DCF Tool

PRLB

Proto Labs Inc – Computer Systems Design Services
Protolabs is the world's leading source for digital manufacturing services. The technology-enabled company produces custom components in as fast as 1 day with automated 3D printing, CNC machining, sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market, reduces manufacturing costs, and enables supply chain agility throughout the product life cycle.
Analysis Results
Intrinsic Value $47.44
Latest Price $24.90
Relative Value 48% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 18.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 18.1%, 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 58.4 53.6
2023 69.0 58.0
2024 81.5 62.8
2025 96.2 68.0
2026 114 73.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1640 million. This corresponds to a present value of 971 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 316 million. Adding in the terminal value gives a total present value of 1290 million.

There are presently 27.1 million outstanding shares, so the intrinsic value per share is 47.44.

Financial Statements

The following data was to determine the past cash flows.

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

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.