DCF Tool

HAE

Haemonetics Corp. – Surgical Appliance and Supplies Manufacturing
haemonetics is the blood management company. our comprehensive portfolio of integrated devices, information management, and consulting services offers blood management solutions for each facet of the blood management continuum. collectively they help improve patient care, ensure patient safety, and reduce costs for blood and plasma collectors, hospitals, and patients around the world. our mission we believe that through proper blood management, our products and services can help our commercial plasma and blood center customers optimize their collection processes. we seek to help ensure a continual supply of high-quality plasma for biopharmaceuticals and blood components for therapeutic use at optimal costs, along with better blood management processes. working with our hospital customers, we seek to prevent a blood transfusion to the patient who doesn’t need one, or, if a transfusion is necessary, to ensure the transfusion of the right blood product, at the right time, in the right
Analysis Results
Intrinsic Value $34.64
Latest Price $85.22
Relative Value 146% 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 2.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 2.6%, 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)
2024 88.2 82.5
2025 90.5 79.2
2026 92.9 76.1
2027 95.3 73.1
2028 97.8 70.2
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2050 million. This corresponds to a present value of 1380 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 381 million. Adding in the terminal value gives a total present value of 1760 million.

There are presently 50.8 million outstanding shares, so the intrinsic value per share is 34.64.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 769,722,000
Current Cash 284,466,000
Current Liabilities 251,816,000
Current Debt 11,784,000
Non-Cash Working Capital (NCWC) 245,224,000
Change in NCWC -23,193,000
EBIT 155,651,000
Tax Provision 26,002,000
Depreciation and Amortization 93,307,000
Capital Expenditure -110,191,000
Unlevered Free Cash Flow 86,951,995
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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