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ATRI

Atrion Corp. – Surgical and Medical Instrument Manufacturing
Atrion Corporation is a leading supplier of medical devices and components to niche markets in the health care and medical industry. Atrion's proprietary products, ranging from cardiovascular and ophthalmology products to fluid delivery devices, are sold to end-users, distributors and other manufacturers worldwide. As a developer and manufacturer of a diverse range of products, Atrion stays on the forefront of technology and manufacturing with products that meet the needs of its targeted markets.
Analysis Results
Intrinsic Value $483.47
Latest Price $655.50
Relative Value 36% 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 2.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 2.7%, 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)
2022 33.8 32.0
2023 34.7 31.0
2024 35.7 30.1
2025 36.6 29.2
2026 37.6 28.3
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1000 million. This corresponds to a present value of 713 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 151 million. Adding in the terminal value gives a total present value of 863 million.

There are presently 1.79 million outstanding shares, so the intrinsic value per share is 483.47.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 136,571,000
Current Cash 61,323,000
Current Liabilities 13,346,000
Current Debt 0
Non-Cash Working Capital (NCWC) 61,902,000
Change in NCWC 4,927,000
EBIT 36,042,000
Tax Provision 5,374,000
Depreciation and Amortization 12,885,000
Capital Expenditure -15,828,000
Unlevered Free Cash Flow 32,985,803
Current Assets 112,319,000
Current Cash 41,708,000
Current Liabilities 13,636,000
Current Debt 0
Non-Cash Working Capital (NCWC) 56,975,000
Change in NCWC 4,725,000
EBIT 35,668,000
Tax Provision 6,352,000
Depreciation and Amortization 11,652,000
Capital Expenditure -21,886,000
Unlevered Free Cash Flow 24,269,194
Current Assets 132,338,000
Current Cash 68,814,000
Current Liabilities 11,274,000
Current Debt 0
Non-Cash Working Capital (NCWC) 52,250,000
Change in NCWC 8,642,000
EBIT 40,529,000
Tax Provision 6,407,000
Depreciation and Amortization 10,853,000
Capital Expenditure -20,446,000
Unlevered Free Cash Flow 33,562,680
Current Assets 122,265,000
Current Cash 68,437,000
Current Liabilities 10,220,000
Current Debt 0
Non-Cash Working Capital (NCWC) 43,608,000
Change in NCWC 3,601,000
EBIT 41,707,000
Tax Provision 7,781,000
Depreciation and Amortization 9,123,000
Capital Expenditure -17,507,000
Unlevered Free Cash Flow 29,203,898
Current Assets 115,233,000
Current Cash 65,604,000
Current Liabilities 9,622,000
Current Debt 0
Non-Cash Working Capital (NCWC) 40,007,000
Change in NCWC -933,000
EBIT 41,274,000
Tax Provision 5,747,000
Depreciation and Amortization 8,677,000
Capital Expenditure -9,677,000
Unlevered Free Cash Flow 33,738,693
Current Assets 94,115,000
Current Cash 44,102,000
Current Liabilities 9,073,000
Current Debt 0
Non-Cash Working Capital (NCWC) 40,940,000
Change in NCWC 351,000
EBIT 39,126,000
Tax Provision 11,685,000
Depreciation and Amortization 8,953,000
Capital Expenditure -10,639,000
Unlevered Free Cash Flow 26,147,661
Current Assets 78,295,000
Current Cash 28,390,000
Current Liabilities 9,316,000
Current Debt 0
Non-Cash Working Capital (NCWC) 40,589,000
Change in NCWC 248,000
EBIT 42,510,000
Tax Provision 11,945,000
Depreciation and Amortization 8,823,000
Capital Expenditure -9,323,000
Unlevered Free Cash Flow 29,833,680
Current Assets 74,136,000
Current Cash 23,859,000
Current Liabilities 9,936,000
Current Debt 0
Non-Cash Working Capital (NCWC) 40,341,000
Change in NCWC 6,296,000
EBIT 40,817,000
Tax Provision 14,213,000
Depreciation and Amortization 8,723,000
Capital Expenditure -12,671,000
Unlevered Free Cash Flow 29,359,235
Current Assets 90,319,000
Current Cash 46,910,000
Current Liabilities 9,364,000
Current Debt 0
Non-Cash Working Capital (NCWC) 34,045,000
Change in NCWC 687,000
EBIT 37,944,000
Tax Provision 12,683,000
Depreciation and Amortization 8,592,000
Capital Expenditure -9,653,000
Unlevered Free Cash Flow 25,313,696
Current Assets 56,747,000
Current Cash 16,181,000
Current Liabilities 7,208,000
Current Debt 0
Non-Cash Working Capital (NCWC) 33,358,000
Change in NCWC 4,528,000
EBIT 33,626,000
Tax Provision 11,446,000
Depreciation and Amortization 7,610,000
Capital Expenditure -10,347,000
Unlevered Free Cash Flow 24,443,851

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