DCF Tool

IDXX

Idexx Laboratories, Inc. – Surgical and Medical Instrument Manufacturing
IDEXX Laboratories, Inc. is a member of the S&P 500® Index and is a leader in pet healthcare innovation, offering diagnostic and software products and services that deliver solutions and insights to practicing veterinarians around the world. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk and point-of-care and laboratory diagnostics for human medicine. Headquartered in Maine, IDEXX employs more than 9,000 people and offers products to customers in over 175 countries.
Analysis Results
Intrinsic Value $288.72
Latest Price $384.92
Relative Value 33% overvalued
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Cash Flow (Billions)
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 25.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.9%, 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 (billion) Present value (billion)
2022 0.958 0.874
2023 1.21 1.0
2024 1.52 1.15
2025 1.91 1.32
2026 2.41 1.52
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 32.0 billion. This corresponds to a present value of 18.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.87 billion. Adding in the terminal value gives a total present value of 24.3 billion.

There are presently 84.0 million outstanding shares, so the intrinsic value per share is 288.72.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 955,655,000
Current Cash 144,454,000
Current Liabilities 763,579,000
Current Debt 148,496,000
Non-Cash Working Capital (NCWC) 196,118,000
Change in NCWC 50,081,000
EBIT 932,028,000
Tax Provision 157,810,000
Depreciation and Amortization 104,596,000
Capital Expenditure -119,549,000
Unlevered Free Cash Flow 804,210,576
Current Assets 1,062,738,000
Current Cash 383,928,000
Current Liabilities 582,761,000
Current Debt 49,988,000
Non-Cash Working Capital (NCWC) 146,037,000
Change in NCWC -6,704,000
EBIT 694,524,000
Tax Provision 79,854,000
Depreciation and Amortization 95,998,000
Capital Expenditure -106,958,000
Unlevered Free Cash Flow 593,080,881
Current Assets 679,639,000
Current Cash 90,326,000
Current Liabilities 725,337,000
Current Debt 288,765,000
Non-Cash Working Capital (NCWC) 152,741,000
Change in NCWC -6,130,000
EBIT 552,846,000
Tax Provision 94,426,000
Depreciation and Amortization 88,011,000
Capital Expenditure -154,969,000
Unlevered Free Cash Flow 379,793,930
Current Assets 654,172,000
Current Cash 123,794,000
Current Liabilities 770,444,000
Current Debt 398,937,000
Non-Cash Working Capital (NCWC) 158,871,000
Change in NCWC 8,383,000
EBIT 491,335,000
Tax Provision 80,695,000
Depreciation and Amortization 83,178,000
Capital Expenditure -122,936,000
Unlevered Free Cash Flow 373,342,914
Current Assets 971,985,000
Current Cash 471,930,000
Current Liabilities 1,004,567,000
Current Debt 655,000,000
Non-Cash Working Capital (NCWC) 150,488,000
Change in NCWC 20,322,000
EBIT 413,028,000
Tax Provision 117,788,000
Depreciation and Amortization 83,140,000
Capital Expenditure -76,704,000
Unlevered Free Cash Flow 312,115,488
Current Assets 845,584,000
Current Cash 391,850,000
Current Liabilities 934,568,000
Current Debt 611,000,000
Non-Cash Working Capital (NCWC) 130,166,000
Change in NCWC -65,122,000
EBIT 350,239,000
Tax Provision 99,792,000
Depreciation and Amortization 78,218,000
Capital Expenditure -64,787,000
Unlevered Free Cash Flow 189,952,428
Current Assets 821,634,000
Current Cash 342,585,000
Current Liabilities 856,761,000
Current Debt 573,000,000
Non-Cash Working Capital (NCWC) 195,288,000
Change in NCWC 30,332,000
EBIT 308,124,000
Tax Provision 81,006,000
Depreciation and Amortization 68,956,000
Capital Expenditure -82,921,000
Unlevered Free Cash Flow 233,110,018
Current Assets 759,398,000
Current Cash 322,536,000
Current Liabilities 820,906,000
Current Debt 549,000,000
Non-Cash Working Capital (NCWC) 164,956,000
Change in NCWC -8,374,000
EBIT 260,255,000
Tax Provision 64,604,000
Depreciation and Amortization 58,888,000
Capital Expenditure -60,523,000
Unlevered Free Cash Flow 182,052,233
Current Assets 652,706,000
Current Cash 279,058,000
Current Liabilities 478,353,000
Current Debt 278,035,000
Non-Cash Working Capital (NCWC) 173,330,000
Change in NCWC 21,005,000
EBIT 266,762,000
Tax Provision 75,467,000
Depreciation and Amortization 54,596,000
Capital Expenditure -77,612,000
Unlevered Free Cash Flow 188,280,395
Current Assets 569,537,000
Current Cash 223,986,000
Current Liabilities 406,333,000
Current Debt 213,107,000
Non-Cash Working Capital (NCWC) 152,325,000
Change in NCWC 4,955,000
EBIT 262,563,000
Tax Provision 82,330,000
Depreciation and Amortization 52,408,000
Capital Expenditure -65,492,000
Unlevered Free Cash Flow 171,489,250

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