Company Valuation

Financial Model Template

Project name

Three Statement Model

Last updated
May 17th, 2018

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Confidential

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 Three Statement Model May 17th, 2018
Confidential

Abbreviations

A Actual figure
CAPEX Capital Expenditures
COGS Cost of goods sold
DCF Discounted Free Cash Flows
D&A Depreciation & Amortization
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
EV Enteprise Value
F Forecasted figure
NPV Net Present Value
OPEX Operating costs
P/B Price to Book Ratio
P/E Price Earnings Ratio
ROE Return on Equity
ROIC Return on Invested Capital
t Tax rate %
TV Terminal Value
USD United States Dollar

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 Three Statement Model May 17th, 2018
Confidential

All amounts in USD

Executive Summary

Financial Projections
USD

Revenues EBITDA EBITDA Margin

8,000,000 25.0%
7,000,000
20.0%
6,000,000
5,000,000 15.0%
4,000,000
3,000,000 10.0%

2,000,000
5.0%
1,000,000
0 0.0%
2016 A 2017 A 2018 A 2019 A 2020 A 2021 A 2022 A 2023 A

All amounts in USD

Financial Overview 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

Revenues USD 3,800,000 4,500,000 5,000,000 5,500,000 5,775,000 6,063,750 6,366,938 6,685,284
Revenue growth % NA 18.4% 11.1% 10.0% 5.0% 5.0% 5.0% 5.0%

COGS USD (1,800,000) (2,500,000) (2,600,000) (2,970,000) (3,118,500) (3,274,425) (3,438,146) (3,610,054)
Gross Profit USD 2,000,000 2,000,000 2,400,000 2,530,000 2,656,500 2,789,325 2,928,791 3,075,231
GP Margin % 52.6% 44.4% 48.0% 46.0% 46.0% 46.0% 46.0% 46.0%

OPEX USD (1,190,000) (1,010,000) (1,580,000) (1,675,000) (1,800,000) (1,640,000) (1,860,000) (1,980,000)
EBITDA USD 810,000 990,000 820,000 855,000 856,500 1,149,325 1,068,791 1,095,231
EBITDA Margin % 21.3% 22.0% 16.4% 15.5% 14.8% 19.0% 16.8% 16.4%

Net Income USD 536,667 687,500 522,000 422,750 405,875 606,494 532,093 440,423
Net Margin % 14.1% 15.3% 10.4% 7.7% 7.0% 10.0% 8.4% 6.6%

CAPEX USD 0 300,000 520,000 450,000 500,000 400,000 500,000 400,000

Financial Debt USD 3,900,000 4,000,000 3,500,000 3,400,000 3,200,000 3,000,000 2,800,000 2,600,000
Debt/EBITDA x 4.8x 4.0x 4.3x 4.0x 3.7x 2.6x 2.6x 2.4x

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 All amounts in USD
Assumptions

General Assumptions
Currency USD
First Forecast Year Year 2019
Interest rate % 4%
Tax rate % 25%
Days Receivables Days Sales 60
Days Inventory Days COGS 70
Days Payables Days COGS 45

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All amounts in USD

Income Statement Unit 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

Revenues USD 3,800,000 4,500,000 5,000,000 5,500,000 5,775,000 6,063,750 6,366,938 6,685,284
Growth 18% 11% 10% 5% 5% 5% 5%

COGS USD (1,800,000) (2,500,000) (2,600,000) (2,970,000) (3,118,500) (3,274,425) (3,438,146) (3,610,054)
Gross Margin USD 2,000,000 2,000,000 2,400,000 2,530,000 2,656,500 2,789,325 2,928,791 3,075,231
% % 52.6% 44.4% 48.0% 46.0% 46.0% 46.0% 46.0% 46.0%

Sales & Marketing USD (290,000) (330,000) (450,000) (459,000) (500,000) (600,000) (600,000) (690,000)
General & Admin USD (300,000) (350,000) (800,000) (816,000) (900,000) (600,000) (800,000) (850,000)
Other operating expenses USD (600,000) (330,000) (330,000) (400,000) (400,000) (440,000) (460,000) (440,000)
OPEX USD (1,190,000) (1,010,000) (1,580,000) (1,675,000) (1,800,000) (1,640,000) (1,860,000) (1,980,000)
EBITDA USD 810,000 990,000 820,000 855,000 856,500 1,149,325 1,068,791 1,095,231
% % 21.3% 22.0% 16.4% 15.5% 14.8% 19.0% 16.8% 16.4%

Depreciation & Amortization USD (200,000) (200,000) (220,000) (153,333) (183,333) (216,667) (243,333) (400,000)
EBIT USD 610,000 790,000 600,000 701,667 673,167 932,658 825,458 695,231
% % 16.1% 17.6% 12.0% 12.8% 11.7% 15.4% 13.0% 10.4%

Interest payment USD (13,333) (40,000) (48,000) (138,000) (132,000) (124,000) (116,000) (108,000)
Interest rate % 4.0% 4.0% 4.0% 4.0% 4.0%
EBT USD 596,667 750,000 552,000 563,667 541,167 808,658 709,458 587,231
% % 15.7% 16.7% 11.0% 10.2% 9.4% 13.3% 11.1% 8.8%

Tax rate % 10% 8% 5% 25% 25% 25% 25% 25%

Taxes paid USD (60,000) (62,500) (30,000) (140,917) (135,292) (202,165) (177,364) (146,808)
Net Income USD 536,667 687,500 522,000 422,750 405,875 606,494 532,093 440,423
% % 14.1% 15.3% 10.4% 7.7% 7.0% 10.0% 8.4% 6.6%

All amounts in USD

Balance Sheet Unit 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

Cash USD 200,000 937,500 679,500 348,049 181,881 346,896 361,270 537,587
Receivables USD 600,000 550,000 600,000 904,110 949,315 996,781 1,046,620 1,098,951
Inventory USD 450,000 550,000 600,000 569,589 598,068 627,972 659,371 692,339
Fixed Assets USD 1,900,000 2,000,000 2,300,000 2,596,667 2,913,333 3,096,667 3,353,333 3,353,333
Total Assets USD 3,150,000 4,037,500 4,179,500 4,418,414 4,642,598 5,068,315 5,420,593 5,682,210

Payables USD 230,000 330,000 450,000 366,164 384,473 403,696 423,881 445,075
Financial debt USD 3,900,000 4,000,000 3,500,000 3,400,000 3,200,000 3,000,000 2,800,000 2,600,000
Equity USD (980,000) (292,500) 229,500 652,250 1,058,125 1,664,619 2,196,712 2,637,135
Liabilities & Shareholder's Equity USD 3,150,000 4,037,500 4,179,500 4,418,414 4,642,598 5,068,315 5,420,593 5,682,210
Check 0 0 0 0 0 0 0 0

All amounts in USD

Cash Flow Statement Unit 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

Cash Flow from Operations (CFO)

Net income USD NA 687,500 522,000 422,750 405,875 606,494 532,093 440,423
Addback interest USD NA 40,000 48,000 138,000 132,000 124,000 116,000 108,000
Addback D&A USD NA 200,000 220,000 153,333 183,333 216,667 243,333 400,000
Change in receivables USD NA 50,000 (50,000) (304,110) (45,205) (47,466) (49,839) (52,331)
Change in inventory USD NA (100,000) (50,000) 30,411 (28,479) (29,903) (31,399) (32,969)
Change in payables USD NA 100,000 120,000 (83,836) 18,308 19,224 20,185 21,194
CFO USD NA 977,500 810,000 356,549 665,832 889,015 830,374 884,318

Investing Cash Flow (CFI)

CAPEX USD (300,000) (520,000) (450,000) (500,000) (400,000) (500,000) (400,000)
CFI USD (300,000) (520,000) (450,000) (500,000) (400,000) (500,000) (400,000)

Cash Flow from Financing

Change in Financial debt USD 100,000 (500,000) (100,000) (200,000) (200,000) (200,000) (200,000)
Interest charges USD (40,000) (48,000) (138,000) (132,000) (124,000) (116,000) (108,000)
Equity financing USD 0 0 0 0 0 0 0
Dividends USD 0 0 0 0 0 0 0
CFI USD 60,000 (548,000) (238,000) (332,000) (324,000) (316,000) (308,000)

Change in Cash USD 737,500 (258,000) (331,451) (166,168) 165,015 14,374 176,318

Cash beginning USD 200,000 937,500 679,500 348,049 181,881 346,896 361,270
Cash end of month USD 937,500 679,500 348,049 181,881 346,896 361,270 537,587

All amounts in USD

Key Financial Ratios Unit 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

Financial Debt / EBITDA x 4.8x 4.0x 4.3x 4.0x 3.7x 2.6x 2.6x 2.4x
EBIT/Interest x 45.8x 19.8x 12.5x 5.1x 5.1x 7.5x 7.1x 6.4x

Current Ratio x 5.4x 6.2x 4.2x 5.0x 4.5x 4.9x 4.9x 5.2x
Days Receivables Days Sales 58 45 44 60 60 60 60 60
Days Inventory Days COGS 91 80 84 70 70 70 70 70
Days Payables Days COGS 47 48 63 45 45 45 45 45

EBITDA Margin % 21.3% 22.0% 16.4% 15.5% 14.8% 19.0% 16.8% 16.4%
Revenue growth % NA 18.4% 11.1% 10.0% 5.0% 5.0% 5.0% 5.0%
ROE % -54.8% -108.1% -1657.1% 95.9% 47.5% 44.6% 27.6% 18.2%
Revenues/Assets x 1.2x 1.1x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x
Invested Capital USD 2,720,000 2,770,000 3,050,000 3,704,201 4,076,244 4,317,723 4,635,443 4,699,548

All amounts in USD

Tangible Fixed Assets Unit 2016 A 2017 A 2018 A 2019 F 2020 F 2021 F 2022 F 2023 F

CAPEX USD NA 300,000 520,000 450,000 500,000 400,000 500,000 400,000

Fixed Assets (Gross) USD 2,300,000 2,750,000 3,250,000 3,650,000 4,150,000 4,550,000

Depreciation period Years 15

Depreciation
2018 A 2,300,000 153,333 153,333 153,333 153,333 153,333
2019 F 450,000 30,000 30,000 30,000 30,000
2020 F 500,000 33,333 33,333 33,333
2021 F 400,000 26,667 26,667
2022 F 500,000 33,333

Depreciation USD 153,333 183,333 216,667 243,333 400,000

Accumulated depreciation USD 0 153,333 336,667 553,333 796,667 1,196,667

Fixed Assets (Net) USD 2,300,000 2,596,667 2,913,333 3,096,667 3,353,333 3,353,333

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