DCF Tool

HAE

Haemonetics Corp. – Surgical and Medical Instrument Manufacturing
Haemonetics is a global healthcare company dedicated to providing a suite of innovative medical products and solutions for customers, to help them improve patient care and reduce the cost of healthcare. Its technology addresses important medical markets: blood and plasma component collection, the surgical suite and hospital transfusion services.
Analysis Results
Intrinsic Value $30.27
Latest Price $74.03
Relative Value 145% 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 2.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 2.3%, 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 84.0 78.3
2024 85.9 74.8
2025 87.9 71.4
2026 90.0 68.2
2027 92.1 65.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1810 million. This corresponds to a present value of 1200 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 358 million. Adding in the terminal value gives a total present value of 1550 million.

There are presently 51.3 million outstanding shares, so the intrinsic value per share is 30.27.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 756,031,000
Current Cash 259,496,000
Current Liabilities 442,266,000
Current Debt 214,148,000
Non-Cash Working Capital (NCWC) 268,417,000
Change in NCWC 3,655,000
EBIT 71,724,000
Tax Provision 20,254,000
Depreciation and Amortization 97,747,000
Capital Expenditure -96,509,000
Unlevered Free Cash Flow 53,786,248
Current Assets 693,546,000
Current Cash 192,305,000
Current Liabilities 253,495,000
Current Debt 17,016,000
Non-Cash Working Capital (NCWC) 264,762,000
Change in NCWC -3,724,000
EBIT 57,963,000
Tax Provision -6,556,000
Depreciation and Amortization 84,287,000
Capital Expenditure -37,040,000
Unlevered Free Cash Flow 101,486,000
Current Assets 603,639,000
Current Cash 137,311,000
Current Liabilities 274,822,000
Current Debt 76,980,000
Non-Cash Working Capital (NCWC) 268,486,000
Change in NCWC 69,809,000
EBIT 153,950,000
Tax Provision 10,626,000
Depreciation and Amortization 110,289,000
Capital Expenditure -48,758,000
Unlevered Free Cash Flow 266,519,659
Current Assets 576,121,000
Current Cash 169,351,000
Current Liabilities 235,759,000
Current Debt 27,666,000
Non-Cash Working Capital (NCWC) 198,677,000
Change in NCWC 48,113,000
EBIT 83,545,000
Tax Provision 18,614,000
Depreciation and Amortization 109,418,000
Capital Expenditure -118,961,000
Unlevered Free Cash Flow 100,995,303
Current Assets 521,177,000
Current Cash 180,169,000
Current Liabilities 384,703,000
Current Debt 194,259,000
Non-Cash Working Capital (NCWC) 150,564,000
Change in NCWC -69,744,000
EBIT 56,157,000
Tax Provision 14,060,000
Depreciation and Amortization 89,247,000
Capital Expenditure -74,799,000
Unlevered Free Cash Flow -12,379,666
Current Assets 510,029,000
Current Cash 139,564,000
Current Liabilities 211,179,000
Current Debt 61,022,000
Non-Cash Working Capital (NCWC) 220,308,000
Change in NCWC -10,575,000
EBIT 39,212,000
Tax Provision -1,208,000
Depreciation and Amortization 89,733,000
Capital Expenditure -76,135,000
Unlevered Free Cash Flow 42,235,000
Current Assets 488,086,000
Current Cash 115,123,000
Current Liabilities 185,551,000
Current Debt 43,471,000
Non-Cash Working Capital (NCWC) 230,883,000
Change in NCWC -11,162,000
EBIT 43,726,000
Tax Provision 2,163,000
Depreciation and Amortization 89,911,000
Capital Expenditure -102,405,000
Unlevered Free Cash Flow 20,070,000
Current Assets 570,277,000
Current Cash 160,662,000
Current Liabilities 189,092,000
Current Debt 21,522,000
Non-Cash Working Capital (NCWC) 242,045,000
Change in NCWC -17,164,000
EBIT 45,981,000
Tax Provision 14,268,000
Depreciation and Amortization 86,053,000
Capital Expenditure -122,220,000
Unlevered Free Cash Flow -28,401,079
Current Assets 622,976,000
Current Cash 192,469,000
Current Liabilities 216,928,000
Current Debt 45,630,000
Non-Cash Working Capital (NCWC) 259,209,000
Change in NCWC -1,687,000
EBIT 49,038,000
Tax Provision 1,253,000
Depreciation and Amortization 81,740,000
Capital Expenditure -73,648,000
Unlevered Free Cash Flow 53,755,007
Current Assets 597,010,000
Current Cash 179,120,000
Current Liabilities 180,144,000
Current Debt 23,150,000
Non-Cash Working Capital (NCWC) 260,896,000
Change in NCWC 92,478,000
EBIT 60,684,000
Tax Provision 11,097,000
Depreciation and Amortization 65,481,000
Capital Expenditure -62,188,000
Unlevered Free Cash Flow 142,958,991

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