Inmode-Cutera-ROIC.xlsx

	A	B	C	D	E	F	G	H	I	K
1		Data	2016	2017	2018	2019	2020	2021	2022	Source: Yahoo Finance
2		Sales	23	53	100	156	206	358	454	Income Statement
3		Sales growth		130%	89%	56%	32%	74%	27%	Calculation
4		Gross profit	17	44	85	136	175	304	381	Income Statement
5		Gross margin	74%	83%	85%	87%	85%	85%	84%	Calculation
6	A	Operating income(EBIT)	0,7	9	23	60	73	167	198	Income Statement
24	B	Amortization and in process R&D	0	0	0	0	0	0	0	Nothing in annual report
25	C	EBITA	0,7	9	23	60	73	167	198	Calculation = A + B
26	D	Other income, net	0	0,8	0,1	2,4	3,2	0,5	3,6	Net interest income on income statement
27	E	Income tax provision (ITP)	0	0	0	0,2	0,7	2,1	19,2	Income tax payable on balance sheet
28	F	Deferred Taxes (DT)	0	0	0	0,2	0,5	1,4	17,1	Calculation = E(current y.) - E(prev. y.)
29	H	Tax shield (TS)	0,0	0,2	0,0	0,5	0,6	0,1	0,7	Calculation = D x tax rate
30		NOPAT	0,7	8,0	22,9	57,3	69,7	167,8	210,8	Calculation = C - E + F - H
31
32		Data	2016	2017	2018	2019	2020	2021	2022	Source : Yahoo Finance
33	A	Current Assets	14	37	78	213	289	470	629	Balance sheet
34	B	Current Liabilities	7	14	29	32	35	52	82	Balance sheet
35	C	Short term debt	0	0	0	0	0	1,2	1,4	Current debt from balance sheet
36	D	Non-interest bearing current liabilities	7	14	29	32	35	50,8	80,6	Calculation = A - B
37	E	Net working capital	7	23	49	181	254	419,2	548,4	Calculation = A - D
38	F	Net PPE	0,4	0,3	0,5	7,3	5,7	2,1	2,3	Balance sheet
39	G	Goodwill	0	0	0	0	0	0	0	Balance sheet
40	H	Other operating assets	0	0	0	0	0	0	0	Balance sheet
41		Invested capital	7,4	23,3	49,5	188,3	259,7	421,3	550,7	Calculation = E+F+G+H
42
43		Data	2016	2017	2018	2019	2020	2021	2022
44		NOPAT	0,7	8,0	22,9	57,3	69,7	167,8	210,8
45		Invested Capital	7,4	23,3	49,5	188,3	259,7	421,3	550,7
46		ROIC	9%	35%	46%	30%	27%	40%	38%
47		Data	2016	2017	2018	2019	2020	2021	2022
48		Short term investments(income stat.)	1	7	26	148	191	347	449
49		Adjusted invested capital	6,4	16,3	23,5	40,3	68,7	74,3	101,7
50		Adjusted cash ROIC	11%	49%	97%	142%	101%	226%	207%
51
52		Data	2016	2017	2018	2019	2020	2021	2022
53		Cash adjusted invested capital	6	16	24	40	69	74	102
54		Cash adjusted ROIC	11%	49%	97%	142%	101%	226%	207%
55		WACC Gurufocus	7%	7%	7%	7%	7%	7%	15%
56		Value = Capital X (ROIC - WACC)	0	7	21	54	65	163	196
57		Data	2016	2017	2018	2019	2020	2021	2022
58	A	NOPAT	1	8	23	57	70	168	211
59	B	INVESTED CAPITAL(NO CASH)	6	16	24	40	69	74	102
60	C	SALES	23	53	100	156	206	358	454
61		NOPAT MARGIN = A/C	3%	15%	23%	37%	34%	47%	46%
63		ASSET TURNOVER RATIO = C/B	4	3	4	4	3	5	4
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