Discounted Cash Flow (DCF) Analysis Unlevered

LivaNova PLC (LIVN)

$64.71

+1.17 (+1.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.34 | 64.71 | 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 1,012.281,106.961,084.17934.241,035.361,046.471,057.691,069.041,080.501,092.09
Revenue (%)
EBITDA 94.60-179.26-87.25-223.59-6.48-82.58-83.46-84.36-85.26-86.18
EBITDA (%)
EBIT 11.66-249.20-170.24-304.91-74.47-160.93-162.66-164.40-166.16-167.95
EBIT (%)
Depreciation 82.9469.9482.9981.3267.9978.3579.1980.0480.9081.77
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 93.6247.2061.14252.83207.99138.77140.26141.76143.28144.82
Total Cash (%)
Account Receivables 282.15256.14257.77244.60222.98256.39259.14261.92264.73267.57
Account Receivables (%)
Inventories 144.47153.54164.15126.67105.84140.36141.87143.39144.93146.48
Inventories (%)
Accounts Payable 85.9176.7485.8973.676879.1079.9580.8181.6782.55
Accounts Payable (%)
Capital Expenditure -34.11-38-27.98-35.02-25.48-32.63-32.98-33.34-33.70-34.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 64.71
Beta 0.885
Diluted Shares Outstanding 50.60
Cost of Debt
Tax Rate -9.12
After-tax Cost of Debt 17.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.026
Total Debt 286.70
Total Equity 3,274.33
Total Capital 3,561.03
Debt Weighting 8.05
Equity Weighting 91.95
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 1,012.281,106.961,084.17934.241,035.361,046.471,057.691,069.041,080.501,092.09
EBITDA 94.60-179.26-87.25-223.59-6.48-82.58-83.46-84.36-85.26-86.18
EBIT 11.66-249.20-170.24-304.91-74.47-160.93-162.66-164.40-166.16-167.95
Tax Rate 120.71%23.46%16.43%-0.30%-9.12%30.24%30.24%30.24%30.24%30.24%
EBIAT -2.42-190.74-142.26-305.81-81.26-112.27-113.47-114.69-115.92-117.16
Depreciation 82.9469.9482.9981.3267.9978.3579.1980.0480.9081.77
Accounts Receivable -26.01-1.6313.1721.62-33.42-2.75-2.78-2.81-2.84
Inventories --9.07-10.6237.4820.83-34.52-1.51-1.52-1.54-1.55
Accounts Payable --9.189.16-12.22-5.6711.100.850.860.870.88
Capital Expenditure -34.11-38-27.98-35.02-25.48-32.63-32.98-33.34-33.70-34.06
UFCF 46.41-151.04-90.35-221.09-1.96-123.39-70.67-71.43-72.19-72.97
WACC
PV UFCF -114.38-60.73-56.91-53.32-49.96
SUM PV UFCF -335.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.87
Free cash flow (t + 1) -74.43
Terminal Value -1,267.91
Present Value of Terminal Value -868.13

Intrinsic Value

Enterprise Value -1,203.43
Net Debt 78.71
Equity Value -1,282.14
Shares Outstanding 50.60
Equity Value Per Share -25.34