Discounted Cash Flow (DCF) Analysis Unlevered

Artivion, Inc. (CRY)

$17.88

+0.25 (+1.42%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.99 | 17.88 | 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 189.70262.84276.22253.23298.84338.68383.84435.01493.01558.75
Revenue (%)
EBITDA 18.1927.4934.8520.2426.0433.4437.9042.9548.6855.17
EBITDA (%)
EBIT 8.449.4016.53-0.482.069.8311.1412.6214.3116.22
EBIT (%)
Depreciation 9.7418.0918.3220.7123.9823.6126.7630.3334.3738.95
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 39.9841.4933.7761.4155.0162.1470.4379.8290.46102.52
Total Cash (%)
Account Receivables 51.4451.4355.8648.7558.1071.5381.0791.88104.13118.01
Account Receivables (%)
Inventories 46.6845.4853.0773.0476.9778.3988.84100.68114.11129.32
Inventories (%)
Accounts Payable 9.777.559.809.6210.4012.7614.4716.4018.5821.06
Accounts Payable (%)
Capital Expenditure -7.04-5.79-8.07-7.33-13.09-10.91-12.37-14.02-15.88-18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.88
Beta 1.530
Diluted Shares Outstanding 37.86
Cost of Debt
Tax Rate -0.05
After-tax Cost of Debt 4.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.048
Total Debt 362.04
Total Equity 676.95
Total Capital 1,039
Debt Weighting 34.85
Equity Weighting 65.15
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 189.70262.84276.22253.23298.84338.68383.84435.01493.01558.75
EBITDA 18.1927.4934.8520.2426.0433.4437.9042.9548.6855.17
EBIT 8.449.4016.53-0.482.069.8311.1412.6214.3116.22
Tax Rate -4.02%55.56%-4.62%2.86%-0.05%9.95%9.95%9.95%9.95%9.95%
EBIAT 8.784.1817.29-0.462.068.8510.0311.3712.8814.60
Depreciation 9.7418.0918.3220.7123.9823.6126.7630.3334.3738.95
Accounts Receivable -0.01-4.437.11-9.35-13.43-9.54-10.81-12.25-13.88
Inventories -1.21-7.59-19.97-3.93-1.42-10.45-11.84-13.42-15.21
Accounts Payable --2.222.25-0.170.772.371.701.932.192.48
Capital Expenditure -7.04-5.79-8.07-7.33-13.09-10.91-12.37-14.02-15.88-18
UFCF 11.4915.4817.77-0.110.439.086.146.957.888.93
WACC
PV UFCF 8.345.185.405.625.85
SUM PV UFCF 30.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.82
Free cash flow (t + 1) 9.11
Terminal Value 133.57
Present Value of Terminal Value 87.53

Intrinsic Value

Enterprise Value 117.92
Net Debt 307.03
Equity Value -189.11
Shares Outstanding 37.86
Equity Value Per Share -4.99