Discounted Cash Flow (DCF) Analysis Unlevered

Penumbra, Inc. (PEN)

$168.2

-1.52 (-0.90%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 168.2 | 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 333.76444.94547.41560.41747.59919.751,131.561,392.141,712.732,107.15
Revenue (%)
EBITDA 4.838.3759.69-21.578.5721.2126.0932.1039.4948.58
EBITDA (%)
EBIT 1.052.2051.59-34.46-7.845.586.868.4510.3912.78
EBIT (%)
Depreciation 3.786.178.1012.8916.4115.6319.2223.6529.1035.80
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 214.59200.89189.39264.83254.88414.61510.09627.55772.07949.87
Total Cash (%)
Account Receivables 58.0181.90105.90114.61133.94171.99211.60260.33320.28394.03
Account Receivables (%)
Inventories 94.90115.74152.99219.53263.50288.46354.89436.62537.16660.86
Inventories (%)
Accounts Payable 6.768.1815.1114.1113.4220.1224.7530.4537.4646.08
Accounts Payable (%)
Capital Expenditure -15.03-9.60-22.11-24.76-21.18-33.02-40.63-49.98-61.49-75.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 168.2
Beta 0.732
Diluted Shares Outstanding 35.77
Cost of Debt
Tax Rate 150.31
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.348
Total Debt 173.55
Total Equity 6,015.99
Total Capital 6,189.54
Debt Weighting 2.80
Equity Weighting 97.20
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 333.76444.94547.41560.41747.59919.751,131.561,392.141,712.732,107.15
EBITDA 4.838.3759.69-21.578.5721.2126.0932.1039.4948.58
EBIT 1.052.2051.59-34.46-7.845.586.868.4510.3912.78
Tax Rate -88.09%-310.51%3.34%58.70%150.31%-37.25%-37.25%-37.25%-37.25%-37.25%
EBIAT 1.979.0249.86-14.233.957.669.4211.5914.2617.54
Depreciation 3.786.178.1012.8916.4115.6319.2223.6529.1035.80
Accounts Receivable --23.89-24-8.71-19.33-38.05-39.61-48.73-59.95-73.76
Inventories --20.84-37.25-66.53-43.98-24.96-66.43-81.73-100.55-123.70
Accounts Payable -1.426.94-1-0.696.694.635.707.018.63
Capital Expenditure -15.03-9.60-22.11-24.76-21.18-33.02-40.63-49.98-61.49-75.65
UFCF -9.28-37.72-18.46-102.34-64.82-66.05-113.38-139.50-171.62-211.14
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -215.36
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 114.17
Equity Value -
Shares Outstanding 35.77
Equity Value Per Share -