DCF Tool

ICUI

ICU Medical, Inc. – Surgical and Medical Instrument Manufacturing
icu medical is in the business of making connections -- human connections. we design and make some of the world's safest, most reliable medical devices and systems for infusion therapy, oncology, and critical care applications. our products improve patient outcomes by helping prevent bloodstream infections and protecting patients and healthcare workers from exposure to infectious diseases or hazardous drugs. our complete product line includes needlefree vascular access devices, custom infusion systems, closed delivery systems for hazardous drugs, advanced sensor catheters and hemodynamic monitoring systems. together, we help forge the human and emotional connections that are a vital link between patients and caregivers, that enhance clinical experience, and are the essence of outstanding quality-of-care. icu medical is headquartered in san clemente, california.
Analysis Results
Intrinsic Value $192.13
Latest Price $117.00
Relative Value 39% undervalued
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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 13.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.4%, 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)
2023 181 168
2024 205 178
2025 233 188
2026 264 198
2027 300 210
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5660 million. This corresponds to a present value of 3690 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 942 million. Adding in the terminal value gives a total present value of 4630 million.

There are presently 24.1 million outstanding shares, so the intrinsic value per share is 192.13.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,235,196,000
Current Cash 213,008,000
Current Liabilities 494,559,000
Current Debt 29,688,000
Non-Cash Working Capital (NCWC) 557,317,000
Change in NCWC 295,532,000
EBIT -3,568,000
Tax Provision -40,123,000
Depreciation and Amortization 235,151,000
Capital Expenditure -99,329,000
Unlevered Free Cash Flow 427,786,000
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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