| Intrinsic Valuation of: ZBRA | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $12B | |||||
| 2021 | - | - (-) | P/E Ratio | 31 | Total Asset | $9B | |||||
| 2022 | $413M | - (-) | Net Income | $419M | Total Debt | $2B | |||||
| 2023 | $-91M | -122.0% (-127.8%) | EBITDA | $853M | Total Liab | $5B | |||||
| 2024 | $954M | 1148.4% (1064.8%) | Opr Margin | 14.83 | Debt/Equity | 0.66 | |||||
| 2025 | $831M | -12.9% (-19.6%) | PreTax Margin | 12.82 | BV/Share | -41 | |||||
| 5Y Average FCF | $527M | 15.0% (305.8%) | |||||||||
| 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): | 10.90% | 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 | $922M | MBG Intrinsic Value | $74 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $16B | Net Worth/Share | $75 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $13B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $125M | $235 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 8.9% | 287 | 305 | 325 | 349 | 377 | |||
| Equity Value | $11B | 9.9% | 246 | 259 | 274 | 291 | 310 | ||||
| Shares Outstanding | 47,633,392 | 10.9% | 214 | 224 | 235 | 247 | 261 | ||||
| 11.9% | 188 | 196 | 204 | 214 | 224 | ||||||
| DCF Intrinsic Value | $235 | 12.9% | 167 | 173 | 179 | 187 | 195 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||