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ANGO

Angiodynamic Inc – Surgical and Medical Instrument Manufacturing
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, peripheral vascular disease, and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products.
Analysis Results
Intrinsic Value $0.49
Latest Price $20.46
Relative Value 4045% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -22.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -22.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 3.4 3.12
2024 2.63 2.21
2025 2.04 1.57
2026 1.58 1.12
2027 1.22 0.791
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 17.7 million. This corresponds to a present value of 10.5 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.81 million. Adding in the terminal value gives a total present value of 19.3 million.

There are presently 39.1 million outstanding shares, so the intrinsic value per share is 0.49.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 143,345,000
Current Cash 28,825,000
Current Liabilities 74,324,000
Current Debt 0
Non-Cash Working Capital (NCWC) 40,196,000
Change in NCWC 5,062,000
EBIT -18,217,000
Tax Provision -3,402,000
Depreciation and Amortization 29,349,000
Capital Expenditure -15,707,000
Unlevered Free Cash Flow 487,000
Current Assets 140,879,000
Current Cash 48,161,000
Current Liabilities 57,584,000
Current Debt 0
Non-Cash Working Capital (NCWC) 35,134,000
Change in NCWC -11,899,000
EBIT -14,962,000
Tax Provision -4,504,000
Depreciation and Amortization 25,916,000
Capital Expenditure -13,711,000
Unlevered Free Cash Flow -14,656,000
Current Assets 152,913,000
Current Cash 54,435,000
Current Liabilities 51,445,000
Current Debt 0
Non-Cash Working Capital (NCWC) 47,033,000
Change in NCWC 25,184,000
EBIT -14,037,000
Tax Provision -1,348,000
Depreciation and Amortization 23,805,000
Capital Expenditure -7,585,000
Unlevered Free Cash Flow 27,367,000
Current Assets 315,292,000
Current Cash 227,641,000
Current Liabilities 73,302,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 21,849,000
Change in NCWC -18,469,000
EBIT -1,045,000
Tax Provision -3,556,000
Depreciation and Amortization 25,880,000
Capital Expenditure -3,118,000
Unlevered Free Cash Flow 3,248,000
Current Assets 168,032,000
Current Cash 75,413,000
Current Liabilities 57,301,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 40,318,000
Change in NCWC 1,679,000
EBIT 26,240,000
Tax Provision -8,870,000
Depreciation and Amortization 23,163,000
Capital Expenditure -3,656,000
Unlevered Free Cash Flow 47,426,000
Current Assets 153,914,000
Current Cash 48,759,000
Current Liabilities 71,516,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 38,639,000
Change in NCWC -23,152,000
EBIT 25,216,000
Tax Provision 4,839,000
Depreciation and Amortization 24,811,000
Capital Expenditure -3,001,000
Unlevered Free Cash Flow 11,482,385
Current Assets 146,254,000
Current Cash 33,986,000
Current Liabilities 66,727,000
Current Debt 16,250,000
Non-Cash Working Capital (NCWC) 61,791,000
Change in NCWC -21,535,000
EBIT 14,557,000
Tax Provision 40,337,000
Depreciation and Amortization 28,115,000
Capital Expenditure -5,594,000
Unlevered Free Cash Flow 15,543,000
Current Assets 155,813,000
Current Cash 20,080,000
Current Liabilities 61,157,000
Current Debt 8,750,000
Non-Cash Working Capital (NCWC) 83,326,000
Change in NCWC 11,271,000
EBIT 17,410,000
Tax Provision -4,731,000
Depreciation and Amortization 30,492,000
Capital Expenditure -13,293,000
Unlevered Free Cash Flow 45,880,000
Current Assets 151,722,000
Current Cash 17,914,000
Current Liabilities 66,753,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 72,055,000
Change in NCWC 10,431,000
EBIT 21,892,000
Tax Provision 3,074,000
Depreciation and Amortization 28,157,000
Capital Expenditure -11,172,000
Unlevered Free Cash Flow 37,583,956
Current Assets 141,516,000
Current Cash 23,955,000
Current Liabilities 63,437,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 61,624,000
Change in NCWC -12,114,000
EBIT 22,477,000
Tax Provision -31,000
Depreciation and Amortization 25,224,000
Capital Expenditure -12,920,000
Unlevered Free Cash Flow 22,667,000
Current Assets 159,238,000
Current Cash 37,578,000
Current Liabilities 55,422,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 73,738,000
Change in NCWC 36,207,000
EBIT 13,202,000
Tax Provision -188,000
Depreciation and Amortization 13,056,000
Capital Expenditure -2,492,000
Unlevered Free Cash Flow 59,973,000

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