Intrinsic value of ICU Medical - ICUI

Previous Close

$171.65

  Intrinsic Value

$1,380

stock screener

  Rating & Target

str. buy

+704%

  Value-price divergence*

+170%

Previous close

$171.65

 
Intrinsic value

$1,380

 
Up/down potential

+704%

 
Rating

str. buy

 
Value-price divergence*

+170%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ICUI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.82
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  379
  606
  937
  1,401
  2,033
  2,868
  3,943
  5,293
  6,950
  8,943
  11,295
  14,026
  17,148
  20,670
  24,593
  28,917
  33,637
  38,747
  44,239
  50,102
  56,330
  62,913
  69,845
  77,120
  84,736
  92,690
  100,984
  109,622
  118,609
  127,953
  137,666
Variable operating expenses, $m
 
  360
  556
  831
  1,205
  1,700
  2,337
  3,136
  4,118
  5,298
  6,692
  8,309
  10,159
  12,245
  14,569
  17,131
  19,927
  22,954
  26,208
  29,682
  33,371
  37,271
  41,377
  45,687
  50,199
  54,911
  59,825
  64,942
  70,266
  75,802
  81,556
Fixed operating expenses, $m
 
  74
  76
  78
  79
  81
  83
  86
  88
  90
  92
  94
  97
  99
  102
  104
  107
  110
  112
  115
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
Total operating expenses, $m
  295
  434
  632
  909
  1,284
  1,781
  2,420
  3,222
  4,206
  5,388
  6,784
  8,403
  10,256
  12,344
  14,671
  17,235
  20,034
  23,064
  26,320
  29,797
  33,489
  37,392
  41,501
  45,814
  50,329
  55,044
  59,962
  65,082
  70,410
  75,949
  81,707
Operating income, $m
  84
  173
  306
  493
  749
  1,087
  1,523
  2,071
  2,744
  3,554
  4,511
  5,622
  6,893
  8,325
  9,922
  11,682
  13,603
  15,683
  17,919
  20,306
  22,841
  25,521
  28,344
  31,306
  34,407
  37,645
  41,023
  44,540
  48,199
  52,004
  55,959
EBITDA, $m
  103
  190
  332
  532
  804
  1,166
  1,631
  2,216
  2,934
  3,798
  4,819
  6,004
  7,359
  8,888
  10,591
  12,468
  14,518
  16,737
  19,122
  21,669
  24,373
  27,233
  30,243
  33,404
  36,711
  40,166
  43,769
  47,521
  51,425
  55,485
  59,704
Interest expense (income), $m
  0
  0
  1
  2
  4
  7
  10
  15
  20
  27
  36
  45
  57
  70
  84
  101
  119
  138
  159
  182
  206
  232
  260
  288
  319
  350
  383
  418
  454
  491
  530
Earnings before tax, $m
  85
  173
  305
  491
  744
  1,080
  1,513
  2,056
  2,724
  3,527
  4,475
  5,577
  6,836
  8,256
  9,838
  11,581
  13,485
  15,545
  17,759
  20,124
  22,635
  25,289
  28,084
  31,017
  34,088
  37,295
  40,639
  44,122
  47,746
  51,513
  55,429
Tax expense, $m
  22
  47
  82
  132
  201
  292
  408
  555
  735
  952
  1,208
  1,506
  1,846
  2,229
  2,656
  3,127
  3,641
  4,197
  4,795
  5,433
  6,111
  6,828
  7,583
  8,375
  9,204
  10,070
  10,973
  11,913
  12,891
  13,909
  14,966
Net income, $m
  63
  126
  222
  358
  543
  788
  1,104
  1,501
  1,988
  2,575
  3,267
  4,071
  4,990
  6,027
  7,181
  8,454
  9,844
  11,348
  12,964
  14,690
  16,523
  18,461
  20,501
  22,643
  24,884
  27,225
  29,667
  32,209
  34,854
  37,605
  40,463

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  445
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  705
  416
  643
  961
  1,394
  1,967
  2,704
  3,630
  4,767
  6,134
  7,747
  9,620
  11,762
  14,177
  16,867
  19,833
  23,071
  26,576
  30,342
  34,364
  38,635
  43,150
  47,905
  52,895
  58,118
  63,573
  69,262
  75,186
  81,350
  87,760
  94,421
Adjusted assets (=assets-cash), $m
  260
  416
  643
  961
  1,394
  1,967
  2,704
  3,630
  4,767
  6,134
  7,747
  9,620
  11,762
  14,177
  16,867
  19,833
  23,071
  26,576
  30,342
  34,364
  38,635
  43,150
  47,905
  52,895
  58,118
  63,573
  69,262
  75,186
  81,350
  87,760
  94,421
Revenue / Adjusted assets
  1.458
  1.457
  1.457
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
Average production assets, $m
  103
  165
  255
  381
  553
  780
  1,073
  1,440
  1,890
  2,432
  3,072
  3,815
  4,664
  5,622
  6,689
  7,865
  9,149
  10,539
  12,033
  13,628
  15,322
  17,112
  18,998
  20,977
  23,048
  25,212
  27,468
  29,817
  32,262
  34,803
  37,445
Working capital, $m
  528
  133
  205
  307
  445
  628
  864
  1,159
  1,522
  1,958
  2,474
  3,072
  3,756
  4,527
  5,386
  6,333
  7,367
  8,486
  9,688
  10,972
  12,336
  13,778
  15,296
  16,889
  18,557
  20,299
  22,116
  24,007
  25,975
  28,022
  30,149
Total debt, $m
  0
  27
  66
  121
  196
  295
  423
  583
  780
  1,016
  1,295
  1,619
  1,990
  2,408
  2,873
  3,386
  3,946
  4,553
  5,204
  5,900
  6,639
  7,420
  8,243
  9,106
  10,009
  10,953
  11,937
  12,962
  14,029
  15,137
  16,290
Total liabilities, $m
  45
  72
  111
  166
  241
  340
  468
  628
  825
  1,061
  1,340
  1,664
  2,035
  2,453
  2,918
  3,431
  3,991
  4,598
  5,249
  5,945
  6,684
  7,465
  8,288
  9,151
  10,054
  10,998
  11,982
  13,007
  14,074
  15,182
  16,335
Total equity, $m
  660
  344
  531
  795
  1,153
  1,627
  2,237
  3,002
  3,942
  5,072
  6,407
  7,956
  9,727
  11,724
  13,949
  16,402
  19,079
  21,978
  25,093
  28,419
  31,951
  35,685
  39,617
  43,744
  48,063
  52,575
  57,280
  62,179
  67,277
  72,577
  78,086
Total liabilities and equity, $m
  705
  416
  642
  961
  1,394
  1,967
  2,705
  3,630
  4,767
  6,133
  7,747
  9,620
  11,762
  14,177
  16,867
  19,833
  23,070
  26,576
  30,342
  34,364
  38,635
  43,150
  47,905
  52,895
  58,117
  63,573
  69,262
  75,186
  81,351
  87,759
  94,421
Debt-to-equity ratio
  0.000
  0.080
  0.120
  0.150
  0.170
  0.180
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
Adjusted equity ratio
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  126
  222
  358
  543
  788
  1,104
  1,501
  1,988
  2,575
  3,267
  4,071
  4,990
  6,027
  7,181
  8,454
  9,844
  11,348
  12,964
  14,690
  16,523
  18,461
  20,501
  22,643
  24,884
  27,225
  29,667
  32,209
  34,854
  37,605
  40,463
Depreciation, amort., depletion, $m
  19
  17
  26
  39
  56
  79
  108
  145
  190
  244
  308
  382
  466
  562
  669
  787
  915
  1,054
  1,203
  1,363
  1,532
  1,711
  1,900
  2,098
  2,305
  2,521
  2,747
  2,982
  3,226
  3,480
  3,745
Funds from operations, $m
  81
  143
  248
  397
  599
  867
  1,212
  1,646
  2,178
  2,819
  3,575
  4,453
  5,457
  6,589
  7,850
  9,241
  10,759
  12,402
  14,168
  16,053
  18,056
  20,172
  22,401
  24,740
  27,189
  29,747
  32,413
  35,191
  38,080
  41,085
  44,208
Change in working capital, $m
  -9
  50
  72
  102
  138
  183
  235
  296
  363
  436
  515
  598
  684
  771
  859
  947
  1,034
  1,119
  1,203
  1,284
  1,364
  1,442
  1,518
  1,593
  1,668
  1,742
  1,816
  1,892
  1,968
  2,046
  2,127
Cash from operations, $m
  90
  93
  176
  295
  461
  684
  977
  1,350
  1,815
  2,382
  3,060
  3,855
  4,773
  5,818
  6,991
  8,294
  9,725
  11,283
  12,965
  14,769
  16,692
  18,731
  20,883
  23,147
  25,521
  28,005
  30,597
  33,299
  36,112
  39,039
  42,081
Maintenance CAPEX, $m
  0
  -10
  -16
  -25
  -38
  -55
  -78
  -107
  -144
  -189
  -243
  -307
  -382
  -466
  -562
  -669
  -787
  -915
  -1,054
  -1,203
  -1,363
  -1,532
  -1,711
  -1,900
  -2,098
  -2,305
  -2,521
  -2,747
  -2,982
  -3,226
  -3,480
New CAPEX, $m
  -25
  -62
  -90
  -126
  -172
  -227
  -292
  -367
  -451
  -542
  -640
  -743
  -849
  -958
  -1,067
  -1,176
  -1,284
  -1,390
  -1,494
  -1,595
  -1,694
  -1,791
  -1,885
  -1,979
  -2,071
  -2,164
  -2,256
  -2,349
  -2,444
  -2,542
  -2,642
Cash from investing activities, $m
  16
  -72
  -106
  -151
  -210
  -282
  -370
  -474
  -595
  -731
  -883
  -1,050
  -1,231
  -1,424
  -1,629
  -1,845
  -2,071
  -2,305
  -2,548
  -2,798
  -3,057
  -3,323
  -3,596
  -3,879
  -4,169
  -4,469
  -4,777
  -5,096
  -5,426
  -5,768
  -6,122
Free cash flow, $m
  106
  21
  70
  143
  251
  402
  606
  876
  1,221
  1,651
  2,177
  2,805
  3,542
  4,394
  5,362
  6,449
  7,654
  8,978
  10,417
  11,971
  13,635
  15,408
  17,286
  19,268
  21,352
  23,536
  25,820
  28,203
  30,686
  33,271
  35,959
Issuance/(repayment) of debt, $m
  0
  27
  39
  55
  75
  99
  128
  160
  197
  236
  279
  324
  370
  418
  466
  513
  560
  606
  652
  696
  739
  781
  822
  863
  904
  944
  984
  1,025
  1,066
  1,109
  1,152
Issuance/(repurchase) of shares, $m
  2
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2
  30
  39
  55
  75
  99
  128
  160
  197
  236
  279
  324
  370
  418
  466
  513
  560
  606
  652
  696
  739
  781
  822
  863
  904
  944
  984
  1,025
  1,066
  1,109
  1,152
Total cash flow (excl. dividends), $m
  109
  51
  109
  199
  326
  501
  734
  1,036
  1,417
  1,888
  2,456
  3,129
  3,913
  4,811
  5,827
  6,962
  8,214
  9,584
  11,069
  12,666
  14,374
  16,189
  18,109
  20,132
  22,256
  24,480
  26,804
  29,228
  31,752
  34,380
  37,111
Retained Cash Flow (-), $m
  -80
  -129
  -187
  -263
  -358
  -474
  -610
  -766
  -940
  -1,130
  -1,334
  -1,549
  -1,771
  -1,997
  -2,225
  -2,453
  -2,677
  -2,898
  -3,115
  -3,326
  -3,532
  -3,734
  -3,932
  -4,127
  -4,320
  -4,512
  -4,705
  -4,899
  -5,098
  -5,300
  -5,509
Prev. year cash balance distribution, $m
 
  445
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  367
  -79
  -65
  -33
  27
  124
  270
  477
  757
  1,121
  1,580
  2,142
  2,814
  3,602
  4,509
  5,537
  6,686
  7,954
  9,340
  10,842
  12,455
  14,177
  16,005
  17,936
  19,968
  22,099
  24,328
  26,655
  29,079
  31,602
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  352
  -72
  -56
  -27
  21
  90
  183
  298
  435
  588
  750
  914
  1,070
  1,209
  1,324
  1,407
  1,455
  1,465
  1,438
  1,378
  1,288
  1,176
  1,049
  914
  777
  645
  522
  412
  317
  238
Current shareholders' claim on cash, %
  100
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

ICU Medical, Inc. develops, manufactures, and sells medical devices used in infusion therapy, oncology, and critical care applications worldwide. It offers infusion therapy products comprising a tube running from a bottle or plastic bag containing a solution to a catheter inserted in a patient’s vein for use in hospitals and ambulatory clinics. The company’s infusion therapy products include needlefree connector products, such as MicroClave and MicroClave Clear, Neutron, NanoClave, SwabCap, and Clave; custom infusion sets; and Tego needlefree hemodialysis connectors. It also provides critical care products used to monitor signs, as well as physiological functions of organ systems. The company’s critical care products comprises hemodynamic monitoring systems and SafeSet closed blood sampling and conservation systems, as well as catheters, Lopez Valve, and cables and accessories for hemodynamic monitoring. In addition, it offers a line of oncology products that are used to prepare and deliver hazardous medications used in chemotherapy, such as ChemoLock and ChemoClave closed system transfer devices and components, and Diana hazardous drug compounding systems. The company sells its products to medical product manufacturers, distributors, and end users. ICU Medical, Inc. was founded in 1984 and is headquartered in San Clemente, California.

FINANCIAL RATIOS  of  ICU Medical (ICUI)

Valuation Ratios
P/E Ratio 44.5
Price to Sales 7.4
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 31.2
Price to Free Cash Flow 43.2
Growth Rates
Sales Growth Rate 10.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 78.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 10.2%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 53%
Gross Margin - 3 Yr. Avg. 51.6%
EBITDA Margin 27.4%
EBITDA Margin - 3 Yr. Avg. 24.1%
Operating Margin 22.2%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 22.4%
Pre-Tax Margin - 3 Yr. Avg. 18.6%
Net Profit Margin 16.6%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 25.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 0%

ICUI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICUI stock intrinsic value calculation we used $379 million for the last fiscal year's total revenue generated by ICU Medical. The default revenue input number comes from 2016 income statement of ICU Medical. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ICUI stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ICUI is calculated based on our internal credit rating of ICU Medical, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ICU Medical.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ICUI stock the variable cost ratio is equal to 59.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $72 million in the base year in the intrinsic value calculation for ICUI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for ICU Medical.

Corporate tax rate of 27% is the nominal tax rate for ICU Medical. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ICUI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ICUI are equal to 27.2%.

Life of production assets of 10 years is the average useful life of capital assets used in ICU Medical operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ICUI is equal to 21.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $660 million for ICU Medical - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 15.955 million for ICU Medical is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ICU Medical at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to ICU Medical, Inc. : July 11, 2017   [Jul-11-17 02:40PM  Capital Cube]
▶ ETFs with exposure to ICU Medical, Inc. : June 30, 2017   [Jun-30-17 03:03PM  Capital Cube]
▶ ETFs with exposure to ICU Medical, Inc. : June 19, 2017   [Jun-19-17 03:30PM  Capital Cube]
▶ ICU Medical posts 1Q profit   [May-10-17 04:38PM  Associated Press]
▶ ETFs with exposure to ICU Medical, Inc. : April 5, 2017   [Apr-05-17 04:54PM  Capital Cube]
▶ [$$] ICU Medical Outlook Misses Wall Street Targets   [Mar-01-17 09:40PM  The Wall Street Journal]
▶ ICU Medical beats 4Q profit forecasts   [05:48PM  Associated Press]
▶ Is ICU Medical, Incorporated (ICUI) A Good Stock To Buy?   [Dec-10-16 04:06PM  at Insider Monkey]
▶ Pfizer Sells Hospira Device Unit to ICU Medical   [09:25AM  at Investopedia]
▶ Pfizer Sells Infusion Therapy Business (PFE)   [03:22PM  at Investopedia]
▶ [$$] ICU Medical To Buy Pfizer Unit in $1 Billion Deal   [09:38AM  at The Wall Street Journal]
Stock chart of ICUI Financial statements of ICUI Annual reports of ICUI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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