DCF Tool

ITGR

Integer Holdings Corp – Surgical and Medical Instrument Manufacturing
eger Holdings Corporation is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, vascular, portable medical, advanced surgical and orthopedics markets. The company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. Greatbatch Medical®, Lake Region Medical™ and Electrochem® comprise the company's brands.
Analysis Results
Intrinsic Value $249.79
Latest Price $75.50
Relative Value 70% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 7.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.7%, 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 211 205
2023 228 215
2024 245 224
2025 264 235
2026 285 245
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 8540 million. This corresponds to a present value of 7150 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1120 million. Adding in the terminal value gives a total present value of 8270 million.

There are presently 33.1 million outstanding shares, so the intrinsic value per share is 249.79.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 452,982,000
Current Cash 17,885,000
Current Liabilities 159,629,000
Current Debt 15,250,000
Non-Cash Working Capital (NCWC) 290,718,000
Change in NCWC 45,678,000
EBIT 143,059,000
Tax Provision 8,043,000
Depreciation and Amortization 81,369,000
Capital Expenditure -53,463,000
Unlevered Free Cash Flow 205,257,789
Current Assets 412,937,000
Current Cash 49,206,000
Current Liabilities 156,191,000
Current Debt 37,500,000
Non-Cash Working Capital (NCWC) 245,040,000
Change in NCWC -15,242,000
EBIT 123,554,000
Tax Provision 8,949,000
Depreciation and Amortization 79,324,000
Capital Expenditure -46,832,000
Unlevered Free Cash Flow 127,978,072
Current Assets 415,395,000
Current Cash 13,535,000
Current Liabilities 179,078,000
Current Debt 37,500,000
Non-Cash Working Capital (NCWC) 260,282,000
Change in NCWC -3,329,000
EBIT 169,786,000
Tax Provision 13,975,000
Depreciation and Amortization 77,895,000
Capital Expenditure -48,198,000
Unlevered Free Cash Flow 173,597,752
Current Assets 416,250,000
Current Cash 25,569,000
Current Liabilities 164,570,000
Current Debt 37,500,000
Non-Cash Working Capital (NCWC) 263,611,000
Change in NCWC -45,668,000
EBIT 177,220,000
Tax Provision 14,083,000
Depreciation and Amortization 88,988,000
Capital Expenditure -44,908,000
Unlevered Free Cash Flow 134,795,079
Current Assets 531,909,000
Current Cash 44,096,000
Current Liabilities 209,003,000
Current Debt 30,469,000
Non-Cash Working Capital (NCWC) 309,279,000
Change in NCWC -2,036,000
EBIT 176,731,000
Tax Provision -44,852,000
Depreciation and Amortization 102,796,000
Capital Expenditure -47,301,000
Unlevered Free Cash Flow 230,190,000
Current Assets 517,307,000
Current Cash 52,116,000
Current Liabilities 185,220,000
Current Debt 31,344,000
Non-Cash Working Capital (NCWC) 311,315,000
Change in NCWC 4,029,000
EBIT 170,007,000
Tax Provision -4,776,000
Depreciation and Amortization 90,524,000
Capital Expenditure -58,632,000
Unlevered Free Cash Flow 205,928,000
Current Assets 574,604,000
Current Cash 82,478,000
Current Liabilities 213,840,000
Current Debt 29,000,000
Non-Cash Working Capital (NCWC) 307,286,000
Change in NCWC 130,838,000
EBIT 79,610,000
Tax Provision -8,106,000
Depreciation and Amortization 44,632,000
Capital Expenditure -44,616,000
Unlevered Free Cash Flow 210,464,000
Current Assets 350,683,000
Current Cash 76,824,000
Current Liabilities 108,661,000
Current Debt 11,250,000
Non-Cash Working Capital (NCWC) 176,448,000
Change in NCWC 21,182,000
EBIT 91,033,000
Tax Provision 21,121,000
Depreciation and Amortization 37,457,000
Capital Expenditure -24,823,000
Unlevered Free Cash Flow 99,741,490
Current Assets 282,533,000
Current Cash 35,465,000
Current Liabilities 91,802,000
Current Debt 0
Non-Cash Working Capital (NCWC) 155,266,000
Change in NCWC -826,000
EBIT 77,129,000
Tax Provision 12,571,000
Depreciation and Amortization 35,966,000
Capital Expenditure -18,558,000
Unlevered Free Cash Flow 73,857,839
Current Assets 268,133,000
Current Cash 20,284,000
Current Liabilities 91,757,000
Current Debt 0
Non-Cash Working Capital (NCWC) 156,092,000
Change in NCWC 21,693,000
EBIT 68,167,000
Tax Provision 11,529,000
Depreciation and Amortization 46,368,000
Capital Expenditure -41,069,000
Unlevered Free Cash Flow 83,630,000

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.