20.07-13.01-14.87-18.56-19.80-21.11-22.51-24
UFCF 136.3586.58104.92309.70110.16224.62224.51239.39255.27272.20
WACC
PV UFCF 205.81188.48184.15179.91175.78
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