DCF Tool


Syneos Health Inc – Research and Development in Biotechnology
inc research/inventiv health has become syneos health, the only fully integrated end-to-end clinical and commercial solution organization. we are purpose-built for biopharmaceutical acceleration, creating better, smarter, faster ways to help clients navigate an increasingly complex marketplace. our new business addresses today’s market realities through clinical and commercial sharing expertise and data and insights to meet the needs of emerging and large global biopharmaceutical companies.
Analysis Results
Intrinsic Value $298.94
Latest Price $42.98
Relative Value 86% undervalued
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Cash Flow (Billions)
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 17.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.5%, 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)
2023 0.785 0.741
2024 0.923 0.82
2025 1.08 0.909
2026 1.27 1.01
2027 1.5 1.12
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 37.6 billion. This corresponds to a present value of 26.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.59 billion. Adding in the terminal value gives a total present value of 31.0 billion.

There are presently 104.0 million outstanding shares, so the intrinsic value per share is 298.94.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,943,936,000
Current Cash 112,004,000
Current Liabilities 1,724,691,000
Current Debt 24,011,000
Non-Cash Working Capital (NCWC) 131,252,000
Change in NCWC 104,460,000
EBIT 459,833,000
Tax Provision 48,068,000
Depreciation and Amortization 247,179,000
Capital Expenditure -93,459,000
Unlevered Free Cash Flow 647,746,909
Current Assets 1,766,456,000
Current Cash 106,175,000
Current Liabilities 1,654,116,000
Current Debt 20,627,000
Non-Cash Working Capital (NCWC) 26,792,000
Change in NCWC 120,529,000
EBIT 412,096,000
Tax Provision 80,329,000
Depreciation and Amortization 235,625,000
Capital Expenditure -56,841,000
Unlevered Free Cash Flow 606,372,638
Current Assets 1,738,012,000
Current Cash 271,873,000
Current Liabilities 1,577,331,000
Current Debt 17,455,000
Non-Cash Working Capital (NCWC) -93,737,000
Change in NCWC -52,153,000
EBIT 352,799,000
Tax Provision 10,871,000
Depreciation and Amortization 222,352,000
Capital Expenditure -50,010,000
Unlevered Free Cash Flow 454,156,046
Current Assets 1,562,164,000
Current Cash 163,189,000
Current Liabilities 1,516,461,000
Current Debt 75,902,000
Non-Cash Working Capital (NCWC) -41,584,000
Change in NCWC 61,678,000
EBIT 341,164,000
Tax Provision -29,549,000
Depreciation and Amortization 242,465,000
Capital Expenditure -63,973,000
Unlevered Free Cash Flow 581,334,000
Current Assets 1,491,962,000
Current Cash 155,932,000
Current Liabilities 1,503,198,000
Current Debt 63,906,000
Non-Cash Working Capital (NCWC) -103,262,000
Change in NCWC -86,031,000
EBIT 275,816,000
Tax Provision 32,974,000
Depreciation and Amortization 273,685,000
Capital Expenditure -54,595,000
Unlevered Free Cash Flow 250,036,815
Current Assets 1,422,179,000
Current Cash 321,262,000
Current Liabilities 1,159,562,000
Current Debt 41,414,000
Non-Cash Working Capital (NCWC) -17,231,000
Change in NCWC 17,463,000
EBIT 158,264,000
Tax Provision 26,592,000
Depreciation and Amortization 179,936,000
Capital Expenditure -43,896,000
Unlevered Free Cash Flow 311,767,000
Current Assets 522,629,000
Current Cash 102,471,000
Current Liabilities 466,727,000
Current Debt 11,875,000
Non-Cash Working Capital (NCWC) -34,694,000
Change in NCWC 73,059,000
EBIT 172,114,000
Tax Provision 21,488,000
Depreciation and Amortization 59,204,000
Capital Expenditure -31,353,000
Unlevered Free Cash Flow 245,448,390

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