DCF Tool

USNA

Usana Health Sciences Inc – Medicinal and Botanical Manufacturing
USANA prides itself in providing consumers the highest quality nutritional products in the world. From its award-winning supplements to its innovative skincare line, USANA has proven for more than 25 years why it's a company wworth of trust.
Analysis Results
Intrinsic Value $227.21
Latest Price $54.65
Relative Value 76% undervalued
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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 11.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.6%, 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 (million) Present value (million)
2022 149 140
2023 166 146
2024 185 153
2025 207 161
2026 231 168
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5240 million. This corresponds to a present value of 3600 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 769 million. Adding in the terminal value gives a total present value of 4360 million.

There are presently 19.2 million outstanding shares, so the intrinsic value per share is 227.21.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 365,117,000
Current Cash 239,832,000
Current Liabilities 160,790,000
Current Debt 0
Non-Cash Working Capital (NCWC) -35,505,000
Change in NCWC 19,199,000
EBIT 170,192,000
Tax Provision 54,137,000
Depreciation and Amortization 22,193,000
Capital Expenditure -12,763,000
Unlevered Free Cash Flow 144,826,764
Current Assets 425,286,000
Current Cash 311,917,000
Current Liabilities 168,073,000
Current Debt 0
Non-Cash Working Capital (NCWC) -54,704,000
Change in NCWC -13,055,000
EBIT 176,491,000
Tax Provision 53,284,000
Depreciation and Amortization 22,509,000
Capital Expenditure -15,094,000
Unlevered Free Cash Flow 118,003,277
Current Assets 329,279,000
Current Cash 234,830,000
Current Liabilities 136,098,000
Current Debt 0
Non-Cash Working Capital (NCWC) -41,649,000
Change in NCWC -70,972,000
EBIT 146,190,000
Tax Provision 49,970,000
Depreciation and Amortization 23,007,000
Capital Expenditure -16,569,000
Unlevered Free Cash Flow 33,115,744
Current Assets 392,335,000
Current Cash 214,326,000
Current Liabilities 148,686,000
Current Debt 0
Non-Cash Working Capital (NCWC) 29,323,000
Change in NCWC 77,478,000
EBIT 188,353,000
Tax Provision 65,286,000
Depreciation and Amortization 16,843,000
Capital Expenditure -11,433,000
Unlevered Free Cash Flow 207,031,225
Current Assets 340,159,000
Current Cash 247,131,000
Current Liabilities 141,183,000
Current Debt 0
Non-Cash Working Capital (NCWC) -48,155,000
Change in NCWC -11,751,000
EBIT 132,504,000
Tax Provision 72,105,000
Depreciation and Amortization 16,110,000
Capital Expenditure -13,220,000
Unlevered Free Cash Flow 52,681,911
Current Assets 277,861,000
Current Cash 175,774,000
Current Liabilities 138,491,000
Current Debt 0
Non-Cash Working Capital (NCWC) -36,404,000
Change in NCWC -6,046,000
EBIT 138,622,000
Tax Provision 38,511,000
Depreciation and Amortization 13,482,000
Capital Expenditure -32,698,000
Unlevered Free Cash Flow 74,829,543
Current Assets 244,264,000
Current Cash 143,210,000
Current Liabilities 131,412,000
Current Debt 0
Non-Cash Working Capital (NCWC) -30,358,000
Change in NCWC -1,454,000
EBIT 141,662,000
Tax Provision 47,917,000
Depreciation and Amortization 9,978,000
Capital Expenditure -23,729,000
Unlevered Free Cash Flow 78,851,518
Current Assets 190,927,000
Current Cash 111,126,000
Current Liabilities 108,705,000
Current Debt 0
Non-Cash Working Capital (NCWC) -28,904,000
Change in NCWC -16,093,000
EBIT 116,102,000
Tax Provision 39,017,000
Depreciation and Amortization 8,810,000
Capital Expenditure -20,421,000
Unlevered Free Cash Flow 49,229,524
Current Assets 229,045,000
Current Cash 145,985,000
Current Liabilities 95,871,000
Current Debt 0
Non-Cash Working Capital (NCWC) -12,811,000
Change in NCWC -3,673,000
EBIT 116,712,000
Tax Provision 37,557,000
Depreciation and Amortization 9,044,000
Capital Expenditure -8,051,000
Unlevered Free Cash Flow 76,432,797
Current Assets 132,545,000
Current Cash 70,839,000
Current Liabilities 70,844,000
Current Debt 0
Non-Cash Working Capital (NCWC) -9,138,000
Change in NCWC -5,148,000
EBIT 98,179,000
Tax Provision 31,993,000
Depreciation and Amortization 8,826,000
Capital Expenditure -8,432,000
Unlevered Free Cash Flow 61,512,286

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