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DCF Model
DCF Model
DCF Model
Assumptions
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Tax Rate 25% Cash Flow
Discount Rate 12% $50,000 $47,008 Editing this shape or saving this workbook into a
$43,510 different file format will permanently break the chart.
Perpetural Growth Rate 3% $45,000 $41,501
$40,000 $37,715
EV/EBITDA Mulltiple 7.0x
$35,000
Transaction Date 12/31/2017 $30,000
Fiscal Year End 6/30/2018 $25,000
$20,000 $17,747
Current Price 25.00
$15,000
Shares Outstanding 20,000 $10,000
Debt 30,000 $5,000
$0
Cash 239,550 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022
Capex 15,000
Discounted Cash Flow Entry 2018 2019 2020 2021 2022 Exit Terminal Value
Date 12/31/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2022 Perpetural Growth
Time Periods 0 1 2 3 4 EV/EBITDA
Year Fraction 0.50 1.00 1.00 1.00 1.00 Average
EBIT 47,814 51,095 55,861 58,693 63,039
Less: Cash Taxes 11,954 12,774 13,965 14,673 15,760
Plus: D&A 15,008 15,005 15,003 15,002 15,001
Less: Capex 15,000 15,000 15,000 15,000 15,000
Less: Changes in NWC 375 611 398 511 272
Unlevered FCF 35,494 37,715 41,501 43,510 47,008
(Entry)/Exit (290,450) 542,129
Transaction CF - 17,747 37,715 41,501 43,510 47,008 542,129
Transaction CF (290,450) 17,747 37,715 41,501 43,510 47,008 542,129
537,981
546,278
542,129
35%
26%
vs Intrinsic Value
25.00
8.63
33.63
ucational purposes only. E&OE