Intuitive Surgical Investor Presentation — September 2020

Document content

Analysis of Intuitive Surgical, Inc.

Analysis as of September 16, 2020

Fractal FinancesExhibit 1

Analysis of Intuitive Surgical, Inc. Assessment Summary

Analysis as of Sep 16, 2020

Valuation Indication Reference Value Assessment

Discounted Cash Flow:

Implied Company-Specific Risk Premium Exhibit 2.1 0.1%

Conclusion from Discounted Cash Flow Analysis: Potentially near Fair Value

Peer Company Analysis:

TTM EV / Revenue Multiple Band Exhibit 3 Above 3Qtile

FY+1 EV / Revenue Multiple Band Exhibit 3 Above 3Qtile

FY+2 EV / Revenue Multiple Band Exhibit 3 Above 3Qtile

TTM EV / EBITDA Multiple Band Exhibit 3 Above 3Qtile

FY+1 EV / EBITDA Multiple Band Exhibit 3 Above 3Qtile

FY+2 EV / EBITDA Multiple Band Exhibit 3 Above 3Qtile

Conclusion from Peer Company Analysis: Potentially Overvalued

Precedent Transaction Analysis:

TTM EV / Revenue Multiple Band Exhibit 4 Above 3Qile

TTM EV / EBITDA Multiple Band Exhibit 4 Above 3Qile

Conclusion from Precedent Transaction Analysis: Potentially Overvalued

Historical Valuation Analysis:

% Difference to 10-Yr EV / TTM Revenue Exhibit 5 68.2%

% Difference to 10-Yr EV / TTM EBITDA Exhibit 5 102.0%

% Difference to 10-Yr Price to Diluted EPS Exhibit 5 68.3%

Conclusion from Historical Valuation Analysis: Potentially Overvalued

Conclusion: Potentially Overvalued

Fractal FinancesExhibit 1.1

Analysis of Intuitive Surgical, Inc. Potential Future Share Prices and Performance

($MMs) except as stated Analysis as of Sep 16, 2020

Preview truncated — download the full document for the complete content.