DCF Tool


Inmode Ltd – Electromedical and Electrotherapeutic Apparatus Manufacturing
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Analysis Results
Intrinsic Value $203.07
Latest Price $24.54
Relative Value 88% 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 32.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 32.0%, 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 213 204
2024 281 259
2025 372 328
2026 491 415
2027 648 525
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 19400 million. This corresponds to a present value of 15100 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1730 million. Adding in the terminal value gives a total present value of 16900 million.

There are presently 83.0 million outstanding shares, so the intrinsic value per share is 203.07.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 629,371,000
Current Cash 547,383,000
Current Liabilities 82,020,000
Current Debt 0
Non-Cash Working Capital (NCWC) -32,000
Change in NCWC -2,382,000
EBIT 197,854,000
Tax Provision 39,946,000
Depreciation and Amortization 680,000
Capital Expenditure -1,575,000
Unlevered Free Cash Flow 155,347,175
Current Assets 470,114,000
Current Cash 415,914,000
Current Liabilities 51,850,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,350,000
Change in NCWC 8,323,000
EBIT 166,677,000
Tax Provision 2,928,000
Depreciation and Amortization 517,000
Capital Expenditure -939,000
Unlevered Free Cash Flow 171,673,092
Current Assets 289,591,000
Current Cash 260,534,000
Current Liabilities 35,030,000
Current Debt 0
Non-Cash Working Capital (NCWC) -5,973,000
Change in NCWC 6,675,000
EBIT 72,841,000
Tax Provision 1,107,000
Depreciation and Amortization 416,000
Capital Expenditure -463,000
Unlevered Free Cash Flow 78,409,852

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