Intrinsic value of ICU Medical - ICUI

Previous Close

$293.20

  Intrinsic Value

$286.01

stock screener

  Rating & Target

hold

-2%

Previous close

$293.20

 
Intrinsic value

$286.01

 
Up/down potential

-2%

 
Rating

hold

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 2017), $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 5.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  2,069
  3,196
  4,780
  6,936
  9,785
  13,452
  18,057
  23,710
  30,509
  38,535
  47,852
  58,504
  70,517
  83,901
  98,653
  114,757
  132,190
  150,925
  170,930
  192,176
  214,635
  238,284
  263,104
  289,085
  316,221
  344,518
  373,987
  404,647
  436,527
  469,662
Variable operating expenses, $m
  1,606
  2,473
  3,691
  5,349
  7,540
  10,360
  13,900
  18,247
  23,475
  29,647
  36,795
  44,986
  54,223
  64,514
  75,857
  88,240
  101,646
  116,051
  131,434
  147,771
  165,041
  183,225
  202,310
  222,287
  243,154
  264,912
  287,572
  311,147
  335,661
  361,140
Fixed operating expenses, $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 operating expenses, $m
  1,606
  2,473
  3,691
  5,349
  7,540
  10,360
  13,900
  18,247
  23,475
  29,647
  36,795
  44,986
  54,223
  64,514
  75,857
  88,240
  101,646
  116,051
  131,434
  147,771
  165,041
  183,225
  202,310
  222,287
  243,154
  264,912
  287,572
  311,147
  335,661
  361,140
Operating income, $m
  462
  723
  1,089
  1,587
  2,245
  3,093
  4,157
  5,463
  7,034
  8,889
  11,057
  13,518
  16,294
  19,387
  22,795
  26,516
  30,545
  34,873
  39,496
  44,405
  49,595
  55,059
  60,794
  66,797
  73,068
  79,606
  86,415
  93,500
  100,866
  108,522
EBITDA, $m
  532
  821
  1,228
  1,782
  2,514
  3,457
  4,640
  6,093
  7,840
  9,902
  12,296
  15,033
  18,120
  21,560
  25,350
  29,488
  33,968
  38,782
  43,923
  49,383
  55,154
  61,231
  67,609
  74,285
  81,258
  88,529
  96,102
  103,980
  112,172
  120,687
Interest expense (income), $m
  0
  0
  10
  24
  43
  70
  106
  151
  209
  279
  364
  464
  580
  713
  862
  1,029
  1,213
  1,413
  1,631
  1,864
  2,113
  2,378
  2,658
  2,952
  3,261
  3,585
  3,923
  4,276
  4,643
  5,025
  5,422
Earnings before tax, $m
  462
  713
  1,065
  1,544
  2,175
  2,987
  4,005
  5,254
  6,755
  8,525
  10,593
  12,938
  15,581
  18,524
  21,766
  25,303
  29,131
  33,243
  37,632
  42,292
  47,217
  52,401
  57,842
  63,536
  69,483
  75,683
  82,140
  88,857
  95,842
  103,101
Tax expense, $m
  125
  193
  288
  417
  587
  806
  1,081
  1,419
  1,824
  2,302
  2,860
  3,493
  4,207
  5,002
  5,877
  6,832
  7,865
  8,976
  10,161
  11,419
  12,749
  14,148
  15,617
  17,155
  18,760
  20,434
  22,178
  23,991
  25,877
  27,837
Net income, $m
  338
  521
  778
  1,127
  1,588
  2,181
  2,924
  3,836
  4,931
  6,223
  7,733
  9,445
  11,374
  13,523
  15,889
  18,472
  21,266
  24,267
  27,471
  30,873
  34,468
  38,253
  42,225
  46,381
  50,722
  55,249
  59,962
  64,866
  69,964
  75,264

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
  2,251
  3,478
  5,201
  7,547
  10,648
  14,638
  19,649
  25,800
  33,198
  41,932
  52,070
  63,660
  76,732
  91,296
  107,348
  124,871
  143,841
  164,227
  185,996
  209,114
  233,553
  259,286
  286,294
  314,564
  344,093
  374,884
  406,950
  440,313
  475,002
  511,058
Adjusted assets (=assets-cash), $m
  2,251
  3,478
  5,201
  7,547
  10,648
  14,638
  19,649
  25,800
  33,198
  41,932
  52,070
  63,660
  76,732
  91,296
  107,348
  124,871
  143,841
  164,227
  185,996
  209,114
  233,553
  259,286
  286,294
  314,564
  344,093
  374,884
  406,950
  440,313
  475,002
  511,058
Revenue / Adjusted assets
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
Average production assets, $m
  536
  828
  1,238
  1,796
  2,534
  3,484
  4,677
  6,141
  7,902
  9,981
  12,394
  15,152
  18,264
  21,730
  25,551
  29,722
  34,237
  39,090
  44,271
  49,774
  55,591
  61,716
  68,144
  74,873
  81,901
  89,230
  96,863
  104,804
  113,061
  121,642
Working capital, $m
  337
  521
  779
  1,131
  1,595
  2,193
  2,943
  3,865
  4,973
  6,281
  7,800
  9,536
  11,494
  13,676
  16,080
  18,705
  21,547
  24,601
  27,862
  31,325
  34,986
  38,840
  42,886
  47,121
  51,544
  56,156
  60,960
  65,958
  71,154
  76,555
Total debt, $m
  178
  438
  804
  1,301
  1,958
  2,804
  3,867
  5,171
  6,739
  8,591
  10,740
  13,197
  15,968
  19,056
  22,459
  26,174
  30,195
  34,517
  39,132
  44,033
  49,214
  54,670
  60,395
  66,389
  72,649
  79,176
  85,974
  93,047
  100,402
  108,045
Total liabilities, $m
  477
  737
  1,103
  1,600
  2,257
  3,103
  4,165
  5,470
  7,038
  8,890
  11,039
  13,496
  16,267
  19,355
  22,758
  26,473
  30,494
  34,816
  39,431
  44,332
  49,513
  54,969
  60,694
  66,688
  72,948
  79,475
  86,273
  93,346
  100,700
  108,344
Total equity, $m
  1,774
  2,741
  4,099
  5,947
  8,390
  11,535
  15,483
  20,330
  26,160
  33,042
  41,031
  50,164
  60,465
  71,941
  84,590
  98,399
  113,347
  129,411
  146,565
  164,782
  184,040
  204,317
  225,600
  247,877
  271,145
  295,408
  320,677
  346,966
  374,302
  402,713
Total liabilities and equity, $m
  2,251
  3,478
  5,202
  7,547
  10,647
  14,638
  19,648
  25,800
  33,198
  41,932
  52,070
  63,660
  76,732
  91,296
  107,348
  124,872
  143,841
  164,227
  185,996
  209,114
  233,553
  259,286
  286,294
  314,565
  344,093
  374,883
  406,950
  440,312
  475,002
  511,057
Debt-to-equity ratio
  0.100
  0.160
  0.200
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  338
  521
  778
  1,127
  1,588
  2,181
  2,924
  3,836
  4,931
  6,223
  7,733
  9,445
  11,374
  13,523
  15,889
  18,472
  21,266
  24,267
  27,471
  30,873
  34,468
  38,253
  42,225
  46,381
  50,722
  55,249
  59,962
  64,866
  69,964
  75,264
Depreciation, amort., depletion, $m
  69
  98
  139
  195
  269
  364
  483
  630
  806
  1,014
  1,239
  1,515
  1,826
  2,173
  2,555
  2,972
  3,424
  3,909
  4,427
  4,977
  5,559
  6,172
  6,814
  7,487
  8,190
  8,923
  9,686
  10,480
  11,306
  12,164
Funds from operations, $m
  407
  619
  917
  1,322
  1,857
  2,545
  3,407
  4,465
  5,737
  7,237
  8,972
  10,960
  13,201
  15,696
  18,444
  21,444
  24,689
  28,176
  31,898
  35,851
  40,027
  44,425
  49,039
  53,869
  58,913
  64,172
  69,648
  75,346
  81,270
  87,428
Change in working capital, $m
  126
  184
  258
  351
  464
  598
  751
  921
  1,108
  1,308
  1,519
  1,736
  1,958
  2,182
  2,405
  2,625
  2,842
  3,054
  3,261
  3,463
  3,661
  3,855
  4,046
  4,235
  4,423
  4,612
  4,803
  4,998
  5,196
  5,401
Cash from operations, $m
  280
  435
  659
  971
  1,392
  1,947
  2,657
  3,544
  4,629
  5,928
  7,454
  9,224
  11,243
  13,514
  16,040
  18,819
  21,848
  25,123
  28,638
  32,387
  36,367
  40,570
  44,993
  49,634
  54,489
  59,559
  64,845
  70,348
  76,074
  82,027
Maintenance CAPEX, $m
  -33
  -54
  -83
  -124
  -180
  -253
  -348
  -468
  -614
  -790
  -998
  -1,239
  -1,515
  -1,826
  -2,173
  -2,555
  -2,972
  -3,424
  -3,909
  -4,427
  -4,977
  -5,559
  -6,172
  -6,814
  -7,487
  -8,190
  -8,923
  -9,686
  -10,480
  -11,306
New CAPEX, $m
  -202
  -292
  -410
  -558
  -738
  -950
  -1,193
  -1,464
  -1,761
  -2,079
  -2,413
  -2,759
  -3,111
  -3,467
  -3,821
  -4,171
  -4,515
  -4,852
  -5,181
  -5,503
  -5,817
  -6,125
  -6,428
  -6,729
  -7,028
  -7,329
  -7,632
  -7,941
  -8,257
  -8,582
Cash from investing activities, $m
  -235
  -346
  -493
  -682
  -918
  -1,203
  -1,541
  -1,932
  -2,375
  -2,869
  -3,411
  -3,998
  -4,626
  -5,293
  -5,994
  -6,726
  -7,487
  -8,276
  -9,090
  -9,930
  -10,794
  -11,684
  -12,600
  -13,543
  -14,515
  -15,519
  -16,555
  -17,627
  -18,737
  -19,888
Free cash flow, $m
  45
  90
  166
  289
  475
  744
  1,116
  1,612
  2,253
  3,059
  4,043
  5,226
  6,616
  8,221
  10,046
  12,093
  14,360
  16,847
  19,547
  22,458
  25,572
  28,886
  32,393
  36,090
  39,973
  44,040
  48,289
  52,721
  57,337
  62,139
Issuance/(repayment) of debt, $m
  178
  260
  365
  497
  657
  846
  1,062
  1,304
  1,568
  1,852
  2,149
  2,457
  2,771
  3,088
  3,403
  3,715
  4,022
  4,322
  4,615
  4,901
  5,181
  5,455
  5,726
  5,993
  6,260
  6,528
  6,798
  7,073
  7,354
  7,644
Issuance/(repurchase) of shares, $m
  328
  446
  580
  721
  855
  964
  1,024
  1,012
  899
  659
  256
  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  
  506
  706
  945
  1,218
  1,512
  1,810
  2,086
  2,316
  2,467
  2,511
  2,405
  2,457
  2,771
  3,088
  3,403
  3,715
  4,022
  4,322
  4,615
  4,901
  5,181
  5,455
  5,726
  5,993
  6,260
  6,528
  6,798
  7,073
  7,354
  7,644
Total cash flow (excl. dividends), $m
  552
  796
  1,112
  1,507
  1,988
  2,553
  3,202
  3,928
  4,721
  5,570
  6,448
  7,683
  9,387
  11,309
  13,449
  15,808
  18,382
  21,168
  24,162
  27,359
  30,753
  34,341
  38,119
  42,084
  46,234
  50,568
  55,087
  59,794
  64,691
  69,783
Retained Cash Flow (-), $m
  -666
  -967
  -1,358
  -1,848
  -2,443
  -3,144
  -3,948
  -4,847
  -5,830
  -6,882
  -7,989
  -9,133
  -10,301
  -11,476
  -12,649
  -13,808
  -14,948
  -16,064
  -17,154
  -18,218
  -19,258
  -20,278
  -21,282
  -22,277
  -23,269
  -24,263
  -25,268
  -26,290
  -27,335
  -28,412
Prev. year cash balance distribution, $m
  90
  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
  19
  31
  48
  72
  104
  147
  202
  271
  356
  458
  578
  718
  878
  1,058
  1,259
  1,480
  1,721
  1,983
  2,264
  2,564
  2,883
  3,220
  3,574
  3,947
  4,336
  4,743
  5,168
  5,610
  6,070
  6,548
Cash available for distribution, $m
  -24
  -171
  -246
  -341
  -456
  -591
  -746
  -919
  -1,109
  -1,312
  -1,541
  -1,450
  -913
  -168
  800
  1,999
  3,434
  5,104
  7,009
  9,141
  11,496
  14,064
  16,837
  19,807
  22,965
  26,305
  29,819
  33,504
  37,356
  41,371
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
  -23
  -156
  -214
  -281
  -353
  -429
  -504
  -575
  -637
  -688
  -732
  -619
  -347
  -56
  235
  508
  747
  940
  1,079
  1,162
  1,189
  1,167
  1,104
  1,009
  893
  767
  640
  518
  408
  312
Current shareholders' claim on cash, %
  94.3
  89.7
  86.0
  83.0
  80.6
  78.8
  77.4
  76.3
  75.7
  75.3
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2
  75.2

ICU Medical, Inc. is engaged in the development, manufacture and sales of medical devices used in infusion therapy, oncology and critical care applications. The Company's product line includes needlefree connection devices, custom infusion sets, closed system transfer devices (CSTD) for the handling of hazardous drugs, advanced sensor catheters, needlefree closed blood sampling systems, disposable pressure transducer systems and hemodynamic monitoring systems. The primary critical care products it manufactures are Hemodynamic Monitoring Systems, SafeSet Closed Blood Sampling and Conservation System, Transpac Consumable Blood Pressure Transducers and Other Critical Care Products. The primary oncology products it manufactures are ChemoLock Needlefree CSTD, ChemoClave Needlefree CSTD and Diana Hazardous Drug Compounding System. As of December 31, 2016, its products were used in acute care hospitals and ambulatory clinics in more than 65 countries throughout the world.

FINANCIAL RATIOS  of  ICU Medical (ICUI)

Valuation Ratios
P/E Ratio 76
Price to Sales 12.6
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 53.2
Price to Free Cash Flow 73.7
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 $1293 million for the last fiscal year's total revenue generated by ICU Medical. The default revenue input number comes from 2017 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 78.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 1.5%.

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 25.9%.

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 16.3%. 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 - $1198 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 20 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 $5.9 billion.

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COMPANY NEWS

▶ ICU Medical: 2Q Earnings Snapshot   [05:07PM  Associated Press]
▶ ICU Medical, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Deals of the day-Mergers and acquisitions   [Aug-08-18 06:14AM  Reuters]
▶ [$$] Smiths Group: surgical intervention   [12:40AM  Financial Times]
▶ PRESS DIGEST- Financial Times - May 28   [May-27-18 08:05PM  Reuters]
▶ Is ICU Medical Incs (NASDAQ:ICUI) Liquidity Good Enough?   [May-17-18 08:51PM  Simply Wall St.]
▶ ICU Medical: 1Q Earnings Snapshot   [May-09-18 06:55PM  Associated Press]
▶ Edited Transcript of ICUI presentation 8-Mar-17 2:50pm GMT   [Apr-10-18 01:34PM  Thomson Reuters StreetEvents]
▶ Does ICU Medical Incs (NASDAQ:ICUI) PE Ratio Warrant A Sell?   [Mar-20-18 07:34PM  Simply Wall St.]
▶ ICU Medical posts 4Q profit   [Mar-01-18 07:10PM  Associated Press]
▶ ICU Medical, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Are ICU Medical Incs (NASDAQ:ICUI) Interest Costs Too High?   [Jan-03-18 03:08PM  Simply Wall St.]
▶ ETFs with exposure to ICU Medical, Inc. : January 1, 2018   [Jan-01-18 11:40AM  Capital Cube]
▶ Six Off the Beaten Path Healthcare Stock Gems   [Dec-09-17 12:00PM  TheStreet.com]
▶ ICU Medical posts 3Q profit   [Nov-09-17 06:27PM  Associated Press]
▶ ICU Medical, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ 4 Medical Device Stocks to Top Q3 Earnings   [Nov-01-17 03:57PM  Zacks]
▶ ETFs with exposure to ICU Medical, Inc. : October 6, 2017   [Oct-06-17 10:53AM  Capital Cube]
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