DCF Tool

COO

Cooper Companies, Inc. – Surgical Appliance and Supplies Manufacturing
CooperCompanies ("Cooper") is a global medical device company. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, CA, Cooper has a workforce of more than 12,000 with products sold in over 100 countries.
Analysis Results
Intrinsic Value $121.33
Latest Price $354.49
Relative Value 192% 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 2.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 2.8%, 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 389 359
2024 400 341
2025 411 324
2026 423 307
2027 434 292
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7050 million. This corresponds to a present value of 4370 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1620 million. Adding in the terminal value gives a total present value of 6000 million.

There are presently 49.4 million outstanding shares, so the intrinsic value per share is 121.33.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,533,600,000
Current Cash 138,200,000
Current Liabilities 1,280,200,000
Current Debt 412,600,000
Non-Cash Working Capital (NCWC) 527,800,000
Change in NCWC -192,400,000
EBIT 507,600,000
Tax Provision 89,600,000
Depreciation and Amortization 346,100,000
Capital Expenditure -242,000,000
Unlevered Free Cash Flow 323,611,045
Current Assets 1,465,300,000
Current Cash 95,900,000
Current Liabilities 732,100,000
Current Debt 82,900,000
Non-Cash Working Capital (NCWC) 720,200,000
Change in NCWC 157,000,000
EBIT 505,800,000
Tax Provision -2,453,200,000
Depreciation and Amortization 309,300,000
Capital Expenditure -214,400,000
Unlevered Free Cash Flow 757,700,000
Current Assets 1,274,200,000
Current Cash 115,900,000
Current Liabilities 1,004,400,000
Current Debt 409,300,000
Non-Cash Working Capital (NCWC) 563,200,000
Change in NCWC 35,700,000
EBIT 311,800,000
Tax Provision 28,100,000
Depreciation and Amortization 287,100,000
Capital Expenditure -310,400,000
Unlevered Free Cash Flow 291,323,527
Current Assets 1,163,400,000
Current Cash 89,000,000
Current Liabilities 1,110,600,000
Current Debt 563,700,000
Non-Cash Working Capital (NCWC) 527,500,000
Change in NCWC 13,700,000
EBIT 528,100,000
Tax Provision 10,700,000
Depreciation and Amortization 280,800,000
Capital Expenditure -292,100,000
Unlevered Free Cash Flow 518,663,657
Current Assets 1,090,900,000
Current Cash 77,700,000
Current Liabilities 536,500,000
Current Debt 37,100,000
Non-Cash Working Capital (NCWC) 513,800,000
Change in NCWC 22,100,000
EBIT 427,500,000
Tax Provision 192,000,000
Depreciation and Amortization 275,100,000
Capital Expenditure -193,600,000
Unlevered Free Cash Flow 283,796,595
Current Assets 953,200,000
Current Cash 88,800,000
Current Liabilities 396,100,000
Current Debt 23,400,000
Non-Cash Working Capital (NCWC) 491,700,000
Change in NCWC -31,815,000
EBIT 429,100,000
Tax Provision 21,100,000
Depreciation and Amortization 188,400,000
Capital Expenditure -127,200,000
Unlevered Free Cash Flow 435,505,279
Current Assets 934,462,000
Current Cash 100,817,000
Current Liabilities 536,455,000
Current Debt 226,325,000
Non-Cash Working Capital (NCWC) 523,515,000
Change in NCWC 23,094,000
EBIT 324,080,000
Tax Provision 20,699,000
Depreciation and Amortization 198,274,000
Capital Expenditure -152,640,000
Unlevered Free Cash Flow 370,117,258
Current Assets 841,826,000
Current Cash 16,426,000
Current Liabilities 569,172,000
Current Debt 244,193,000
Non-Cash Working Capital (NCWC) 500,421,000
Change in NCWC 74,690,000
EBIT 236,671,000
Tax Provision 10,341,000
Depreciation and Amortization 191,403,000
Capital Expenditure -243,023,000
Unlevered Free Cash Flow 248,383,296
Current Assets 791,617,000
Current Cash 25,222,000
Current Liabilities 442,182,000
Current Debt 101,518,000
Non-Cash Working Capital (NCWC) 425,731,000
Change in NCWC 34,149,000
EBIT 306,486,000
Tax Provision 24,705,000
Depreciation and Amortization 138,201,000
Capital Expenditure -238,065,000
Unlevered Free Cash Flow 215,236,873
Current Assets 747,241,000
Current Cash 77,393,000
Current Liabilities 321,253,000
Current Debt 42,987,000
Non-Cash Working Capital (NCWC) 391,582,000
Change in NCWC -16,170,000
EBIT 327,007,000
Tax Provision 15,365,000
Depreciation and Amortization 125,349,000
Capital Expenditure -178,127,000
Unlevered Free Cash Flow 241,968,929
Current Assets 657,860,000
Current Cash 12,840,000
Current Liabilities 262,552,000
Current Debt 25,284,000
Non-Cash Working Capital (NCWC) 407,752,000
Change in NCWC 86,807,000
EBIT 283,398,000
Tax Provision 26,808,000
Depreciation and Amortization 111,214,000
Capital Expenditure -99,779,000
Unlevered Free Cash Flow 354,058,666

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