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Boston Scientific Corporation (BSX)
Intrinsic Value (DCF)
Current$95.72
→
Intrinsic$37.30
-61%
$22.62$37.30$66.49
Current price reflects execution expectations above 14% growth — not unreasonable for quality businesses.
Range: Bear $23 → Bull $66. Current price implies expectations above the base case, closer to bull expectations.
Current price reflects assumptions at the upper end of our valuation range (bull case: $66).
| Discount ↓Growth → | 10% | 12% | 14% | 16% |
|---|---|---|---|---|
| 8% | $48 | $53 | $58 | $64 |
| 10% | $31 | $34 | $37 | $41 |
| 12% | $21 | $24 | $26 | $29 |
| 14% | $16 | $18 | $20 | $22 |
Bull Case
- Bull case ($66) with 17% growth, 8% discount rate
- Conservative 14% growth assumption is achievable based on track record
Bear Case
- Bear case ($23) implies 76% downside at 11% growth, 12% discount
- Trading 61% above base case — execution must exceed assumptions to justify
- Price exceeds bull case ($66) — requires exceptional execution
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5-Year Free Cash Flow Projection
Year 1$3.01B
Year 2$3.44B
Year 3$3.92B
Year 4$4.46B
Year 5$5.09B
Terminal$80.63B
📐 Model Inputs
Growth Rate14.0%5Y CAGR (cascade: 5Y→3Y→TTM)
Discount Rate9.5%WACC estimate
Terminal Growth3.0%Perpetuity rate
Base Free Cash Flow$2.65BTTM actual
Bear g×0.8, r+2%
Base Historical CAGR
Bull g×1.2, r−1.5%
DCF estimates based on historical growth rates extrapolated forward. See FAQ below for full methodology.