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Integra Lifesciences Holdings Corp – Analytical Laboratory Instrument Manufacturing
integra lifesciences, a world leader in medical technology, is dedicated to limiting uncertainty for surgeons, so they can concentrate on providing the best patient care. integra offers innovative solutions in orthopedic extremity surgery, neurosurgery, spine surgery, and reconstructive and general surgery. integra's orthopedic products include devices and implants for spine, foot and ankle, hand and wrist, shoulder and elbow, tendon and peripheral nerve protection and repair, and wound repair. integra is a leader in neurosurgery, offering a broad portfolio of implants, devices, instruments and systems used in neurosurgery, neuromonitoring, neurotrauma, and related critical care. in the united states, integra is a leading provider of surgical instruments to hospitals, surgery centers and alternate care sites, including physician and dental offices. founded in 1989 integra is headquartered in plainsboro, new jersey and has over 3,500 employees worldwide. integra's common stock is li
Analysis Results
Intrinsic Value $275.23
Latest Price $41.02
Relative Value 85% 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 17.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.6%, 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)
2023 408 394
2024 480 447
2025 565 508
2026 665 576
2027 782 654
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 23500 million. This corresponds to a present value of 18900 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2580 million. Adding in the terminal value gives a total present value of 21500 million.

There are presently 78.2 million outstanding shares, so the intrinsic value per share is 275.23.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,161,498,000
Current Cash 456,661,000
Current Liabilities 320,906,000
Current Debt 38,125,000
Non-Cash Working Capital (NCWC) 422,056,000
Change in NCWC 76,809,000
EBIT 238,920,000
Tax Provision 33,344,000
Depreciation and Amortization 118,299,000
Capital Expenditure -42,343,000
Unlevered Free Cash Flow 354,439,689
Current Assets 1,153,716,000
Current Cash 513,448,000
Current Liabilities 340,021,000
Current Debt 45,000,000
Non-Cash Working Capital (NCWC) 345,247,000
Change in NCWC -167,026,000
EBIT 197,230,000
Tax Provision 45,602,000
Depreciation and Amortization 119,836,000
Capital Expenditure -48,022,000
Unlevered Free Cash Flow 60,122,117
Current Assets 1,237,202,000
Current Cash 470,166,000
Current Liabilities 401,013,000
Current Debt 146,250,000
Non-Cash Working Capital (NCWC) 512,273,000
Change in NCWC 139,325,000
EBIT 151,370,000
Tax Provision -40,372,000
Depreciation and Amortization 116,031,000
Capital Expenditure -38,890,000
Unlevered Free Cash Flow 367,836,000
Current Assets 858,168,000
Current Cash 198,911,000
Current Liabilities 331,309,000
Current Debt 45,000,000
Non-Cash Working Capital (NCWC) 372,948,000
Change in NCWC -23,244,000
EBIT 158,676,000
Tax Provision 9,903,000
Depreciation and Amortization 109,462,000
Capital Expenditure -69,537,000
Unlevered Free Cash Flow 149,212,842
Current Assets 775,082,000
Current Cash 138,838,000
Current Liabilities 262,552,000
Current Debt 22,500,000
Non-Cash Working Capital (NCWC) 396,192,000
Change in NCWC 37,892,000
EBIT 110,998,000
Tax Provision -3,398,000
Depreciation and Amortization 110,730,000
Capital Expenditure -77,741,000
Unlevered Free Cash Flow 181,879,000
Current Assets 822,146,000
Current Cash 174,935,000
Current Liabilities 348,911,000
Current Debt 60,000,000
Non-Cash Working Capital (NCWC) 358,300,000
Change in NCWC 88,786,000
EBIT 44,804,000
Tax Provision -53,358,000
Depreciation and Amortization 88,945,000
Capital Expenditure -43,503,000
Unlevered Free Cash Flow 179,032,000
Current Assets 495,170,000
Current Cash 102,055,000
Current Liabilities 123,601,000
Current Debt 0
Non-Cash Working Capital (NCWC) 269,514,000
Change in NCWC 3,903,000
EBIT 115,340,000
Tax Provision 15,842,000
Depreciation and Amortization 72,665,000
Capital Expenditure -47,328,000
Unlevered Free Cash Flow 124,368,771
Current Assets 438,495,000
Current Cash 48,132,000
Current Liabilities 139,127,000
Current Debt 14,375,000
Non-Cash Working Capital (NCWC) 265,611,000
Change in NCWC -69,441,000
EBIT 79,587,000
Tax Provision 53,820,000
Depreciation and Amortization 58,863,000
Capital Expenditure -33,413,000
Unlevered Free Cash Flow -35,003,995
Current Assets 529,321,000
Current Cash 71,994,000
Current Liabilities 126,025,000
Current Debt 3,750,000
Non-Cash Working Capital (NCWC) 335,052,000
Change in NCWC 49,806,000
EBIT 65,541,000
Tax Provision 8,975,000
Depreciation and Amortization 61,128,000
Capital Expenditure -41,921,000
Unlevered Free Cash Flow 120,867,537
Current Assets 525,242,000
Current Cash 120,614,000
Current Liabilities 119,382,000
Current Debt 0
Non-Cash Working Capital (NCWC) 285,246,000
Change in NCWC 36,062,000
EBIT 43,094,000
Tax Provision -7,813,000
Depreciation and Amortization 47,010,000
Capital Expenditure -47,851,000
Unlevered Free Cash Flow 78,315,000
Current Assets 453,051,000
Current Cash 96,938,000
Current Liabilities 106,929,000
Current Debt 0
Non-Cash Working Capital (NCWC) 249,184,000
Change in NCWC -397,000
EBIT 73,782,000
Tax Provision 10,825,000
Depreciation and Amortization 52,611,000
Capital Expenditure -69,031,000
Unlevered Free Cash Flow 41,614,135

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