Discounted Cash Flow (DCF) Analysis Unlevered

Globus Medical, Inc. (GMED)

$71.205

+1.15 (+1.63%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 71.205 | 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 635.98712.97785.37789.04958.101,063.861,181.301,311.701,456.491,617.27
Revenue (%)
EBITDA 205.39216.96225.27188.77250.27300.98334.20371.09412.06457.54
EBITDA (%)
EBIT 163.32175.33172.54125.90180.41227.72252.86280.77311.77346.18
EBIT (%)
Depreciation 42.0741.6352.7362.8769.8773.2581.3490.32100.29111.36
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 373.71339.68311.24426.74443.45524.27582.15646.41717.76796.99
Total Cash (%)
Account Receivables 127.06144.36162.42148.10165.65206.32229.09254.38282.46313.64
Account Receivables (%)
Inventories 108.41131.25196.31229.15237243.05269.88299.67332.75369.48
Inventories (%)
Accounts Payable 25.0425.8924.6118.2021.9632.5636.1540.1444.5749.49
Accounts Payable (%)
Capital Expenditure -51.30-59.70-70.75-63.66-56.90-83.95-93.22-103.51-114.93-127.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 71.205
Beta 1.055
Diluted Shares Outstanding 103.62
Cost of Debt
Tax Rate 17.30
After-tax Cost of Debt 4.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.447
Total Debt -
Total Equity 7,378.48
Total Capital -
Debt Weighting -
Equity Weighting -
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 635.98712.97785.37789.04958.101,063.861,181.301,311.701,456.491,617.27
EBITDA 205.39216.96225.27188.77250.27300.98334.20371.09412.06457.54
EBIT 163.32175.33172.54125.90180.41227.72252.86280.77311.77346.18
Tax Rate 36.83%17.04%18.29%18.76%17.30%21.64%21.64%21.64%21.64%21.64%
EBIAT 103.17145.46140.99102.29149.19178.44198.14220.01244.29271.26
Depreciation 42.0741.6352.7362.8769.8773.2581.3490.32100.29111.36
Accounts Receivable --17.30-18.0714.32-17.55-40.67-22.77-25.29-28.08-31.18
Inventories --22.84-65.06-32.84-7.85-6.05-26.83-29.79-33.08-36.73
Accounts Payable -0.86-1.28-6.413.7510.603.593.994.434.92
Capital Expenditure -51.30-59.70-70.75-63.66-56.90-83.95-93.22-103.51-114.93-127.62
UFCF 93.9488.1138.5676.58140.51131.63140.25155.73172.92192.01
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 195.85
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -193.07
Equity Value -
Shares Outstanding 103.62
Equity Value Per Share -