DCF Tool

ICUI

ICU Medical, Inc. – Surgical and Medical Instrument Manufacturing
ICU Medical, Inc. develops, manufactures and sells innovative medical products used in infusion therapy and critical care applications. ICU Medical's product portfolio includes IV smart pumps, sets, connectors, closed system transfer devices for hazardous drugs, sterile IV solutions, cardiac monitoring systems, along with pain management and safety software technology designed to help meet clinical, safety and workflow goals. ICU Medical is headquartered in San Clemente, California.
Analysis Results
Intrinsic Value $92.00
Latest Price $161.44
Relative Value 75% 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 8.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.4%, 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)
2022 118 109
2023 128 109
2024 139 109
2025 150 109
2026 163 110
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2670 million. This corresponds to a present value of 1660 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 546 million. Adding in the terminal value gives a total present value of 2210 million.

There are presently 24.0 million outstanding shares, so the intrinsic value per share is 92.0.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,029,809,000
Current Cash 567,247,000
Current Liabilities 200,777,000
Current Debt 0
Non-Cash Working Capital (NCWC) 261,785,000
Change in NCWC -52,720,000
EBIT 141,409,000
Tax Provision 20,051,000
Depreciation and Amortization 99,292,000
Capital Expenditure -81,169,000
Unlevered Free Cash Flow 83,794,840
Current Assets 920,777,000
Current Cash 410,784,000
Current Liabilities 195,488,000
Current Debt 0
Non-Cash Working Capital (NCWC) 314,505,000
Change in NCWC -26,587,000
EBIT 134,596,000
Tax Provision 10,624,000
Depreciation and Amortization 94,847,000
Capital Expenditure -100,390,000
Unlevered Free Cash Flow 87,798,965
Current Assets 882,197,000
Current Cash 292,637,000
Current Liabilities 248,468,000
Current Debt 0
Non-Cash Working Capital (NCWC) 341,092,000
Change in NCWC 45,455,000
EBIT 146,271,000
Tax Provision 13,672,000
Depreciation and Amortization 85,210,000
Capital Expenditure -106,040,000
Unlevered Free Cash Flow 153,461,866
Current Assets 927,036,000
Current Cash 382,110,000
Current Liabilities 249,289,000
Current Debt 0
Non-Cash Working Capital (NCWC) 295,637,000
Change in NCWC -58,600,000
EBIT 189,015,000
Tax Provision -6,419,000
Depreciation and Amortization 74,735,000
Capital Expenditure -100,779,000
Unlevered Free Cash Flow 104,371,000
Current Assets 864,662,000
Current Cash 300,133,000
Current Liabilities 210,292,000
Current Debt 0
Non-Cash Working Capital (NCWC) 354,237,000
Change in NCWC 270,759,000
EBIT 70,889,000
Tax Provision -17,361,000
Depreciation and Amortization 66,569,000
Capital Expenditure -79,682,000
Unlevered Free Cash Flow 328,535,000
Current Assets 569,097,000
Current Cash 445,082,000
Current Liabilities 40,537,000
Current Debt 0
Non-Cash Working Capital (NCWC) 83,478,000
Change in NCWC -1,514,000
EBIT 99,017,000
Tax Provision 22,080,000
Depreciation and Amortization 19,050,000
Capital Expenditure -24,553,000
Unlevered Free Cash Flow 66,328,409
Current Assets 505,007,000
Current Cash 377,397,000
Current Liabilities 42,618,000
Current Debt 0
Non-Cash Working Capital (NCWC) 84,992,000
Change in NCWC 23,272,000
EBIT 81,867,000
Tax Provision 24,714,000
Depreciation and Amortization 18,073,000
Capital Expenditure -13,935,000
Unlevered Free Cash Flow 80,248,448
Current Assets 437,212,000
Current Cash 346,764,000
Current Liabilities 28,728,000
Current Debt 0
Non-Cash Working Capital (NCWC) 61,720,000
Change in NCWC -8,799,000
EBIT 44,130,000
Tax Provision 13,457,000
Depreciation and Amortization 19,447,000
Capital Expenditure -17,593,000
Unlevered Free Cash Flow 22,260,959
Current Assets 394,296,000
Current Cash 296,891,000
Current Liabilities 26,886,000
Current Debt 0
Non-Cash Working Capital (NCWC) 70,519,000
Change in NCWC 293,000
EBIT 51,949,000
Tax Provision 12,296,000
Depreciation and Amortization 19,506,000
Capital Expenditure -19,495,000
Unlevered Free Cash Flow 40,135,442
Current Assets 325,503,000
Current Cash 226,159,000
Current Liabilities 29,118,000
Current Debt 0
Non-Cash Working Capital (NCWC) 70,226,000
Change in NCWC -887,000
EBIT 61,276,000
Tax Provision 20,558,000
Depreciation and Amortization 19,001,000
Capital Expenditure -20,305,000
Unlevered Free Cash Flow 38,714,165

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