Boston Scientific Corp
BSX
Surgical & Medical Instruments & Apparatus
Mkt Cap
$110.4BPE
62.61Debt
$10.62BCash
$2.496BEV
$118.5BFCF
$1.698BP/E Ratio
62.61Debt
$10.62BCash
$2.496BEV
$118.5BFCF
$1.698BCharts data: {"Earnings":[{"time":"2014-12-30","value":-119000000},{"time":"2015-12-30","value":-239000000},{"time":"2016-12-30","value":347000000},{"time":"2017-12-30","value":104000000},{"time":"2018-12-30","value":1671000000},{"time":"2019-12-30","value":4700000000},{"time":"2020-12-30","value":-115000000},{"time":"2021-12-30","value":985000000},{"time":"2022-12-30","value":642000000},{"time":"2023-12-30","value":1570000000}],"Sales":[{"time":"2014-12-30","value":7462000000},{"time":"2015-12-30","value":8068000000},{"time":"2016-12-30","value":9076000000},{"time":"2017-12-30","value":9048000000},{"time":"2018-12-30","value":9823000000},{"time":"2019-12-30","value":10735000000},{"time":"2020-12-30","value":9913000000},{"time":"2021-12-30","value":11888000000},{"time":"2022-12-30","value":12682000000},{"time":"2023-12-30","value":14240000000}],"Net Margins":[{"time":"2014-12-30","value":-0.01594746716697936},{"time":"2015-12-30","value":-0.029623202776400594},{"time":"2016-12-30","value":0.038232701630674305},{"time":"2017-12-30","value":0.011494252873563218},{"time":"2018-12-30","value":0.17011096406393159},{"time":"2019-12-30","value":0.43782021425244527},{"time":"2020-12-30","value":-0.01160092807424594},{"time":"2021-12-30","value":0.08285666218034993},{"time":"2022-12-30","value":0.050622930137202336},{"time":"2023-12-30","value":0.11025280898876405}],"Assets":[{"time":"2014-12-30","value":17042000000},{"time":"2015-12-30","value":18133000000},{"time":"2016-12-30","value":18096000000},{"time":"2017-12-30","value":19042000000},{"time":"2018-12-30","value":20999000000},{"time":"2019-12-30","value":30565000000},{"time":"2020-12-30","value":30777000000},{"time":"2021-12-30","value":32229000000},{"time":"2022-12-30","value":32469000000},{"time":"2023-12-30","value":35136000000}],"Stockholders Equity":[{"time":"2014-12-30","value":6457000000},{"time":"2015-12-30","value":6320000000},{"time":"2016-12-30","value":6733000000},{"time":"2017-12-30","value":7012000000},{"time":"2018-12-30","value":8726000000},{"time":"2019-12-30","value":13877000000},{"time":"2020-12-30","value":15326000000},{"time":"2021-12-30","value":16622000000},{"time":"2022-12-30","value":17573000000},{"time":"2023-12-30","value":19530000000}],"ROE":[{"time":"2014-12-30","value":-0.01842961127458572},{"time":"2015-12-30","value":-0.03781645569620253},{"time":"2016-12-30","value":0.05153720481211941},{"time":"2017-12-30","value":0.014831717056474614},{"time":"2018-12-30","value":0.19149667659867065},{"time":"2019-12-30","value":0.3386899185702962},{"time":"2020-12-30","value":-0.007503588672843534},{"time":"2021-12-30","value":0.05925881362050295},{"time":"2022-12-30","value":0.03653331815853867},{"time":"2023-12-30","value":0.08038914490527393}],"ROA":[{"time":"2014-12-30","value":-0.017662246215232952},{"time":"2015-12-30","value":-0.018033419731980367},{"time":"2016-12-30","value":0.02470159151193634},{"time":"2017-12-30","value":0.06748240731015649},{"time":"2018-12-30","value":0.07171770084289728},{"time":"2019-12-30","value":0.04966464910845739},{"time":"2020-12-30","value":-0.0025668518699028496},{"time":"2021-12-30","value":0.03720251947004251},{"time":"2022-12-30","value":0.050786904431919674},{"time":"2023-12-30","value":0.0666837431693989}]}
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg and Cardiovascular segments. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems. It also provides medical technologies to diagnose and treat rate and rhythm disorders of the heart comprising 3-D cardiac mapping and navigation solutions, ablation catheters, diagnostic catheters, mapping catheters, intracardiac ultrasound catheters, delivery sheaths, and other accessories; spinal cord stimulator systems for the management of chronic pain; indirect decompression systems; and deep brain stimulation systems. In addition, the company offers interventional cardiology products, that uses in the treatment of coronary artery disease and aortic valve conditions. Further, it provides stents, balloon catheters, guidewires, atherectomy, and thrombectomy systems to treat arterial and venous diseases; and peripheral embolization devices, radioactive microspheres, cryotherapy ablation systems, and micro and drainage catheters to treat cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.
Sector
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DCF
Discounted Cash Flow Valuation of Boston Scientific Corp
Value
Growth
%
%
Discount
%
%
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 | $1.698B | $1.935B | $2.187B | $2.449B | $2.718B | $2.989B | $3.258B | $3.519B | $3.765B | $3.99B | $4.19B | $41.9B |
| DCF | $1.683B | $1.653B | $1.61B | $1.554B | $1.486B | $1.409B | $1.323B | $1.231B | $1.134B | $1.036B | $10.36B | |
| Value | $24.48B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 18%
Earnings Stability -2.4%
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 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -3% | 3.8% | 1.1% | 17% | 44% | -1.2% | 8.3% | 5.1% | 11% | 12% |
| ROA | -1.8% | 2.5% | 6.7% | 7.2% | 5% | -0.26% | 3.7% | 5.1% | 6.7% | 6.7% |
| ROE | -3.8% | 5.2% | 1.5% | 19% | 34% | -0.75% | 5.9% | 3.7% | 8% | 8.7% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +14%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -3.9%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +4.56%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.05%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +11.65%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -3.99%.
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 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 16.08 | 9.51 | 5.07 | -1176.00 | 7.28 | 8.08 | 6.89 | 9.53 | 5.08 | 6.25 |
| Debt Equity | 0.90 | 0.84 | 0.80 | 0.81 | 0.72 | 0.60 | 0.55 | 0.51 | 0.47 | 0.53 |
| MIN | ||||||||||
| Graham Stability | - | - | - | 100% | 100% | -5.3% | 47% | 35% | 100% | -5.3% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 6.25.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 168.88.
What is the Graham’s Stability?
Graham’s Stability measure stands at -0.05.
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 | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 6.6% | 7.7% | 13% | 12% | 0.39% |
| Net Income | 24% | -1.2% | - | 140% | -85% |
| Stockholders Equity | 16% | 17% | 8.4% | 11% | 0.75% |
| FCF | 17% | - | 17% | 91% | 2.6% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +7.71%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.39%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -1.24%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -84.89%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +17.48%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +0.75%.
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 +2.61%.