Bio-rad Laboratories, Inc.
BIO
Laboratory Analytical Instruments
Mkt Cap
$8.934BPE
-58.19Debt
$1.199BCash
$458.3MEV
$9.675BFCF
$224.3MP/E Ratio
-58.19Debt
$1.199BCash
$458.3MEV
$9.675BFCF
$224.3MBio-Rad Laboratories, Inc. manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes. It focuses on selected segments of the life sciences market in proteomics, genomics, biopharmaceutical production, cellular biology, and food safety. This segment serves universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers, and food testing laboratories. The Clinical Diagnostics segment designs, manufactures, sells, and supports test systems, informatics systems, test kits, and specialized quality controls for clinical laboratories in the diagnostics market. This segment offers reagents, instruments, and software, which address specific niches within the in vitro diagnostics test market. It sells its products to reference laboratories, hospital laboratories, state newborn screening facilities, physicians' office laboratories, and transfusion laboratories. In addition, the company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components. The company offers its products through its direct sales force, as well as through distributors, agents, brokers, and resellers. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.
DCF
Discounted Cash Flow Valuation of Bio-rad Laboratories, Inc.
Value
Growth
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Discount
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Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $224.3M | $285M | $355.1M | $433.7M | $519.2M | $608.7M | $698.8M | $785M | $862.8M | $927M | $973.4M | $9.734B |
| DCF | $247.8M | $268.5M | $285.2M | $296.8M | $302.6M | $302.1M | $295.1M | $282M | $263.5M | $240.6M | $2.406B | |
| Value | $5.19B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 110%
Earnings Stability 52%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 4.1% | 5.6% | 1.4% | 5.7% | 16% | 76% | 150% | 150% | -130% | -5.6% |
| ROA | 4.6% | 4.5% | 1.6% | 2.8% | 9.6% | 29% | 38% | 31% | 3.6% | 3.1% |
| ROE | 4.1% | 4.5% | 1.1% | 4.2% | 9.1% | 31% | 39% | 31% | -38% | -1.8% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +43.84%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -6.12%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +18.84%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +2.18%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +12.61%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -3.87%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 2.86 | 5.88 | 5.79 | -58.41 | 2.82 | 1.22 | 0.03 | 0.02 | 14.67 | 5.35 |
| Debt Equity | 0.20 | 0.18 | 0.17 | 0.15 | 0.11 | 0.08 | 0.00 | 0.00 | 0.12 | 0.14 |
| MIN | ||||||||||
| Graham Stability | - | - | 30% | 100% | 100% | 100% | 100% | 100% | -110% | -110% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 5.35.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 10.17.
What is the Graham’s Stability?
Graham’s Stability measure stands at -1.11.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2015 | 12-2017 | 12-2019 | 12-2021 | Trend |
|---|---|---|---|---|---|
| Revenue | 4.8% | 5.3% | 6.6% | -4.1% | 0.89% |
| Net Income | - | - | - | - | 20% |
| Stockholders Equity | 21% | 27% | 19% | -30% | 2% |
| FCF | 1.4% | - | -39% | -85% | -9.4% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +5.34%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.89%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +19.76%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +26.83%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +2%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -9.44%.