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Lantheus Holdings Inc – Surgical and Medical Instrument Manufacturing
Lantheus Holdings, Inc. is the parent company of Lantheus Medical Imaging, Inc., Progenics Pharmaceuticals, Inc. and EXINI Diagnostics AB and an established leader and fully integrated provider of innovative imaging diagnostics, targeted therapeutics and artificial intelligence solutions to Find, Fight and Follow™ serious medical conditions. Lantheus provides a broad portfolio of products, including the echocardiography agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; AZEDRA® for the treatment of certain rare neuroendocrine tumors; and RELISTOR® for the treatment of opioid-induced constipation, which is partnered with Bausch Health Companies, Inc. The Company is headquartered in North Billerica, Massachusetts with offices in New York, New Jersey, Canada and Sweden.
Analysis Results
Intrinsic Value $5.97
Latest Price $61.27
Relative Value 926% overvalued
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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 -13.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -13.7%, 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 24.2 23.4
2023 20.9 19.5
2024 18.0 16.2
2025 15.6 13.5
2026 13.5 11.3
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 404 million. This corresponds to a present value of 327 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 83.9 million. Adding in the terminal value gives a total present value of 411 million.

There are presently 68.8 million outstanding shares, so the intrinsic value per share is 5.97.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 235,791,000
Current Cash 98,508,000
Current Liabilities 90,497,000
Current Debt 11,642,000
Non-Cash Working Capital (NCWC) 58,428,000
Change in NCWC 13,618,000
EBIT -76,088,000
Tax Provision -3,759,000
Depreciation and Amortization 42,288,000
Capital Expenditure -12,140,000
Unlevered Free Cash Flow -32,322,000
Current Assets 184,225,000
Current Cash 79,612,000
Current Liabilities 80,504,000
Current Debt 20,701,000
Non-Cash Working Capital (NCWC) 44,810,000
Change in NCWC 20,786,000
EBIT -4,198,000
Tax Provision 1,994,000
Depreciation and Amortization 24,689,000
Capital Expenditure -12,474,000
Unlevered Free Cash Flow 28,803,000
Current Assets 172,911,000
Current Cash 92,919,000
Current Liabilities 66,111,000
Current Debt 10,143,000
Non-Cash Working Capital (NCWC) 24,024,000
Change in NCWC -7,985,000
EBIT 51,661,000
Tax Provision -3,040,000
Depreciation and Amortization 13,379,000
Capital Expenditure -22,061,000
Unlevered Free Cash Flow 34,994,000
Current Assets 195,415,000
Current Cash 113,401,000
Current Liabilities 52,755,000
Current Debt 2,750,000
Non-Cash Working Capital (NCWC) 32,009,000
Change in NCWC 4,449,000
EBIT 64,488,000
Tax Provision 9,030,000
Depreciation and Amortization 13,929,000
Capital Expenditure -20,132,000
Unlevered Free Cash Flow 50,981,222
Current Assets 147,850,000
Current Cash 76,290,000
Current Liabilities 46,750,000
Current Debt 2,750,000
Non-Cash Working Capital (NCWC) 27,560,000
Change in NCWC 8,108,000
EBIT 51,853,000
Tax Provision -83,746,000
Depreciation and Amortization 19,231,000
Capital Expenditure -17,543,000
Unlevered Free Cash Flow 61,649,000
Current Assets 110,819,000
Current Cash 51,178,000
Current Liabilities 43,839,000
Current Debt 3,650,000
Non-Cash Working Capital (NCWC) 19,452,000
Change in NCWC -9,985,000
EBIT 50,203,000
Tax Provision 1,532,000
Depreciation and Amortization 18,263,000
Capital Expenditure -7,398,000
Unlevered Free Cash Flow 48,364,720

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