Haemonetics (HAE:NYS) Fundamental Valuation Report

Haemonetics (HAE:NYS) Fundamental Valuation Report

Fundamental Valuation Report


Healthcare:Medical Instruments & Supplies

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$55.87 (USD) 05/27/2021

Weighted Valuation
$60.90 (USD)

Overall Rating
Undervalued by 9.0%

Valuation Models Adjusted Book Value: $60.90 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation
According to Analyst consensus at $71.00 this stock is Undervalued

Company Overview (HAE:NYS USD)

Price 55.87
Range 54.90 – 55.90
52 week 51.81 – 139.48
Open 55.89
Vol / Avg. 831918/1.17M
Mkt cap 2.85B
P/E 36.05
Div/yield 0.00/0.00
EPS 1.55
Shares 50.95M
Beta 0.31

Company Description

Haemonetics Corp sells products used to process, handle, and analyze blood. The firm sells products in four categories: Plasma, Hemostasis Management, Blood Center and Cell Processing. The Plasma business includes plasma collection devices and disposables. Hemostasis Management includes devices and methodologies for measuring coagulation characteristics of blood, Blood Center includes blood collection and processing devices and disposables for red cells and Cell Processing include surgical blood salvage systems, specialized blood cell processing systems, disposables and blood transfusion management software.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for HAE:NYS

Using a discounted cash flow model we generated an intrinsic value of $30.19 (USD) for HAE:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

HAE:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $30.19 1% 5% 1% 5%
WACC (or Ke) 4.90 $39.84 $23.81
Terminal Growth Rate 0.00 $24.32 $39.08
Tax Rate 0.40 $34.11 $26.27
Cash Flow 191,280,062 $27.89 $32.49
Capital Expenditures 5,396,400 $30.25 $30.13
Long Term Debt 388,054,000 $30.57 $29.81

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $113.92 (USD) for HAE:NYS. We also generated a valuation of $119.04 (USD) using other metrics and comparables.
The comparable companies were iRhythm Technologies (IRTC:NAS), Pulse Biosciences (PLSE:NAS), NanoString Technologies (NSTG:NAS), Masimo (MASI:NAS) and LeMaitre Vascular (LMAT:NAS).

Company HAE:NYS End Date Value
Earnings/Share $1.55 (USD)
Book Value/Share $14.36 (USD)
Sales/Share $16.97 (USD)
Cash Flow/Share $2.12 (USD)
EBITDA/Share $3.39 (USD)
Price Based on Comps Adjustment Factor (%)
$76.88 (USD) 0.0
$163.61 (USD) -1.5
$188.62 (USD) -17.4
$71.66 (USD) -27.1
$110.86 (USD) 17.7
36.05 PE Ratio 49.60 0.00 0.00 0.00 55.02 44.18
3.89 PB Ratio 11.39 7.12 24.56 10.37 8.98 5.95
3.29 PS Ratio 11.11 7.72 0.00 18.17 10.74 7.83
26.34 PCF Ratio 40.93 0.00 0.00 0.00 55.29 26.58
19.72 EV to EBITDA 32.67 0.00 0.00 0.00 39.60 25.75


Using a multiples approach we generated a valuation of  $95.49 (USD) for HAE:NYS

Company HAE:NYS End Date Value
Earnings/Share $1.55 (USD)
Book Value/Share $14.36 (USD)
Sales/Share $16.97 (USD)
Cash Flow/Share $2.12 (USD)
EBITDA/Share $3.39 (USD)
Price Based on Comps Adjustment Factor
$134.58 (USD) 0
$99.13 (USD) 0
$85.47 (USD) 0
$55.75 (USD) 0
$102.53 (USD) 0
Ratios Ratio Average
PE Ratio 86.82
PB Ratio 6.90
PS Ratio 5.04
PCF Ratio 26.28
EV to EBITDA 30.22

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  HAE:NYS for the last 10 years was  4.23

We ran the Adjusted Book Value for  HAE:NYS and generated a book value of  $14.38 (USD)
By multiplying these we get an adjusted valuation of  $60.90 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for HAE:NYS. The 1 analysts have a concensus valuation for HAE:NYS for 2022 of $71.00 (USD).

HAE:NYS Haemonetics

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
1 0 0 5.0000 Buy 2021-5-26

Current Price: 55.87 USD

Analyst Consensus
USD Millions 2022 2023
Mean EPS 2.74 2.15
# EPS Analysts 1 1
Mean Revenue 988.80 953.30
# Revenue Analysts 1 1
Mean Target Price 71.00
Mean Cash Flow
Mean Net Income 145.50 131.90
Mean Debt Outstanding
Mean Tax Rate 17.00 17.00
Mean Growth Rate 10.00
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

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