DCF Tool

QGEN

Qiagen NV – Biological Product (except Diagnostic) Manufacturing
QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Its sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academia, pharma R&D and industrial applications, primarily forensics). As of December 31, 2020, QIAGEN employed more than 5,600 people in over 35 locations worldwide.
Analysis Results
Intrinsic Value $107.31
Latest Price $48.78
Relative Value 55% 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 18.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 18.6%, 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 0.64 0.602
2023 0.759 0.672
2024 0.901 0.749
2025 1.07 0.835
2026 1.27 0.932
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 29.8 billion. This corresponds to a present value of 20.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.79 billion. Adding in the terminal value gives a total present value of 24.4 billion.

There are presently 227.0 million outstanding shares, so the intrinsic value per share is 107.31.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,109,602,000
Current Cash 1,065,301,000
Current Liabilities 1,517,470,000
Current Debt 847,626,000
Non-Cash Working Capital (NCWC) 374,457,000
Change in NCWC -5,079,000
EBIT 657,846,000
Tax Provision 113,234,000
Depreciation and Amortization 214,931,000
Capital Expenditure -206,534,000
Unlevered Free Cash Flow 542,137,783
Current Assets 1,667,316,000
Current Cash 715,233,000
Current Liabilities 615,086,000
Current Debt 42,539,000
Non-Cash Working Capital (NCWC) 379,536,000
Change in NCWC 228,622,000
EBIT 537,470,000
Tax Provision 80,284,000
Depreciation and Amortization 205,014,000
Capital Expenditure -304,237,000
Unlevered Free Cash Flow 568,682,445
Current Assets 1,570,248,000
Current Cash 753,233,000
Current Liabilities 951,345,000
Current Debt 285,244,000
Non-Cash Working Capital (NCWC) 150,914,000
Change in NCWC -141,449,000
EBIT 313,673,000
Tax Provision -36,321,000
Depreciation and Amortization 231,458,000
Capital Expenditure -274,884,000
Unlevered Free Cash Flow 128,798,000
Current Assets 2,155,060,000
Current Cash 1,393,685,000
Current Liabilities 972,189,000
Current Debt 503,177,000
Non-Cash Working Capital (NCWC) 292,363,000
Change in NCWC -15,265,000
EBIT 266,581,000
Tax Provision 35,357,000
Depreciation and Amortization 206,436,000
Capital Expenditure -150,763,000
Unlevered Free Cash Flow 265,234,637
Current Assets 1,647,973,000
Current Cash 1,016,912,000
Current Liabilities 324,792,000
Current Debt 1,359,000
Non-Cash Working Capital (NCWC) 307,628,000
Change in NCWC 109,668,000
EBIT 153,419,000
Tax Provision 73,981,000
Depreciation and Amortization 216,448,000
Capital Expenditure -124,405,000
Unlevered Free Cash Flow 255,894,231
Current Assets 1,037,569,000
Current Cash 532,179,000
Current Liabilities 308,429,000
Current Debt 999,000
Non-Cash Working Capital (NCWC) 197,960,000
Change in NCWC -75,395,000
EBIT 98,827,000
Tax Provision -23,395,000
Depreciation and Amortization 213,056,000
Capital Expenditure -93,924,000
Unlevered Free Cash Flow 142,564,000
Current Assets 961,614,000
Current Cash 420,828,000
Current Liabilities 268,353,000
Current Debt 922,000
Non-Cash Working Capital (NCWC) 273,355,000
Change in NCWC 690,000
EBIT 175,693,000
Tax Provision 5,641,000
Depreciation and Amortization 191,473,000
Capital Expenditure -117,481,000
Unlevered Free Cash Flow 242,895,006
Current Assets 1,148,750,000
Current Cash 576,703,000
Current Liabilities 431,626,000
Current Debt 132,244,000
Non-Cash Working Capital (NCWC) 272,665,000
Change in NCWC 64,114,000
EBIT 160,818,000
Tax Provision 1,312,000
Depreciation and Amortization 200,782,000
Capital Expenditure -97,003,000
Unlevered Free Cash Flow 326,930,676
Current Assets 920,889,000
Current Cash 380,226,000
Current Liabilities 337,038,000
Current Debt 4,926,000
Non-Cash Working Capital (NCWC) 208,551,000
Change in NCWC -37,864,000
EBIT 65,311,000
Tax Provision -31,760,000
Depreciation and Amortization 199,355,000
Capital Expenditure -118,693,000
Unlevered Free Cash Flow 108,109,000
Current Assets 992,621,000
Current Cash 484,488,000
Current Liabilities 266,869,000
Current Debt 5,151,000
Non-Cash Working Capital (NCWC) 246,415,000
Change in NCWC 107,398,000
EBIT 171,971,000
Tax Provision 15,616,000
Depreciation and Amortization 197,892,000
Capital Expenditure -128,085,000
Unlevered Free Cash Flow 330,674,838

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