DCF Tool

BIO

bio-rad laboratories (nyse: bio and biob) offers a broad range of innovative tools and services to the life science research and clinical diagnostics markets. founded in 1952, bio-rad has a global team of more than 7,600 employees and serves more than 100,000 research and industry customers worldwide through the company's global network of operations. throughout its existence, bio-rad has built strong customer relationships that advance scientific research and development efforts and support the introduction of new technology used in the growing fields of genomics, proteomics, drug discovery, food safety, medical diagnostics, and more. based in hercules, ca, bio-rad has operations worldwide.
Analysis Results
Intrinsic Value $817.37
Latest Price $300.45
Relative Value 63% undervalued
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Cash Flow (Billions)
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 22.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 22.7%, 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 (billion) Present value (billion)
2024 0.617 0.573
2025 0.757 0.652
2026 0.929 0.743
2027 1.14 0.846
2028 1.4 0.964
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 24.9 billion. This corresponds to a present value of 15.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.78 billion. Adding in the terminal value gives a total present value of 19.7 billion.

There are presently 24.1 million outstanding shares, so the intrinsic value per share is 817.37.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,048,330,000
Current Cash 1,607,142,000
Current Liabilities 522,799,000
Current Debt 486,000
Non-Cash Working Capital (NCWC) 918,875,000
Change in NCWC 119,814,000
EBIT 337,796,000
Tax Provision -212,780,000
Depreciation and Amortization 192,400,000
Capital Expenditure -156,680,000
Unlevered Free Cash Flow 493,330,000
Current Assets 3,157,976,000
Current Cash 1,790,672,000
Current Liabilities 568,708,000
Current Debt 465,000
Non-Cash Working Capital (NCWC) 799,061,000
Change in NCWC 360,340,000
EBIT 482,616,000
Tax Provision -1,076,738,000
Depreciation and Amortization 177,200,000
Capital Expenditure -114,157,000
Unlevered Free Cash Flow 905,999,000
Current Assets 1,989,088,000
Current Cash 869,918,000
Current Liabilities 680,938,000
Current Debt 489,000
Non-Cash Working Capital (NCWC) 438,721,000
Change in NCWC -80,258,000
EBIT 489,430,000
Tax Provision 1,192,247,000
Depreciation and Amortization 173,100,000
Capital Expenditure -120,803,000
Unlevered Free Cash Flow 354,167,517
Current Assets 2,139,835,000
Current Cash 991,118,000
Current Liabilities 631,536,000
Current Debt 1,798,000
Non-Cash Working Capital (NCWC) 518,979,000
Change in NCWC -67,208,000
EBIT 410,957,000
Tax Provision 1,101,371,000
Depreciation and Amortization 175,200
Capital Expenditure -98,920,000
Unlevered Free Cash Flow 152,777,323
Current Assets 2,180,155,000
Current Cash 1,114,645,000
Current Liabilities 905,495,000
Current Debt 426,172,000
Non-Cash Working Capital (NCWC) 586,187,000
Change in NCWC -142,193,000
EBIT 229,661,000
Tax Provision 502,406,000
Depreciation and Amortization 134,200,000
Capital Expenditure -98,532,000
Unlevered Free Cash Flow 72,105,955
Current Assets 2,023,478,000
Current Cash 844,796,000
Current Liabilities 450,795,000
Current Debt 493,000
Non-Cash Working Capital (NCWC) 728,380,000
Change in NCWC 8,985,000
EBIT 189,172,000
Tax Provision 147,045,000
Depreciation and Amortization 138,100,000
Capital Expenditure -129,828,000
Unlevered Free Cash Flow 152,169,157
Current Assets 1,976,649,000
Current Cash 754,978,000
Current Liabilities 502,696,000
Current Debt 420,000
Non-Cash Working Capital (NCWC) 719,395,000
Change in NCWC 185,299,000
EBIT 128,156,000
Tax Provision -24,444,000
Depreciation and Amortization 148,700,000
Capital Expenditure -115,127,000
Unlevered Free Cash Flow 347,028,000
Current Assets 1,844,524,000
Current Cash 839,440,000
Current Liabilities 471,322,000
Current Debt 334,000
Non-Cash Working Capital (NCWC) 534,096,000
Change in NCWC -16,180,000
EBIT 115,499,000
Tax Provision 13,435,000
Depreciation and Amortization 142,900,000
Capital Expenditure -141,571,000
Unlevered Free Cash Flow 63,310,919
Current Assets 1,777,596,000
Current Cash 786,267,000
Current Liabilities 441,351,000
Current Debt 298,000
Non-Cash Working Capital (NCWC) 550,276,000
Change in NCWC -21,960,000
EBIT 166,708,000
Tax Provision 32,754,000
Depreciation and Amortization 131,800,000
Capital Expenditure -113,372,000
Unlevered Free Cash Flow 125,737,082
Current Assets 1,716,367,000
Current Cash 697,635,000
Current Liabilities 446,761,000
Current Debt 265,000
Non-Cash Working Capital (NCWC) 572,236,000
Change in NCWC -81,014,000
EBIT 149,984,000
Tax Provision 42,712,000
Depreciation and Amortization 149,900,000
Capital Expenditure -120,998,800
Unlevered Free Cash Flow 49,176,591
Current Assets 1,747,856,000
Current Cash 608,920,000
Current Liabilities 487,472,000
Current Debt 1,786,000
Non-Cash Working Capital (NCWC) 653,250,000
Change in NCWC 112,561,000
EBIT 169,456,000
Tax Provision 34,574,000
Depreciation and Amortization 147,200,000
Capital Expenditure -113,698,000
Unlevered Free Cash Flow 263,387,739
Current Assets 1,929,932,000
Current Cash 921,073,000
Current Liabilities 469,920,000
Current Debt 1,750,000
Non-Cash Working Capital (NCWC) 540,689,000
Change in NCWC 13,950,000
EBIT 257,200,000
Tax Provision 59,084,000
Depreciation and Amortization 130,400,000
Capital Expenditure -154,197,000
Unlevered Free Cash Flow 179,186,595

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