Discounted Cash Flow (DCF) Analysis Unlevered

Integer Holdings Corporation (ITGR)

$78.52

+0.02 (+0.03%)

All numbers are in Millions, Currency in USD

Stock DCF: 92.07 | 78.52 | 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	1,215.01	1,258.09	1,073.44	1,221.08	1,376.10	1,428.79	1,483.50	1,540.31	1,599.30	1,660.54
Revenue (%)
EBITDA	243.79	236.11	203.75	214.06	222.76	261.56	271.58	281.97	292.77	303.98
EBITDA (%)
EBIT	154.80	158.21	124.43	132.69	130.77	163.68	169.94	176.45	183.21	190.22
EBIT (%)
Depreciation	88.99	77.90	79.32	81.37	91.99	97.88	101.63	105.52	109.56	113.76
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	25.57	13.54	49.21	17.88	24.27	31.41	32.62	33.86	35.16	36.51
Total Cash (%)
Account Receivables	185.50	216.75	198.51	251.79	298.25	266.56	276.77	287.37	298.38	309.80
Account Receivables (%)
Inventories	190.08	167.26	149.32	155.70	208.77	202.23	209.98	218.02	226.37	235.04
Inventories (%)
Accounts Payable	57.19	64.97	51.57	76.86	110.78	82.93	86.10	89.40	92.82	96.38
Accounts Payable (%)
Capital Expenditure	-44.91	-48.20	-51.44	-53.46	-74.73	-63.23	-65.65	-68.17	-70.78	-73.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 78.52
Beta	1.110
Diluted Shares Outstanding	33.36
Cost of Debt
Tax Rate	12.61
After-tax Cost of Debt	3.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.867
Total Debt	1,007.68
Total Equity	2,619.19
Total Capital	3,626.87
Debt Weighting	27.78
Equity Weighting	72.22
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	1,215.01	1,258.09	1,073.44	1,221.08	1,376.10	1,428.79	1,483.50	1,540.31	1,599.30	1,660.54
EBITDA	243.79	236.11	203.75	214.06	222.76	261.56	271.58	281.97	292.77	303.98
EBIT	154.80	158.21	124.43	132.69	130.77	163.68	169.94	176.45	183.21	190.22
Tax Rate	-174.83%	8.42%	10.38%	4.21%	12.61%	-27.84%	-27.84%	-27.84%	-27.84%	-27.84%
EBIAT	425.44	144.89	111.51	127.10	114.28	209.24	217.26	225.58	234.21	243.18
Depreciation	88.99	77.90	79.32	81.37	91.99	97.88	101.63	105.52	109.56	113.76
Accounts Receivable	-	-31.25	18.24	-53.28	-46.47	31.69	-10.21	-10.60	-11	-11.43
Inventories	-	22.82	17.93	-6.38	-53.07	6.53	-7.74	-8.04	-8.35	-8.67
Accounts Payable	-	7.79	-13.40	25.29	33.92	-27.85	3.18	3.30	3.42	3.55
Capital Expenditure	-44.91	-48.20	-51.44	-53.46	-74.73	-63.23	-65.65	-68.17	-70.78	-73.49
UFCF	469.52	173.95	162.16	120.65	65.93	254.27	238.46	247.59	257.07	266.92
WACC
PV UFCF						235.30	204.21	196.22	188.54	181.15
SUM PV UFCF										1,005.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.06
Free cash flow (t + 1)	272.25
Terminal Value	4,492.64
Present Value of Terminal Value	3,049.13

Intrinsic Value

Enterprise Value	4,054.56
Net Debt	983.41
Equity Value	3,071.15
Shares Outstanding	33.36
Equity Value Per Share	92.07