DCF Tool

MDXG

Mimedx Group Inc – Small Arms, Ordnance, and Ordnance Accessories Manufacturing
MiMedx is an industry leader in utilizing birth tissue as a platform for regenerative medicine, developing and distributing placental tissue allografts with patent-protected, proprietary processes for multiple sectors of healthcare. As a pioneer in placental biologics, the cinoany has both a core business, focused on addressing the needs of patients with acute and chronic non-healing wounds, and a promising late-stage pipeline targeted at decreasing pain and improving function for patients with degenerative musculoskeletal conditions. The company derives its products from human placental tissues and process these tissues using its proprietary processing methods, including the PURIONĀ® process. The company employs Current Good Tissue Practices, Current Good Manufacturing Practices, and terminal sterilization to produce its allografts. MiMedx has supplied over two million allografts, through both direct and consignment shipments.
Analysis Results
Intrinsic Value $2.79
Latest Price $3.60
Relative Value 29% overvalued
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Cash Flow (Millions)
Analysis Parameters
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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 10.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 14.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.6%, 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 32.1 28.2
2023 35.6 27.3
2024 39.3 26.5
2025 43.5 25.7
2026 48.1 24.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 405 million. This corresponds to a present value of 184 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 132 million. Adding in the terminal value gives a total present value of 316 million.

There are presently 113.0 million outstanding shares, so the intrinsic value per share is 2.79.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 148,523,000
Current Cash 87,083,000
Current Liabilities 42,357,000
Current Debt 0
Non-Cash Working Capital (NCWC) 19,083,000
Change in NCWC 13,440,000
EBIT -1,191,000
Tax Provision 247,000
Depreciation and Amortization 5,183,000
Capital Expenditure -3,470,000
Unlevered Free Cash Flow 13,962,000
Current Assets 160,617,000
Current Cash 95,812,000
Current Liabilities 59,162,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,643,000
Change in NCWC 15,039,000
EBIT 15,094,000
Tax Provision -12,259,000
Depreciation and Amortization 6,855,000
Capital Expenditure -4,555,000
Unlevered Free Cash Flow 32,433,000
Current Assets 123,245,000
Current Cash 69,069,000
Current Liabilities 67,322,000
Current Debt 3,750,000
Non-Cash Working Capital (NCWC) -9,396,000
Change in NCWC 33,220,000
EBIT 45,790,000
Tax Provision -5,000
Depreciation and Amortization 7,585,000
Capital Expenditure -2,218,000
Unlevered Free Cash Flow 84,377,000
Current Assets 74,049,000
Current Cash 45,118,000
Current Liabilities 71,547,000
Current Debt 0
Non-Cash Working Capital (NCWC) -42,616,000
Change in NCWC -18,077,000
EBIT 47,398,000
Tax Provision 26,582,000
Depreciation and Amortization 6,916,000
Capital Expenditure -10,028,000
Unlevered Free Cash Flow 26,209,000
Current Assets 48,747,000
Current Cash 27,476,000
Current Liabilities 45,810,000
Current Debt 0
Non-Cash Working Capital (NCWC) -24,539,000
Change in NCWC -65,954,000
EBIT 46,223,000
Tax Provision -19,639,000
Depreciation and Amortization 5,765,000
Capital Expenditure -5,126,000
Unlevered Free Cash Flow -19,092,000
Current Assets 126,538,000
Current Cash 34,391,000
Current Liabilities 50,732,000
Current Debt 0
Non-Cash Working Capital (NCWC) 41,415,000
Change in NCWC 3,368,000
EBIT 18,446,000
Tax Provision 6,133,000
Depreciation and Amortization 5,460,000
Capital Expenditure -7,111,000
Unlevered Free Cash Flow 13,915,177
Current Assets 96,310,000
Current Cash 31,486,000
Current Liabilities 26,777,000
Current Debt 0
Non-Cash Working Capital (NCWC) 38,047,000
Change in NCWC 23,106,000
EBIT 24,364,000
Tax Provision -5,168,000
Depreciation and Amortization 2,732,000
Capital Expenditure -6,678,000
Unlevered Free Cash Flow 43,524,000
Current Assets 85,677,000
Current Cash 52,332,000
Current Liabilities 18,404,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,941,000
Change in NCWC 3,237,847
EBIT 7,100,000
Tax Provision 832,000
Depreciation and Amortization 2,125,000
Capital Expenditure -3,152,000
Unlevered Free Cash Flow 8,473,183
Current Assets 65,388,771
Current Cash 44,077,751
Current Liabilities 9,607,867
Current Debt 0
Non-Cash Working Capital (NCWC) 11,703,153
Change in NCWC 5,439,619
EBIT -2,270,465
Tax Provision 99,614
Depreciation and Amortization 1,691,217
Capital Expenditure -3,025,414
Unlevered Free Cash Flow 1,834,957
Current Assets 18,088,791
Current Cash 6,754,485
Current Liabilities 5,070,772
Current Debt 0
Non-Cash Working Capital (NCWC) 6,263,534
Change in NCWC 8,986,830
EBIT -1,989,838
Tax Provision 0
Depreciation and Amortization 1,845,608
Capital Expenditure -582,931
Unlevered Free Cash Flow 8,259,669

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