| Intrinsic Valuation of: IDXX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 14 | Market Cap | $42B | |||||
| 2021 | - | - (-) | P/E Ratio | 39 | Total Asset | $3B | |||||
| 2022 | $384M | - (-) | Net Income | $1B | Total Debt | $375M | |||||
| 2023 | $773M | 101.2% (85.1%) | EBITDA | $2B | Total Liab | $2B | |||||
| 2024 | $798M | 3.3% (-3.0%) | Opr Margin | 31.60 | Debt/Equity | 0.23 | |||||
| 2025 | $1B | 30.8% (18.4%) | PreTax Margin | 30.70 | BV/Share | 14 | |||||
| 5Y Average FCF | $750M | 15.0% (33.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 12.10% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $122 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $17B | Net Worth/Share | $20 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $14B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $180M | $174 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $375M | WACC | 10.1% | 204 | 212 | 222 | 234 | 247 | |||
| Equity Value | $14B | 11.1% | 182 | 189 | 196 | 205 | 214 | ||||
| Shares Outstanding | 78,882,997 | 12.1% | 164 | 170 | 175 | 182 | 189 | ||||
| 13.0% | 149 | 154 | 158 | 163 | 169 | ||||||
| DCF Intrinsic Value | $174 | 14.0% | 137 | 141 | 144 | 148 | 153 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||