Discounted Cash Flow (DCF) Analysis Unlevered

Intuitive Surgical, Inc. (ISRG)

$272.66

+4.70 (+1.75%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 272.66 | 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 3,128.903,724.204,478.504,358.405,710.106,675.287,803.609,122.6310,664.6312,467.27
Revenue (%)
EBITDA 1,195.601,405.201,702.701,4772,1772,482.892,902.573,393.193,966.744,637.24
EBITDA (%)
EBIT 1,096.501,282.401,499.701,200.801,866.802,178.942,547.242,977.803,481.144,069.55
EBIT (%)
Depreciation 99.10122.80203276.20310.20303.95355.33415.39485.60567.69
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 1,960.603,063.103,221.705,171.504,230.905,468.356,392.677,473.228,736.4110,213.12
Total Cash (%)
Account Receivables 511.90682.30645.20726.608931,086.711,270.391,485.131,736.162,029.62
Account Receivables (%)
Inventories 241.20409595.50601.50587.10748.57875.101,023.021,195.941,398.09
Inventories (%)
Accounts Payable 82.50100.70123.5081.60121.20161.45188.74220.64257.94301.53
Accounts Payable (%)
Capital Expenditure -190.70-187.40-425.60-341.50-353.50-462.68-540.89-632.31-739.19-864.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 272.66
Beta 1.376
Diluted Shares Outstanding 366.80
Cost of Debt
Tax Rate 9.82
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.962
Total Debt -
Total Equity 100,011.69
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 3,128.903,724.204,478.504,358.405,710.106,675.287,803.609,122.6310,664.6312,467.27
EBITDA 1,195.601,405.201,702.701,4772,1772,482.892,902.573,393.193,966.744,637.24
EBIT 1,096.501,282.401,499.701,200.801,866.802,178.942,547.242,977.803,481.144,069.55
Tax Rate 39.81%11.85%8.18%12.13%9.82%16.36%16.36%16.36%16.36%16.36%
EBIAT 6601,130.461,3771,055.151,683.411,822.502,130.562,490.682,911.683,403.85
Depreciation 99.10122.80203276.20310.20303.95355.33415.39485.60567.69
Accounts Receivable --170.4037.10-81.40-166.40-193.71-183.69-214.73-251.03-293.46
Inventories --167.80-186.50-614.40-161.47-126.53-147.92-172.92-202.15
Accounts Payable -18.2022.80-41.9039.6040.2527.2931.9037.2943.60
Capital Expenditure -190.70-187.40-425.60-341.50-353.50-462.68-540.89-632.31-739.19-864.14
UFCF 568.40745.861,027.80860.551,527.711,348.841,662.071,943.012,271.442,655.38
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 2,708.49
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -1,290.90
Equity Value -
Shares Outstanding 366.80
Equity Value Per Share -