Discounted Cash Flow

Boston Scientific Corp.

BSX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $8.4b $347.0m $840.0m 4.1% $0.26
2017 $9.0b (7.9%) $104.0m (-70.0%) $104.0m (-87.6%) 1.1% (-72.2%) $0.08 (-69.2%)
2018 $9.8b (8.6%) $1.7b (1506.7%) $138.0m (32.7%) 17.0% (1380.0%) $1.21 (1412.5%)
2019 $10.7b (9.3%) $4.7b (181.3%) $1.7b (1122.5%) 43.8% (157.4%) $3.38 (179.3%)
2020 $9.9b (-7.7%) $-115.0m (-102.4%) $-115.0m (-106.8%) -1.2% (-102.6%) $-0.08 (-102.4%)
2021 $11.9b (19.9%) $985.0m (956.5%) $1.3b (1244.3%) 8.3% (814.2%) $0.69 (962.5%)
2022 $12.7b (6.7%) $642.0m (-34.8%) $938.0m (-28.7%) 5.1% (-38.9%) $0.45 (-34.8%)
2023 $14.2b (12.3%) $1.6b (144.5%) $1.8b (91.0%) 11.0% (117.8%) $1.08 (140.0%)
2024 $16.7b (17.6%) $1.9b (18.0%) $2.6b (47.6%) 11.1% (0.4%) $1.26 (16.7%)
2025 $20.1b (19.9%) $2.9b (56.4%) $3.7b (38.3%) 14.4% (30.5%) $1.96 (55.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model