DCF Tool


Conmed Corp. – Surgical and Medical Instrument Manufacturing
conmed corporation is a global medical technology company that specializes in the development and sale of surgical and patient monitoring products and services that allow our physician customers to deliver high quality care and as a result, enhanced clinical outcomes for their patients. our products are technological leaders in the specialties that we serve: orthopaedics, general surgery, gynecology, gastroenterology, pulmonology, and anesthesiology. conmed's mission, and the focus of every employee around the world, is to improve the quality of health care by designing, producing and marketing innovative, high-quality products. our emphasis is on our customer’s satisfaction and on our enhanced patient outcomes. we strive to demonstrate thoughtful leadership, provide meaningful opportunities for employees, and be a responsible member of the local communities in which we conduct business. conmed is headquartered in beautiful, upstate new york (utica), and employs approximately 3500
Analysis Results
Intrinsic Value $347.87
Latest Price $110.78
Relative Value 68% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
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 15.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.7%, 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)
2023 221 212
2024 255 236
2025 295 262
2026 341 292
2027 395 325
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 11800 million. This corresponds to a present value of 9370 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1330 million. Adding in the terminal value gives a total present value of 10700 million.

There are presently 30.8 million outstanding shares, so the intrinsic value per share is 347.87.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 581,226,000
Current Cash 28,942,000
Current Liabilities 296,552,000
Current Debt 69,746,000
Non-Cash Working Capital (NCWC) 325,478,000
Change in NCWC 70,599,000
EBIT 70,054,000
Tax Provision 9,720,000
Depreciation and Amortization 69,519,000
Capital Expenditure -21,785,000
Unlevered Free Cash Flow 188,387,000
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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