DCF Tool

TECH

Bio-Techne Corp – Biological Product (except Diagnostic) Manufacturing
Bio-Techne Corporation is a holding company for biotechnology and clinical diagnostic brands. It was founded in 1976 as Techne Corporation and changed its name to Bio-Techne in 2014.
Analysis Results
Intrinsic Value $156.50
Latest Price $284.00
Relative Value 81% overvalued
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Cash Flow (Millions)
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 14.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.0%, 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 358 325
2024 408 337
2025 465 350
2026 530 363
2027 605 376
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7750 million. This corresponds to a present value of 4390 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1750 million. Adding in the terminal value gives a total present value of 6140 million.

There are presently 39.2 million outstanding shares, so the intrinsic value per share is 156.5.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 605,556,000
Current Cash 247,029,000
Current Liabilities 176,018,000
Current Debt 12,500,000
Non-Cash Working Capital (NCWC) 195,009,000
Change in NCWC 55,741,000
EBIT 296,590,000
Tax Provision 38,287,000
Depreciation and Amortization 101,069,000
Capital Expenditure -44,908,000
Unlevered Free Cash Flow 370,814,266
Current Assets 510,606,000
Current Cash 231,554,000
Current Liabilities 152,284,000
Current Debt 12,500,000
Non-Cash Working Capital (NCWC) 139,268,000
Change in NCWC -16,591,000
EBIT 237,296,000
Tax Provision 8,590,000
Depreciation and Amortization 87,747,000
Capital Expenditure -44,301,000
Unlevered Free Cash Flow 250,394,478
Current Assets 520,920,000
Current Cash 270,893,000
Current Liabilities 106,668,000
Current Debt 12,500,000
Non-Cash Working Capital (NCWC) 155,859,000
Change in NCWC -1,230,000
EBIT 157,419,000
Tax Provision 47,181,000
Depreciation and Amortization 82,737,000
Capital Expenditure -51,744,000
Unlevered Free Cash Flow 160,318,333
Current Assets 412,607,000
Current Cash 166,033,000
Current Liabilities 101,985,000
Current Debt 12,500,000
Non-Cash Working Capital (NCWC) 157,089,000
Change in NCWC 19,987,000
EBIT 146,719,000
Tax Provision 15,943,000
Depreciation and Amortization 78,171,000
Capital Expenditure -25,411,000
Unlevered Free Cash Flow 198,583,609
Current Assets 398,366,000
Current Cash 181,754,000
Current Liabilities 79,510,000
Current Debt 0
Non-Cash Working Capital (NCWC) 137,102,000
Change in NCWC 82,313,000
EBIT 136,178,000
Tax Provision -199,000
Depreciation and Amortization 64,463,000
Capital Expenditure -20,934,000
Unlevered Free Cash Flow 262,020,000
Current Assets 348,025,000
Current Cash 157,714,000
Current Liabilities 135,522,000
Current Debt 0
Non-Cash Working Capital (NCWC) 54,789,000
Change in NCWC -52,879,000
EBIT 120,584,000
Tax Provision 35,875,000
Depreciation and Amortization 60,036,000
Capital Expenditure -15,179,000
Unlevered Free Cash Flow 73,923,983
Current Assets 253,891,000
Current Cash 95,835,000
Current Liabilities 54,147,000
Current Debt 3,759,000
Non-Cash Working Capital (NCWC) 107,668,000
Change in NCWC 6,049,000
EBIT 150,593,000
Tax Provision 43,005,000
Depreciation and Amortization 42,764,000
Capital Expenditure -16,898,000
Unlevered Free Cash Flow 138,595,550
Current Assets 248,283,000
Current Cash 110,921,000
Current Liabilities 39,767,000
Current Debt 4,024,000
Non-Cash Working Capital (NCWC) 101,619,000
Change in NCWC 16,002,000
EBIT 155,323,000
Tax Provision 46,427,000
Depreciation and Amortization 37,226,000
Capital Expenditure -19,905,000
Unlevered Free Cash Flow 141,869,356
Current Assets 469,413,000
Current Cash 363,354,000
Current Liabilities 26,391,000
Current Debt 5,949,000
Non-Cash Working Capital (NCWC) 85,617,000
Change in NCWC 41,122,000
EBIT 159,750,000
Tax Provision 50,444,000
Depreciation and Amortization 19,175,000
Capital Expenditure -13,821,000
Unlevered Free Cash Flow 156,295,216
Current Assets 409,516,000
Current Cash 332,937,000
Current Liabilities 32,084,000
Current Debt 0
Non-Cash Working Capital (NCWC) 44,495,000
Change in NCWC 2,724,000
EBIT 159,039,000
Tax Provision 48,101,000
Depreciation and Amortization 12,321,000
Capital Expenditure -22,454,000
Unlevered Free Cash Flow 104,014,914
Current Assets 346,507,000
Current Cash 268,986,000
Current Liabilities 35,750,000
Current Debt 0
Non-Cash Working Capital (NCWC) 41,771,000
Change in NCWC -29,645,000
EBIT 165,606,000
Tax Provision 49,864,000
Depreciation and Amortization 12,467,000
Capital Expenditure -6,017,000
Unlevered Free Cash Flow 91,498,348

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