DCF Tool


Masimo Corp – Electromedical and Electrotherapeutic Apparatus Manufacturing
masimo (nasdaq: masi) is a global medical technology company that develops and manufactures innovative noninvasive patient monitoring technologies, including medical devices and a wide array of sensors. our work is making a measurable difference in the world by saving, extending and improving the lives of people of all ages, in all walks of life for more than 27 years, our innovative medical technologies and noninvasive patient monitoring solutions have been solving ‘unsolvable’ problems. the result is a portfolio of clinically-proven products that lead the way in innovation, performance and patient safety by giving health care providers the information they need to optimize clinical decision-making. masimo is for‘what-ifers’, ‘never-say-never-ers’, and ‘world changers’—people who look beyond what others see. we're looking for people who can, do, and will make a difference. we think you'll like what you see.
Analysis Results
Intrinsic Value $980.82
Latest Price $99.78
Relative Value 90% 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 32.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 32.9%, 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 0.628 0.604
2024 0.835 0.772
2025 1.11 0.988
2026 1.48 1.26
2027 1.96 1.61
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 58.9 billion. This corresponds to a present value of 46.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.24 billion. Adding in the terminal value gives a total present value of 51.8 billion.

There are presently 52.8 million outstanding shares, so the intrinsic value per share is 980.82.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,308,600,000
Current Cash 202,900,000
Current Liabilities 630,000,000
Current Debt 15,100,000
Non-Cash Working Capital (NCWC) 490,800,000
Change in NCWC 265,374,000
EBIT 210,000,000
Tax Provision 49,900,000
Depreciation and Amortization 136,100,000
Capital Expenditure -56,300,000
Unlevered Free Cash Flow 500,990,959
Current Assets 1,238,412,000
Current Cash 745,250,000
Current Liabilities 267,736,000
Current Debt 0
Non-Cash Working Capital (NCWC) 225,426,000
Change in NCWC -3,925,000
EBIT 275,822,000
Tax Provision 44,733,000
Depreciation and Amortization 35,620,000
Capital Expenditure -34,929,000
Unlevered Free Cash Flow 227,619,906
Current Assets 1,101,165,000
Current Cash 641,447,000
Current Liabilities 230,367,000
Current Debt 0
Non-Cash Working Capital (NCWC) 229,351,000
Change in NCWC 93,195,000
EBIT 255,349,000
Tax Provision 23,454,000
Depreciation and Amortization 29,300,000
Capital Expenditure -79,957,000
Unlevered Free Cash Flow 275,178,854
Current Assets 996,062,000
Current Cash 687,687,000
Current Liabilities 172,219,000
Current Debt 0
Non-Cash Working Capital (NCWC) 136,156,000
Change in NCWC 51,156,000
EBIT 221,216,000
Tax Provision 37,950,000
Depreciation and Amortization 23,487,000
Capital Expenditure -72,492,000
Unlevered Free Cash Flow 187,515,735
Current Assets 785,097,000
Current Cash 552,490,000
Current Liabilities 147,607,000
Current Debt 0
Non-Cash Working Capital (NCWC) 85,000,000
Change in NCWC -12,250,000
EBIT 208,469,000
Tax Provision 20,233,000
Depreciation and Amortization 21,127,000
Capital Expenditure -22,683,000
Unlevered Free Cash Flow 174,932,285
Current Assets 564,119,000
Current Cash 315,302,000
Current Liabilities 151,567,000
Current Debt 0
Non-Cash Working Capital (NCWC) 97,250,000
Change in NCWC 116,288,000
EBIT 197,361,000
Tax Provision 67,758,000
Depreciation and Amortization 20,061,000
Capital Expenditure -46,763,000
Unlevered Free Cash Flow 219,873,125
Current Assets 507,227,000
Current Cash 305,970,000
Current Liabilities 220,366,000
Current Debt 71,000
Non-Cash Working Capital (NCWC) -19,038,000
Change in NCWC -53,304,000
EBIT 150,770,000
Tax Provision 117,675,000
Depreciation and Amortization 16,817,000
Capital Expenditure -24,351,000
Unlevered Free Cash Flow 47,521,957
Current Assets 299,142,000
Current Cash 132,317,000
Current Liabilities 132,633,000
Current Debt 74,000
Non-Cash Working Capital (NCWC) 34,266,000
Change in NCWC -22,607,000
EBIT 100,641,000
Tax Provision 34,845,000
Depreciation and Amortization 15,684,000
Capital Expenditure -54,594,000
Unlevered Free Cash Flow 8,982,303
Current Assets 315,141,000
Current Cash 134,453,000
Current Liabilities 123,894,000
Current Debt 79,000
Non-Cash Working Capital (NCWC) 56,873,000
Change in NCWC -15,780,000
EBIT 93,182,000
Tax Provision 27,678,000
Depreciation and Amortization 12,818,000
Capital Expenditure -78,414,000
Unlevered Free Cash Flow -13,469,050
Current Assets 271,798,000
Current Cash 95,466,000
Current Liabilities 103,790,000
Current Debt 111,000
Non-Cash Working Capital (NCWC) 72,653,000
Change in NCWC 14,344,000
EBIT 87,727,000
Tax Provision 20,005,000
Depreciation and Amortization 11,421,000
Capital Expenditure -13,016,000
Unlevered Free Cash Flow 77,300,622
Current Assets 219,347,000
Current Cash 71,554,000
Current Liabilities 89,539,000
Current Debt 55,000
Non-Cash Working Capital (NCWC) 58,309,000
Change in NCWC 1,161,000
EBIT 85,226,000
Tax Provision 21,883,000
Depreciation and Amortization 9,369,000
Capital Expenditure -14,492,000
Unlevered Free Cash Flow 59,014,199

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