Intrinsic value of Bio-Rad Laboratories Cl A - BIO

Previous Close

$281.68

  Intrinsic Value

$315.41

stock screener

  Rating & Target

hold

+12%

Previous close

$281.68

 
Intrinsic value

$315.41

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of BIO 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 0001), $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 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,383
  2,615
  2,858
  3,112
  3,376
  3,650
  3,935
  4,232
  4,540
  4,860
  5,193
  5,539
  5,899
  6,273
  6,663
  7,069
  7,492
  7,933
  8,393
  8,872
  9,373
  9,896
  10,442
  11,014
  11,611
  12,236
  12,889
  13,573
  14,290
  15,040
Variable operating expenses, $m
  734
  799
  867
  938
  1,012
  1,088
  1,168
  1,251
  1,337
  1,427
  1,452
  1,548
  1,649
  1,754
  1,862
  1,976
  2,094
  2,217
  2,346
  2,480
  2,620
  2,766
  2,919
  3,078
  3,245
  3,420
  3,603
  3,794
  3,994
  4,204
Fixed operating expenses, $m
  1,434
  1,465
  1,498
  1,531
  1,564
  1,599
  1,634
  1,670
  1,707
  1,744
  1,782
  1,822
  1,862
  1,903
  1,945
  1,987
  2,031
  2,076
  2,121
  2,168
  2,216
  2,265
  2,314
  2,365
  2,417
  2,470
  2,525
  2,580
  2,637
  2,695
Total operating expenses, $m
  2,168
  2,264
  2,365
  2,469
  2,576
  2,687
  2,802
  2,921
  3,044
  3,171
  3,234
  3,370
  3,511
  3,657
  3,807
  3,963
  4,125
  4,293
  4,467
  4,648
  4,836
  5,031
  5,233
  5,443
  5,662
  5,890
  6,128
  6,374
  6,631
  6,899
Operating income, $m
  215
  351
  494
  643
  800
  963
  1,134
  1,311
  1,497
  1,690
  1,959
  2,169
  2,388
  2,617
  2,856
  3,106
  3,367
  3,640
  3,925
  4,224
  4,537
  4,865
  5,209
  5,570
  5,948
  6,345
  6,762
  7,199
  7,658
  8,141
EBITDA, $m
  464
  618
  779
  948
  1,124
  1,309
  1,501
  1,701
  1,910
  2,127
  2,354
  2,590
  2,837
  3,094
  3,363
  3,643
  3,936
  4,243
  4,563
  4,899
  5,250
  5,618
  6,003
  6,407
  6,831
  7,275
  7,741
  8,231
  8,744
  9,284
Interest expense (income), $m
  -21
  23
  31
  39
  47
  55
  64
  73
  83
  93
  103
  114
  125
  137
  149
  161
  174
  188
  202
  217
  232
  248
  265
  283
  301
  320
  340
  361
  383
  406
  430
Earnings before tax, $m
  191
  320
  455
  597
  745
  899
  1,060
  1,228
  1,404
  1,586
  1,845
  2,044
  2,252
  2,468
  2,695
  2,931
  3,179
  3,438
  3,708
  3,992
  4,289
  4,600
  4,927
  5,269
  5,628
  6,005
  6,401
  6,816
  7,252
  7,711
Tax expense, $m
  52
  86
  123
  161
  201
  243
  286
  332
  379
  428
  498
  552
  608
  666
  728
  791
  858
  928
  1,001
  1,078
  1,158
  1,242
  1,330
  1,423
  1,520
  1,621
  1,728
  1,840
  1,958
  2,082
Net income, $m
  140
  234
  332
  436
  543
  656
  774
  897
  1,025
  1,158
  1,347
  1,492
  1,644
  1,802
  1,967
  2,140
  2,321
  2,509
  2,707
  2,914
  3,131
  3,358
  3,596
  3,846
  4,108
  4,384
  4,672
  4,976
  5,294
  5,629

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  4,429
  4,861
  5,313
  5,784
  6,274
  6,785
  7,315
  7,866
  8,439
  9,034
  9,653
  10,296
  10,965
  11,661
  12,385
  13,140
  13,926
  14,745
  15,599
  16,491
  17,422
  18,394
  19,410
  20,471
  21,582
  22,743
  23,958
  25,229
  26,561
  27,955
Adjusted assets (=assets-cash), $m
  4,429
  4,861
  5,313
  5,784
  6,274
  6,785
  7,315
  7,866
  8,439
  9,034
  9,653
  10,296
  10,965
  11,661
  12,385
  13,140
  13,926
  14,745
  15,599
  16,491
  17,422
  18,394
  19,410
  20,471
  21,582
  22,743
  23,958
  25,229
  26,561
  27,955
Revenue / Adjusted assets
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
Average production assets, $m
  905
  994
  1,086
  1,183
  1,283
  1,387
  1,495
  1,608
  1,725
  1,847
  1,973
  2,105
  2,242
  2,384
  2,532
  2,686
  2,847
  3,014
  3,189
  3,371
  3,562
  3,760
  3,968
  4,185
  4,412
  4,650
  4,898
  5,158
  5,430
  5,715
Working capital, $m
  786
  863
  943
  1,027
  1,114
  1,205
  1,299
  1,397
  1,498
  1,604
  1,714
  1,828
  1,947
  2,070
  2,199
  2,333
  2,472
  2,618
  2,770
  2,928
  3,093
  3,266
  3,446
  3,634
  3,832
  4,038
  4,253
  4,479
  4,716
  4,963
Total debt, $m
  572
  716
  867
  1,025
  1,188
  1,359
  1,536
  1,720
  1,911
  2,110
  2,317
  2,531
  2,755
  2,987
  3,229
  3,481
  3,744
  4,017
  4,303
  4,601
  4,912
  5,236
  5,576
  5,930
  6,301
  6,689
  7,095
  7,519
  7,964
  8,430
Total liabilities, $m
  1,479
  1,624
  1,775
  1,932
  2,096
  2,266
  2,443
  2,627
  2,819
  3,017
  3,224
  3,439
  3,662
  3,895
  4,137
  4,389
  4,651
  4,925
  5,210
  5,508
  5,819
  6,144
  6,483
  6,837
  7,208
  7,596
  8,002
  8,427
  8,871
  9,337
Total equity, $m
  2,950
  3,238
  3,539
  3,852
  4,179
  4,519
  4,872
  5,239
  5,620
  6,017
  6,429
  6,857
  7,303
  7,766
  8,248
  8,751
  9,274
  9,820
  10,389
  10,983
  11,603
  12,250
  12,927
  13,634
  14,373
  15,147
  15,956
  16,803
  17,690
  18,618
Total liabilities and equity, $m
  4,429
  4,862
  5,314
  5,784
  6,275
  6,785
  7,315
  7,866
  8,439
  9,034
  9,653
  10,296
  10,965
  11,661
  12,385
  13,140
  13,925
  14,745
  15,599
  16,491
  17,422
  18,394
  19,410
  20,471
  21,581
  22,743
  23,958
  25,230
  26,561
  27,955
Debt-to-equity ratio
  0.190
  0.220
  0.250
  0.270
  0.280
  0.300
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
Adjusted equity ratio
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  140
  234
  332
  436
  543
  656
  774
  897
  1,025
  1,158
  1,347
  1,492
  1,644
  1,802
  1,967
  2,140
  2,321
  2,509
  2,707
  2,914
  3,131
  3,358
  3,596
  3,846
  4,108
  4,384
  4,672
  4,976
  5,294
  5,629
Depreciation, amort., depletion, $m
  249
  267
  285
  305
  325
  345
  367
  390
  413
  437
  395
  421
  448
  477
  506
  537
  569
  603
  638
  674
  712
  752
  794
  837
  882
  930
  980
  1,032
  1,086
  1,143
Funds from operations, $m
  389
  500
  618
  740
  868
  1,002
  1,141
  1,286
  1,438
  1,596
  1,742
  1,913
  2,092
  2,279
  2,474
  2,677
  2,890
  3,112
  3,345
  3,588
  3,843
  4,110
  4,390
  4,683
  4,991
  5,313
  5,652
  6,007
  6,380
  6,772
Change in working capital, $m
  73
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  145
  152
  158
  165
  173
  180
  188
  197
  206
  216
  226
  236
  248
Cash from operations, $m
  315
  424
  537
  656
  781
  911
  1,047
  1,188
  1,336
  1,490
  1,632
  1,799
  1,973
  2,155
  2,345
  2,543
  2,750
  2,967
  3,193
  3,430
  3,678
  3,938
  4,210
  4,495
  4,794
  5,107
  5,436
  5,782
  6,144
  6,524
Maintenance CAPEX, $m
  -164
  -181
  -199
  -217
  -237
  -257
  -277
  -299
  -322
  -345
  -369
  -395
  -421
  -448
  -477
  -506
  -537
  -569
  -603
  -638
  -674
  -712
  -752
  -794
  -837
  -882
  -930
  -980
  -1,032
  -1,086
New CAPEX, $m
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -148
  -154
  -161
  -168
  -175
  -182
  -190
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
Cash from investing activities, $m
  -249
  -269
  -291
  -313
  -337
  -361
  -385
  -412
  -439
  -467
  -495
  -526
  -558
  -590
  -625
  -660
  -698
  -737
  -778
  -820
  -864
  -911
  -960
  -1,011
  -1,064
  -1,119
  -1,178
  -1,240
  -1,304
  -1,371
Free cash flow, $m
  67
  154
  246
  343
  444
  550
  661
  777
  897
  1,023
  1,136
  1,273
  1,416
  1,565
  1,720
  1,883
  2,052
  2,230
  2,416
  2,610
  2,813
  3,027
  3,250
  3,484
  3,730
  3,987
  4,258
  4,542
  4,840
  5,153
Issuance/(repayment) of debt, $m
  137
  145
  151
  157
  164
  170
  177
  184
  191
  199
  207
  215
  223
  232
  242
  252
  263
  274
  285
  298
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
Issuance/(repurchase) of shares, $m
  137
  55
  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  
  274
  200
  151
  157
  164
  170
  177
  184
  191
  199
  207
  215
  223
  232
  242
  252
  263
  274
  285
  298
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
Total cash flow (excl. dividends), $m
  341
  353
  397
  500
  608
  721
  838
  961
  1,089
  1,222
  1,343
  1,488
  1,639
  1,797
  1,962
  2,135
  2,315
  2,504
  2,701
  2,908
  3,124
  3,351
  3,589
  3,839
  4,101
  4,375
  4,664
  4,967
  5,285
  5,619
Retained Cash Flow (-), $m
  -277
  -288
  -301
  -314
  -327
  -340
  -353
  -367
  -381
  -396
  -412
  -428
  -445
  -464
  -482
  -502
  -523
  -546
  -569
  -594
  -620
  -647
  -676
  -707
  -739
  -773
  -809
  -847
  -887
  -929
Prev. year cash balance distribution, $m
  258
  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
  322
  65
  96
  187
  281
  381
  485
  594
  707
  826
  931
  1,059
  1,194
  1,334
  1,480
  1,632
  1,791
  1,958
  2,132
  2,314
  2,504
  2,704
  2,913
  3,132
  3,361
  3,602
  3,855
  4,120
  4,398
  4,690
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
  308
  59
  84
  154
  218
  276
  328
  371
  406
  433
  442
  452
  454
  448
  434
  415
  390
  361
  328
  294
  259
  224
  191
  160
  131
  105
  83
  64
  48
  35
Current shareholders' claim on cash, %
  97.9
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1

Bio-Rad Laboratories, Inc. (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components. The Life Science segment develops, manufactures, sells and services reagents, apparatus and instruments used for biological research. The Clinical Diagnostics segment develops, manufactures, sells and services automated test systems, informatics systems, test kits and specialized quality controls for the healthcare market. As of December 31, 2016, Bio-Rad sold more than 8,000 products and services to a client base, including scientific research, healthcare, education and government customers around the world.

FINANCIAL RATIOS  of  Bio-Rad Laboratories Cl A (BIO)

Valuation Ratios
P/E Ratio 297.6
Price to Sales 4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 38.6
Price to Free Cash Flow 112.6
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 16.8%
Total Debt to Equity 16.8%
Interest Coverage -1
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.1%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 0%

BIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIO stock intrinsic value calculation we used $2160.153 million for the last fiscal year's total revenue generated by Bio-Rad Laboratories Cl A. The default revenue input number comes from 0001 income statement of Bio-Rad Laboratories Cl A. 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 BIO stock valuation model: a) initial revenue growth rate of 10.3% 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 BIO is calculated based on our internal credit rating of Bio-Rad Laboratories Cl A, 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 Bio-Rad Laboratories Cl A.
    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 BIO stock the variable cost ratio is equal to 31.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1403 million in the base year in the intrinsic value calculation for BIO 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 5.4% for Bio-Rad Laboratories Cl A.

Corporate tax rate of 27% is the nominal tax rate for Bio-Rad Laboratories Cl A. 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 BIO 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 BIO are equal to 38%.

Life of production assets of 0 years is the average useful life of capital assets used in Bio-Rad Laboratories Cl A 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 BIO is equal to 33%. 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 - $2930.25 million for Bio-Rad Laboratories Cl A - 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 24.735 million for Bio-Rad Laboratories Cl A 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 Bio-Rad Laboratories Cl A at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ Bio-Rad: 2Q Earnings Snapshot   [07:20PM  Associated Press]
▶ Bio-Rad: 1Q Earnings Snapshot   [May-08-18 07:56PM  Associated Press]
▶ Bio-Rad to Report First-Quarter 2018 Financial Results   [Apr-18-18 04:24PM  Business Wire]

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