Stocks Model ISRG

	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ	BK	BL	BM	BN	BO	BP	BQ	BR	BS	BT	BU	BV	BW	BX	BY	BZ	CA	CB	CC	CD	CE	CF	CG	CH	CI	CJ	CK	CL	CM	CN	CO	CP	CQ	CR	CS	CT	CU	CV
1		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
2

3	Total Revenue	2,384	2,704	3,129	3,724	4,247	4,842	5,520	6,293	7,174	8,178	8,979	9,859	10,825	11,886	13,051	14,330	15,735
4	Operating Income	740	945	1,055	1,199	1,309	1,551	1,769	2,016	2,299	2,620	2,877	3,159	3,469	3,809	4,182	4,592	5,042
5	Income before Taxes	759	981	1,097	1,280	1,429	1,664	1,897	2,162	2,465	2,810	3,065	3,365	3,695	4,057	4,454	4,891	5,370
6	Net Income	589	736	660	1,128	1,314	1,413	1,610	1,836	2,093	2,386	2,602	2,857	3,137	3,445	3,782	4,153	4,560	4,514	4,469	4,424	4,380	4,336	4,293	4,250	4,207	4,165	4,124	4,082	4,042	4,001	3,961	3,922	3,882	3,844	3,805	3,767	3,729	3,692	3,655	3,619	3,582	3,547	3,511	3,476	3,441	3,407	3,373	3,339	3,306	3,273	3,240	3,208	3,175	3,144	3,112	3,081	3,050	3,020	2,990	2,960	2,930	2,901	2,872	2,843	2,815	2,787	2,759	2,731	2,704	2,677	2,650	2,623	2,597	2,571	2,546	2,520	2,495	2,470	2,445	2,421	2,397	2,373	2,349	2,325	2,302	2,279	2,256	2,234	2,211	2,189	2,167	2,146	2,124	2,103	2,082	2,061	2,041	2,020
7	EPS					11.37
8	Shares					115.6
9	Share Price					597.9
10	Revenue y/y		13%	16%	19%	14%	14%	14%	14%	14%	14%	10%	10%	10%	10%	10%	10%	10%		Stock:	ISRG		EV	66,290
11	PE		0x	0x	0x	53x														Maturity	-1%		2018 E	1,314
12	Operating Income y/y		28%	12%	14%	9%	19%	14%	14%	14%	14%	10%	10%	10%	10%	10%	10%	10%		Discount	6.0%		EV/E	50x
13	Net Income y/y		25%	-10%	71%	17%	8%	14%	14%	14%	14%	9%	10%	10%	10%	10%	10%	10%		NPV (EV)	54,083		Bonds
14					In. St. Dev:	34														Cash - Debt	2,810
15	Operating Margin	31%	35%	34%	32%	30.8%	32%	32%	32%	32%	32%	32%	32%	32%	32%	32%	32%	32%		Est. Mrkt Cap.	56,893
16	Tax Rate	22%	25%	40%	12%	8.1%	15%	15%	15%	15%	15%	15%	15%	15%	15%	15%	15%	15%		Est Share	492.26
17	Expenses	-2%	-4%	-4%	-7%	-9.2%		5 years	Next 5 y											Current	597.88
18				Est. Grow.	14%	15.7%	Growth:	14.0%	9.8%		P	69,100								Edge:	-18%
19				Est. Op. M.		32.0%	Op. Margin	32.0%	32.0%		PE	53x
20				Est. Tax		15.1%	Tax	15.1%	15.1%
21				Est. Exp.		-7.2%	Expenses	-7.2%	-6.5%
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