DCF Tool

NATI

National Instruments Corp. – Electromedical and Electrotherapeutic Apparatus Manufacturing
At NI, it brings together the people, ideas and technology so forward thinkers and creative problem solvers can take on humanity’s biggest challenges. From data and automation to research and validation, it provides the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day.
Analysis Results
Intrinsic Value $17.90
Latest Price $40.23
Relative Value 125% 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 6.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.1%, 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 166 152
2023 176 147
2024 187 142
2025 199 138
2026 211 133
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2830 million. This corresponds to a present value of 1640 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 712 million. Adding in the terminal value gives a total present value of 2350 million.

There are presently 131.0 million outstanding shares, so the intrinsic value per share is 17.9.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 931,549,000
Current Cash 211,106,000
Current Liabilities 445,214,000
Current Debt 0
Non-Cash Working Capital (NCWC) 275,229,000
Change in NCWC 122,729,000
EBIT 112,446,000
Tax Provision 14,260,000
Depreciation and Amortization 99,402,000
Capital Expenditure -45,189,000
Unlevered Free Cash Flow 273,906,658
Current Assets 849,506,000
Current Cash 320,155,000
Current Liabilities 381,851,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 152,500,000
Change in NCWC -56,136,000
EBIT 36,855,000
Tax Provision 55,103,000
Depreciation and Amortization 87,064,000
Capital Expenditure -55,147,000
Unlevered Free Cash Flow 2,418,649
Current Assets 947,358,000
Current Cash 432,599,000
Current Liabilities 306,123,000
Current Debt 0
Non-Cash Working Capital (NCWC) 208,636,000
Change in NCWC 182,000
EBIT 147,712,000
Tax Provision 18,393,000
Depreciation and Amortization 73,541,000
Capital Expenditure -71,131,000
Unlevered Free Cash Flow 135,255,774
Current Assets 1,022,220,000
Current Cash 530,782,000
Current Liabilities 282,984,000
Current Debt 0
Non-Cash Working Capital (NCWC) 208,454,000
Change in NCWC -4,329,000
EBIT 172,879,000
Tax Provision 21,396,000
Depreciation and Amortization 70,667,000
Capital Expenditure -54,266,000
Unlevered Free Cash Flow 163,988,369
Current Assets 894,090,000
Current Cash 412,052,000
Current Liabilities 269,255,000
Current Debt 0
Non-Cash Working Capital (NCWC) 212,783,000
Change in NCWC -3,389,000
EBIT 145,778,000
Tax Provision 94,969,000
Depreciation and Amortization 72,695,000
Capital Expenditure -74,302,000
Unlevered Free Cash Flow 46,845,299
Current Assets 834,647,000
Current Cash 358,400,000
Current Liabilities 260,075,000
Current Debt 0
Non-Cash Working Capital (NCWC) 216,172,000
Change in NCWC -10,435,000
EBIT 119,726,000
Tax Provision 31,901,000
Depreciation and Amortization 73,390,000
Capital Expenditure -78,626,000
Unlevered Free Cash Flow 70,737,259
Current Assets 799,740,000
Current Cash 332,918,000
Current Liabilities 240,215,000
Current Debt 0
Non-Cash Working Capital (NCWC) 226,607,000
Change in NCWC -2,363,000
EBIT 137,172,000
Tax Provision 36,017,000
Depreciation and Amortization 73,329,000
Capital Expenditure -68,154,000
Unlevered Free Cash Flow 102,350,228
Current Assets 947,820,000
Current Cash 471,193,000
Current Liabilities 247,657,000
Current Debt 0
Non-Cash Working Capital (NCWC) 228,970,000
Change in NCWC 19,142,000
EBIT 145,187,000
Tax Provision 17,668,000
Depreciation and Amortization 70,206,000
Capital Expenditure -73,559,000
Unlevered Free Cash Flow 143,162,485
Current Assets 828,595,000
Current Cash 393,412,000
Current Liabilities 225,355,000
Current Debt 0
Non-Cash Working Capital (NCWC) 209,828,000
Change in NCWC 22,246,000
EBIT 97,301,000
Tax Provision 16,655,000
Depreciation and Amortization 67,974,000
Capital Expenditure -67,861,000
Unlevered Free Cash Flow 102,982,203
Current Assets 767,700,000
Current Cash 335,162,000
Current Liabilities 244,956,000
Current Debt 0
Non-Cash Working Capital (NCWC) 187,582,000
Change in NCWC 57,065,000
EBIT 123,717,000
Tax Provision 24,700,000
Depreciation and Amortization 58,686,000
Capital Expenditure -102,684,000
Unlevered Free Cash Flow 110,174,023

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