| Intrinsic Valuation of: ZBRA | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 11 | Market Cap | $16B | |||||
| 2021 | - | - (-) | P/E Ratio | 29 | Total Asset | $8B | |||||
| 2022 | $1B | - (-) | Net Income | $528M | Total Debt | $2B | |||||
| 2023 | $413M | -59.1% (-60.2%) | EBITDA | $937M | Total Liab | $4B | |||||
| 2024 | $-91M | -122.0% (-127.8%) | Opr Margin | 0.15 | Debt/Equity | 0.58 | |||||
| 2025 | $954M | 1148.4% (1064.8%) | PreTax Margin | 15.36 | BV/Share | -14 | |||||
| 5Y Average FCF | $572M | 322.4% (292.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $97 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $4B | ||||||||||
| Terminal Value | $76B | Net Worth/Share | $71 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $59B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $901M | $1,142 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 7.3% | 990 | 1,071 | 1,168 | 1,289 | 1,440 | |||
| Equity Value | $58B | 7.4% | 980 | 1,060 | 1,155 | 1,272 | 1,420 | ||||
| Shares Outstanding | 50,854,300 | 7.4% | 971 | 1,049 | 1,142 | 1,257 | 1,400 | ||||
| 7.9% | 885 | 949 | 1,025 | 1,117 | 1,228 | ||||||
| DCF Intrinsic Value | $1,142 | 8.4% | 812 | 866 | 928 | 1,003 | 1,092 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||