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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 $129.51
Latest Price $73.22
Relative Value 43% 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 7.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.6%. 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 211 196
2023 228 197
2024 245 197
2025 264 197
2026 285 197
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5150 million. This corresponds to a present value of 3310 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 983 million. Adding in the terminal value gives a total present value of 4290 million.

There are presently 33.1 million outstanding shares, so the intrinsic value per share is 129.51.

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

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