DCF Tool

CNMD

Conmed Corp. – Surgical and Medical Instrument Manufacturing
CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The Company's products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery, and gastroenterology.
Analysis Results
Intrinsic Value $143.35
Latest Price $100.85
Relative Value 30% undervalued
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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 16.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.6%, 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)
2022 197 181
2023 230 194
2024 268 208
2025 313 223
2026 365 239
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5500 million. This corresponds to a present value of 3320 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1050 million. Adding in the terminal value gives a total present value of 4370 million.

There are presently 30.5 million outstanding shares, so the intrinsic value per share is 143.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 460,123,000
Current Cash 20,847,000
Current Liabilities 196,646,000
Current Debt 12,249,000
Non-Cash Working Capital (NCWC) 254,879,000
Change in NCWC 37,367,000
EBIT 109,717,000
Tax Provision 10,563,000
Depreciation and Amortization 70,743,000
Capital Expenditure -14,866,000
Unlevered Free Cash Flow 187,107,902
Current Assets 416,654,000
Current Cash 27,356,000
Current Liabilities 190,201,000
Current Debt 18,415,000
Non-Cash Working Capital (NCWC) 217,512,000
Change in NCWC 20,496,000
EBIT 46,010,000
Tax Provision -7,914,000
Depreciation and Amortization 72,625,000
Capital Expenditure -13,013,000
Unlevered Free Cash Flow 126,118,000
Current Assets 397,363,000
Current Cash 25,856,000
Current Liabilities 188,087,000
Current Debt 13,596,000
Non-Cash Working Capital (NCWC) 197,016,000
Change in NCWC -17,216,000
EBIT 79,114,000
Tax Provision 2,605,000
Depreciation and Amortization 72,323,000
Capital Expenditure -20,066,000
Unlevered Free Cash Flow 107,554,776
Current Assets 374,351,000
Current Cash 17,511,000
Current Liabilities 160,944,000
Current Debt 18,336,000
Non-Cash Working Capital (NCWC) 214,232,000
Change in NCWC 25,375,000
EBIT 71,305,000
Tax Provision 9,799,000
Depreciation and Amortization 61,803,000
Capital Expenditure -16,507,000
Unlevered Free Cash Flow 128,181,798
Current Assets 356,783,000
Current Cash 32,622,000
Current Liabilities 150,003,000
Current Debt 14,699,000
Non-Cash Working Capital (NCWC) 188,857,000
Change in NCWC -10,477,000
EBIT 46,935,000
Tax Provision -26,755,000
Depreciation and Amortization 58,548,000
Capital Expenditure -12,842,000
Unlevered Free Cash Flow 82,164,000
Current Assets 330,512,000
Current Cash 27,428,000
Current Liabilities 113,952,000
Current Debt 10,202,000
Non-Cash Working Capital (NCWC) 199,334,000
Change in NCWC -17,270,000
EBIT 37,676,000
Tax Provision 4,711,000
Depreciation and Amortization 55,309,000
Capital Expenditure -14,753,000
Unlevered Free Cash Flow 51,801,141
Current Assets 407,487,000
Current Cash 72,504,000
Current Liabilities 119,718,000
Current Debt 1,339,000
Non-Cash Working Capital (NCWC) 216,604,000
Change in NCWC 16,508,000
EBIT 51,175,000
Tax Provision 14,646,000
Depreciation and Amortization 43,879,000
Capital Expenditure -15,009,000
Unlevered Free Cash Flow 79,950,371
Current Assets 381,150,000
Current Cash 66,332,000
Current Liabilities 115,956,000
Current Debt 1,234,000
Non-Cash Working Capital (NCWC) 200,096,000
Change in NCWC -7,468,000
EBIT 76,748,000
Tax Provision 14,483,000
Depreciation and Amortization 45,734,000
Capital Expenditure -15,411,000
Unlevered Free Cash Flow 75,788,510
Current Assets 372,132,000
Current Cash 54,443,000
Current Liabilities 111,265,000
Current Debt 1,140,000
Non-Cash Working Capital (NCWC) 207,564,000
Change in NCWC 6,555,000
EBIT 69,907,000
Tax Provision 14,693,000
Depreciation and Amortization 47,867,000
Capital Expenditure -18,445,000
Unlevered Free Cash Flow 85,597,549
Current Assets 346,187,000
Current Cash 23,720,000
Current Liabilities 122,508,000
Current Debt 1,050,000
Non-Cash Working Capital (NCWC) 201,009,000
Change in NCWC -53,040,000
EBIT 75,160,000
Tax Provision 18,999,000
Depreciation and Amortization 46,616,000
Capital Expenditure -21,532,000
Unlevered Free Cash Flow 23,196,521

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