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Proto Labs Inc – Computer Systems Design Services
our fast-paced, high-tech work environment is driven by employees who thrive on innovative thinking, making proto labs not only a great place to work, but also one of the fastest growing companies in the region. proto labs was named one of minnesota's top workplaces four years in a row! (we were ranked 15th among large-size companies.) interested in working at proto labs? view open positions at protolabs.com/careers. more about proto labs: proto labs is world’s fastest source for custom prototypes and low-volume production. we offer product designers and engineers three distinct quick-turn manufacturing services that can mold, machine and build parts within days. our additive processes utilize the latest technologies to provide precision accuracy to prototypes, from small parts with complex geometries to large, highly detailed patterns. we have a range of high-performance materials that are ideal for concept models and form, fit and function testing. we stock metal, liquid silic
Analysis Results
Intrinsic Value $33.96
Latest Price $25.50
Relative Value 25% undervalued
Thoughts on this result? Let us know.
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 11.9%.

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 11.9%, 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 (million) Present value (million)
2023 52.6 47.9
2024 58.8 49.0
2025 65.9 50.0
2026 73.7 51.1
2027 82.5 52.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1100 million. This corresponds to a present value of 636 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 250 million. Adding in the terminal value gives a total present value of 886 million.

There are presently 26.1 million outstanding shares, so the intrinsic value per share is 33.96.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 186,568,000
Current Cash 80,126,000
Current Liabilities 71,581,000
Current Debt 17,537,000
Non-Cash Working Capital (NCWC) 52,398,000
Change in NCWC 761,000
EBIT 26,947,000
Tax Provision 5,585,000
Depreciation and Amortization 39,425,000
Capital Expenditure -21,686,000
Unlevered Free Cash Flow 45,447,000
Current Assets 183,492,000
Current Cash 77,509,000
Current Liabilities 54,896,000
Current Debt 550,000
Non-Cash Working Capital (NCWC) 51,637,000
Change in NCWC 21,028,000
EBIT 40,342,000
Tax Provision 6,812,000
Depreciation and Amortization 40,488,000
Capital Expenditure -34,209,000
Unlevered Free Cash Flow 60,810,215
Current Assets 242,002,000
Current Cash 161,691,000
Current Liabilities 50,254,000
Current Debt 552,000
Non-Cash Working Capital (NCWC) 30,609,000
Change in NCWC 2,433,000
EBIT 59,836,000
Tax Provision 12,078,000
Depreciation and Amortization 32,594,000
Capital Expenditure -47,010,000
Unlevered Free Cash Flow 36,371,560
Current Assets 236,419,000
Current Cash 160,662,000
Current Liabilities 47,581,000
Current Debt 0
Non-Cash Working Capital (NCWC) 28,176,000
Change in NCWC -2,656,000
EBIT 79,856,000
Tax Provision 17,538,000
Depreciation and Amortization 30,864,000
Capital Expenditure -62,230,000
Unlevered Free Cash Flow 28,584,797
Current Assets 215,362,000
Current Cash 131,796,000
Current Liabilities 52,734,000
Current Debt 0
Non-Cash Working Capital (NCWC) 30,832,000
Change in NCWC -1,286,000
EBIT 88,898,000
Tax Provision 15,067,000
Depreciation and Amortization 26,754,000
Capital Expenditure -87,104,000
Unlevered Free Cash Flow 12,648,218
Current Assets 165,004,000
Current Cash 94,131,000
Current Liabilities 43,755,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 32,118,000
Change in NCWC 6,033,000
EBIT 72,226,000
Tax Provision 22,657,000
Depreciation and Amortization 18,474,000
Capital Expenditure -32,635,000
Unlevered Free Cash Flow 42,113,389
Current Assets 157,784,000
Current Cash 108,272,000
Current Liabilities 23,427,000
Current Debt 0
Non-Cash Working Capital (NCWC) 26,085,000
Change in NCWC -4,801,000
EBIT 61,767,000
Tax Provision 21,514,000
Depreciation and Amortization 17,485,000
Capital Expenditure -33,616,000
Unlevered Free Cash Flow 20,143,088
Current Assets 138,002,000
Current Cash 80,854,000
Current Liabilities 26,262,000
Current Debt 0
Non-Cash Working Capital (NCWC) 30,886,000
Change in NCWC 15,197,000
EBIT 67,149,000
Tax Provision 21,347,000
Depreciation and Amortization 14,126,000
Capital Expenditure -44,362,000
Unlevered Free Cash Flow 30,986,973
Current Assets 108,344,000
Current Cash 74,035,000
Current Liabilities 18,759,000
Current Debt 139,000
Non-Cash Working Capital (NCWC) 15,689,000
Change in NCWC -1,269,000
EBIT 60,528,000
Tax Provision 18,896,000
Depreciation and Amortization 11,138,000
Capital Expenditure -43,507,000
Unlevered Free Cash Flow 7,994,936
Current Assets 109,795,000
Current Cash 79,378,000
Current Liabilities 13,663,000
Current Debt 204,000
Non-Cash Working Capital (NCWC) 16,958,000
Change in NCWC -36,000
EBIT 51,299,000
Tax Provision 16,301,000
Depreciation and Amortization 7,569,000
Capital Expenditure -18,753,000
Unlevered Free Cash Flow 23,866,176

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