Discounted Cash Flow

Novanta Inc.

NOVT · Based on 10 years of SEC filings · Converted from EUR to USD

⚠ Cash flow predictability 65/100 (moderate) — FCF YoY std dev 49%, net income 37% (full history)

Average annual growth rates

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

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 $446.9m $25.6m $45.7m 5.7% $0.63
2017 $605.5m (35.5%) $69.8m (172.9%) $63.1m (38.0%) 11.5% (101.4%) $1.14 (81.0%)
2018 $713.6m (17.8%) $57.0m (-18.2%) $87.1m (38.1%) 8.0% (-30.6%) $1.46 (28.1%)
2019 $727.3m (1.9%) $47.4m (-17.0%) $61.0m (-30.0%) 6.5% (-18.5%) $1.16 (-20.5%)
2020 $686.1m (-5.7%) $51.7m (9.2%) $150.7m (147.1%) 7.5% (15.8%) $1.27 (9.5%)
2021 $821.0m (19.7%) $58.5m (13.1%) $86.7m (-42.5%) 7.1% (-5.5%) $1.42 (11.8%)
2022 $1.0b (21.8%) $86.0m (47.1%) $82.6m (-4.7%) 8.6% (20.8%) $2.08 (46.5%)
2023 $1.0b (2.4%) $84.7m (-1.6%) $116.3m (40.7%) 8.3% (-3.9%) $2.03 (-2.4%)
2024 $1.1b (7.7%) $74.4m (-12.1%) $164.2m (41.2%) 6.8% (-18.3%) $1.78 (-12.3%)
2025 $1.1b (3.3%) $62.5m (-16.0%) $56.3m (-65.7%) 5.5% (-18.7%) $1.47 (-17.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

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