DCF Tool


LivaNova PLC – Surgical and Medical Instrument Manufacturing
livanova plc is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. our advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, healthcare professionals and healthcare systems.at livanova, we understand the importance of bringing both clinical and economic value to our customers. we are a strong, market-leading medical technology and services company, offering a diverse product portfolio and global reach. livanova is listed on the nasdaq stock exchange under the ticker symbol “livn.” livanova has approximately 3,000 employees worldwide. we are headquartered in london (uk) and maintain a presence in more than 100 countries. livanova is a worldwide leader in advanced circulatory support, cardiopulmonary and neuromodulation, dedicated to creating meaningful products and therapies that transform lives each and every day.
Analysis Results
Intrinsic Value $1,029.02
Latest Price $53.18
Relative Value 95% undervalued
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Cash Flow (Billions)
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 55.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 55.2%, 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)
2023 0.733 0.68
2024 1.14 0.979
2025 1.77 1.41
2026 2.74 2.03
2027 4.26 2.92
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 74.5 billion. This corresponds to a present value of 47.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.02 billion. Adding in the terminal value gives a total present value of 55.4 billion.

There are presently 53.9 million outstanding shares, so the intrinsic value per share is 1029.02.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 886,136,000
Current Cash 214,172,000
Current Liabilities 297,398,000
Current Debt 23,434,000
Non-Cash Working Capital (NCWC) 398,000,000
Change in NCWC 394,108,000
EBIT 52,591,000
Tax Provision 11,051,000
Depreciation and Amortization 57,796,000
Capital Expenditure -26,517,000
Unlevered Free Cash Flow 477,978,000
Current Assets 679,181,000
Current Cash 207,992,000
Current Liabilities 696,970,000
Current Debt 229,673,000
Non-Cash Working Capital (NCWC) 3,892,000
Change in NCWC -167,001,000
EBIT -932,000
Tax Provision 11,198,000
Depreciation and Amortization 67,988,000
Capital Expenditure -25,478,000
Unlevered Free Cash Flow -125,423,000
Current Assets 719,434,000
Current Cash 252,832,000
Current Liabilities 309,052,000
Current Debt 13,343,000
Non-Cash Working Capital (NCWC) 170,893,000
Change in NCWC 117,744,000
EBIT -929,000
Tax Provision -736,000
Depreciation and Amortization 81,320,000
Capital Expenditure -35,024,000
Unlevered Free Cash Flow 163,111,000
Current Assets 549,443,000
Current Cash 61,137,000
Current Liabilities 512,553,000
Current Debt 77,396,000
Non-Cash Working Capital (NCWC) 53,149,000
Change in NCWC 35,008,000
EBIT 47,952,000
Tax Provision -30,153,000
Depreciation and Amortization 70,692,000
Capital Expenditure -24,691,000
Unlevered Free Cash Flow 128,961,000
Current Assets 533,297,000
Current Cash 47,204,000
Current Liabilities 496,746,000
Current Debt 28,794,000
Non-Cash Working Capital (NCWC) 18,141,000
Change in NCWC -436,120,000
EBIT 85,640,000
Tax Provision -69,629,000
Depreciation and Amortization 69,940,000
Capital Expenditure -37,997,000
Unlevered Free Cash Flow -318,537,000
Current Assets 869,858,000
Current Cash 93,615,000
Current Liabilities 406,016,000
Current Debt 84,034,000
Non-Cash Working Capital (NCWC) 454,261,000
Change in NCWC 143,138,000
EBIT 111,535,000
Tax Provision 49,954,000
Depreciation and Amortization 82,935,000
Capital Expenditure -34,107,000
Unlevered Free Cash Flow 250,142,708

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