Discounted Cash Flow (DCF) Analysis Unlevered

Meridian Bioscience, Inc. (VIVO)

$31.75

-0.21 (-0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.59 | 31.75 | 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 200.77213.57201.01253.67317.90359.23405.94458.72518.37585.77
Revenue (%)
EBITDA 46.1939.8243.4775.49107.6191.16103.02116.41131.55148.65
EBITDA (%)
EBIT 38.0731.9033.5061.9392.3374.7484.4595.43107.84121.86
EBIT (%)
Depreciation 8.127.929.9613.5715.2916.4318.5720.9823.7126.79
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 57.0759.7662.4053.5149.7789.23100.84113.95128.77145.51
Total Cash (%)
Account Receivables 29.1132.3435.6138.5153.5757.0364.4572.8382.3093
Account Receivables (%)
Inventories 41.4941.9939.6261.2676.8477.8587.9899.42112.34126.95
Inventories (%)
Accounts Payable 7.726.267.2411.9711.7013.4915.2417.2319.4722
Accounts Payable (%)
Capital Expenditure -4.47-4.20-3.80-3.30-18.31-9.44-10.67-12.06-13.62-15.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.75
Beta 0.269
Diluted Shares Outstanding 44.01
Cost of Debt
Tax Rate 21.05
After-tax Cost of Debt 2.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.149
Total Debt 65.92
Total Equity 1,397.38
Total Capital 1,463.30
Debt Weighting 4.51
Equity Weighting 95.49
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 200.77213.57201.01253.67317.90359.23405.94458.72518.37585.77
EBITDA 46.1939.8243.4775.49107.6191.16103.02116.41131.55148.65
EBIT 38.0731.9033.5061.9392.3374.7484.4595.43107.84121.86
Tax Rate 40.82%21.50%22.74%22.11%21.05%25.64%25.64%25.64%25.64%25.64%
EBIAT 22.5325.0425.8848.2472.8955.5762.8070.9680.1990.61
Depreciation 8.127.929.9613.5715.2916.4318.5720.9823.7126.79
Accounts Receivable --3.23-3.27-2.90-15.06-3.47-7.42-8.38-9.47-10.70
Inventories --0.502.38-21.65-15.58-1.01-10.12-11.44-12.93-14.61
Accounts Payable --1.460.984.73-0.271.791.751.982.242.53
Capital Expenditure -4.47-4.20-3.80-3.30-18.31-9.44-10.67-12.06-13.62-15.40
UFCF 26.1823.5832.1338.6838.9659.8754.9162.0570.1179.23
WACC
PV UFCF 57.0149.7853.5757.6462.02
SUM PV UFCF 280.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.02
Free cash flow (t + 1) 80.81
Terminal Value 2,675.98
Present Value of Terminal Value 2,094.71

Intrinsic Value

Enterprise Value 2,374.72
Net Debt 16.15
Equity Value 2,358.57
Shares Outstanding 44.01
Equity Value Per Share 53.59