DCF Tool


Mesa Laboratories, Inc. – Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables
Mesa Labs is a global leader in the design and manufacturing of critical quality control solutions for the pharmaceutical, healthcare, medical device, industrial safety, environmental, and food and beverage industries. Mesa offers products and services through four divisions (Sterilization and Disinfection Control, Biopharmaceutical Development, Instruments and Continuous Monitoring) to help its customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world.
Analysis Results
Intrinsic Value $122.84
Latest Price $210.74
Relative Value 72% 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 8.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.4%, 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 22.0 20.8
2023 23.9 21.2
2024 25.9 21.7
2025 28.1 22.2
2026 30.4 22.7
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 763 million. This corresponds to a present value of 536 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 109 million. Adding in the terminal value gives a total present value of 644 million.

There are presently 5.25 million outstanding shares, so the intrinsic value per share is 122.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 303,749,000
Current Cash 263,865,000
Current Liabilities 32,583,000
Current Debt 0
Non-Cash Working Capital (NCWC) 7,301,000
Change in NCWC -8,103,000
EBIT 12,449,000
Tax Provision -971,000
Depreciation and Amortization 17,660,000
Capital Expenditure -1,992,000
Unlevered Free Cash Flow 20,014,000
Current Assets 122,792,000
Current Cash 81,380,000
Current Liabilities 26,008,000
Current Debt 0
Non-Cash Working Capital (NCWC) 15,404,000
Change in NCWC 13,502,000
EBIT 7,842,000
Tax Provision 2,084,000
Depreciation and Amortization 12,990,000
Capital Expenditure -1,498,000
Unlevered Free Cash Flow 28,075,519
Current Assets 33,623,000
Current Cash 10,185,000
Current Liabilities 23,661,000
Current Debt 2,125,000
Non-Cash Working Capital (NCWC) 1,902,000
Change in NCWC -8,952,000
EBIT 17,855,000
Tax Provision 1,139,000
Depreciation and Amortization 9,428,000
Capital Expenditure -1,262,000
Unlevered Free Cash Flow 14,710,558
Current Assets 31,988,000
Current Cash 5,469,000
Current Liabilities 17,290,000
Current Debt 1,625,000
Non-Cash Working Capital (NCWC) 10,854,000
Change in NCWC -3,669,000
EBIT 16,002,000
Tax Provision 3,263,000
Depreciation and Amortization 9,471,000
Capital Expenditure -2,799,000
Unlevered Free Cash Flow 15,742,000
Current Assets 35,785,000
Current Cash 5,820,000
Current Liabilities 16,567,000
Current Debt 1,125,000
Non-Cash Working Capital (NCWC) 14,523,000
Change in NCWC 4,003,000
EBIT 16,313,000
Tax Provision 3,113,000
Depreciation and Amortization 8,737,000
Capital Expenditure -11,605,000
Unlevered Free Cash Flow 13,895,791
Current Assets 37,186,000
Current Cash 5,695,000
Current Liabilities 23,971,000
Current Debt 3,000,000
Non-Cash Working Capital (NCWC) 10,520,000
Change in NCWC -5,411,000
EBIT 16,323,000
Tax Provision 4,386,000
Depreciation and Amortization 7,174,000
Capital Expenditure -7,729,000
Unlevered Free Cash Flow 5,754,449
Current Assets 29,622,000
Current Cash 2,034,000
Current Liabilities 14,657,000
Current Debt 3,000,000
Non-Cash Working Capital (NCWC) 15,931,000
Change in NCWC 5,155,000
EBIT 15,864,000
Tax Provision 5,764,000
Depreciation and Amortization 5,656,000
Capital Expenditure -2,828,000
Unlevered Free Cash Flow 17,888,826
Current Assets 26,566,000
Current Cash 5,575,000
Current Liabilities 10,215,000
Current Debt 0
Non-Cash Working Capital (NCWC) 10,776,000
Change in NCWC -11,000
EBIT 11,785,000
Tax Provision 4,103,000
Depreciation and Amortization 3,844,000
Capital Expenditure -1,041,000
Unlevered Free Cash Flow 10,886,711
Current Assets 19,455,000
Current Cash 4,006,000
Current Liabilities 4,662,000
Current Debt 0
Non-Cash Working Capital (NCWC) 10,787,000
Change in NCWC 3,079,000
EBIT 13,104,000
Tax Provision 4,528,000
Depreciation and Amortization 3,432,000
Capital Expenditure -908,000
Unlevered Free Cash Flow 14,135,038
Current Assets 19,161,000
Current Cash 7,191,000
Current Liabilities 4,262,000
Current Debt 0
Non-Cash Working Capital (NCWC) 7,708,000
Change in NCWC -1,077,000
EBIT 12,827,000
Tax Provision 4,412,000
Depreciation and Amortization 2,215,000
Capital Expenditure -683,000
Unlevered Free Cash Flow 8,692,532

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