DCF Tool

PKI

Perkinelmer, Inc. – Analytical Laboratory Instrument Manufacturing
PerkinElmer enables scientists, researchers, and clinicians to address their most critical challenges across science and healthcare. With a mission focused on innovating for a healthier world, the company delivers unique solutions to serve the diagnostics, life sciences, food, and applied markets. IT strategically partners with customers to enable earlier and more accurate insights supported by deep market knowledge and technical expertise. Its dedicated team of about 14,000 employees worldwide is passionate about helping customers work to create healthier families, improve the quality of life, and sustain the wellbeing and longevity of people globally. The Company reported revenue of approximately $3.8 billion in 2020, serves customers in 190 countries, and is a component of the S&P 500 index.
Analysis Results
Intrinsic Value $667.92
Latest Price $146.65
Relative Value 78% undervalued
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Cash Flow (Billions)
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 32.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 32.4%, 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 (billion) Present value (billion)
2022 1.71 1.6
2023 2.27 1.98
2024 3.0 2.45
2025 3.97 3.03
2026 5.25 3.75
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 107 billion. This corresponds to a present value of 71.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 12.8 billion. Adding in the terminal value gives a total present value of 84.3 billion.

There are presently 126.0 million outstanding shares, so the intrinsic value per share is 667.92.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,440,780,000
Current Cash 618,319,000
Current Liabilities 1,213,744,000
Current Debt 4,240,000
Non-Cash Working Capital (NCWC) 612,957,000
Change in NCWC 47,314,000
EBIT 1,348,810,000
Tax Provision 336,603,000
Depreciation and Amortization 358,004,000
Capital Expenditure -99,888,000
Unlevered Free Cash Flow 1,299,510,365
Current Assets 2,238,920,000
Current Cash 402,036,000
Current Liabilities 1,652,189,000
Current Debt 380,948,000
Non-Cash Working Capital (NCWC) 565,643,000
Change in NCWC 135,999,000
EBIT 986,594,000
Tax Provision 178,266,000
Depreciation and Amortization 246,507,000
Capital Expenditure -77,506,000
Unlevered Free Cash Flow 1,097,548,157
Current Assets 1,374,379,000
Current Cash 191,877,000
Current Liabilities 762,832,000
Current Debt 9,974,000
Non-Cash Working Capital (NCWC) 429,644,000
Change in NCWC 114,896,000
EBIT 391,401,000
Tax Provision 9,389,000
Depreciation and Amortization 214,025,000
Capital Expenditure -76,331,000
Unlevered Free Cash Flow 628,494,529
Current Assets 1,234,634,000
Current Cash 163,111,000
Current Liabilities 771,631,000
Current Debt 14,856,000
Non-Cash Working Capital (NCWC) 314,748,000
Change in NCWC 50,523,000
EBIT 335,028,000
Tax Provision 20,208,000
Depreciation and Amortization 180,588,000
Capital Expenditure -93,253,000
Unlevered Free Cash Flow 446,612,455
Current Assets 1,199,955,000
Current Cash 202,134,000
Current Liabilities 950,902,000
Current Debt 217,306,000
Non-Cash Working Capital (NCWC) 264,225,000
Change in NCWC 35,742,000
EBIT 317,460,000
Tax Provision 139,828,000
Depreciation and Amortization 105,000,000
Capital Expenditure -39,089,000
Unlevered Free Cash Flow 269,510,357
Current Assets 1,189,931,000
Current Cash 359,265,000
Current Liabilities 603,355,000
Current Debt 1,172,000
Non-Cash Working Capital (NCWC) 228,483,000
Change in NCWC -6,384,000
EBIT 288,190,000
Tax Provision 28,362,000
Depreciation and Amortization 99,972,000
Capital Expenditure -31,702,000
Unlevered Free Cash Flow 316,586,788
Current Assets 1,033,161,000
Current Cash 237,932,000
Current Liabilities 561,485,000
Current Debt 1,123,000
Non-Cash Working Capital (NCWC) 234,867,000
Change in NCWC -62,628,000
EBIT 299,724,000
Tax Provision 31,327,000
Depreciation and Amortization 112,007,000
Capital Expenditure -29,632,000
Unlevered Free Cash Flow 280,991,997
Current Assets 1,068,551,000
Current Cash 174,821,000
Current Liabilities 597,310,000
Current Debt 1,075,000
Non-Cash Working Capital (NCWC) 297,495,000
Change in NCWC 26,071,000
EBIT 224,132,000
Tax Provision 8,437,000
Depreciation and Amortization 116,736,000
Capital Expenditure -29,072,000
Unlevered Free Cash Flow 326,717,423
Current Assets 1,044,838,000
Current Cash 173,242,000
Current Liabilities 602,796,000
Current Debt 2,624,000
Non-Cash Working Capital (NCWC) 271,424,000
Change in NCWC 50,442,000
EBIT 258,101,000
Tax Provision -14,592,000
Depreciation and Amortization 128,471,000
Capital Expenditure -38,991,000
Unlevered Free Cash Flow 398,023,000
Current Assets 971,754,000
Current Cash 171,444,000
Current Liabilities 581,100,000
Current Debt 1,772,000
Non-Cash Working Capital (NCWC) 220,982,000
Change in NCWC 101,172,000
EBIT 197,833,000
Tax Provision -17,854,000
Depreciation and Amortization 126,865,000
Capital Expenditure -42,408,000
Unlevered Free Cash Flow 383,462,000

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