Discounted Cash Flow (DCF) Analysis Unlevered

Haemonetics Corporation (HAE)

$68.65

-0.93 (-1.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 82.05 | 68.65 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 903.92967.58988.48870.46993.201,021.411,050.421,080.261,110.951,142.51
Revenue (%)
EBITDA 153.40192.96213.64174.03178.50197.12202.72208.47214.40220.49
EBITDA (%)
EBIT 64.1683.54103.3589.7580.7591.1793.7696.4299.16101.98
EBIT (%)
Depreciation 89.25109.42110.2984.2997.75105.95108.96112.05115.24118.51
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 180.17169.35137.31192.31259.50203.35209.13215.07221.18227.46
Total Cash (%)
Account Receivables 151.23185.03165.21127.56159.38170.10174.93179.90185.01190.27
Account Receivables (%)
Inventories 160.80194.34270.28322.61293.03269.21276.85284.72292.81301.13
Inventories (%)
Accounts Payable 55.2763.3650.7350.2958.5360.1961.9063.6665.4767.33
Accounts Payable (%)
Capital Expenditure -74.80-118.96-48.76-37.04-96.51-80.64-82.93-85.29-87.71-90.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 68.65
Beta 0.374
Diluted Shares Outstanding 51.35
Cost of Debt
Tax Rate 31.83
After-tax Cost of Debt 1.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.531
Total Debt 773.59
Total Equity 3,525.38
Total Capital 4,298.97
Debt Weighting 17.99
Equity Weighting 82.01
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 903.92967.58988.48870.46993.201,021.411,050.421,080.261,110.951,142.51
EBITDA 153.40192.96213.64174.03178.50197.12202.72208.47214.40220.49
EBIT 64.1683.54103.3589.7580.7591.1793.7696.4299.16101.98
Tax Rate 23.58%25.28%12.19%-8.99%31.83%16.78%16.78%16.78%16.78%16.78%
EBIAT 49.0362.4390.7597.8255.0575.8778.0380.2482.5284.87
Depreciation 89.25109.42110.2984.2997.75105.95108.96112.05115.24118.51
Accounts Receivable --33.8019.8237.65-31.82-10.72-4.83-4.97-5.11-5.26
Inventories --33.54-75.94-52.3429.5923.82-7.65-7.86-8.09-8.32
Accounts Payable -8.10-12.63-0.448.241.661.711.761.811.86
Capital Expenditure -74.80-118.96-48.76-37.04-96.51-80.64-82.93-85.29-87.71-90.20
UFCF 63.48-6.3683.53129.9462.29115.9493.2995.9498.66101.46
WACC
PV UFCF 111.4986.2685.3184.3783.44
SUM PV UFCF 450.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.99
Free cash flow (t + 1) 103.49
Terminal Value 5,200.62
Present Value of Terminal Value 4,276.59

Intrinsic Value

Enterprise Value 4,727.46
Net Debt 514.09
Equity Value 4,213.37
Shares Outstanding 51.35
Equity Value Per Share 82.05