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Discounted Cash Flow Analysis for Sample Company Dollars in Millions, except per share
20X0
Historical 20X1
20X2
$4,666.0 3,498.8 0.0
$4,791.9 3,767.7 0.0
$4,988.1 3,893.1 0.0
316.0 0.0 (85.0) (0.5) 0.0 0.0 0.0
306.1 0.0 (90.0) (1.9) 0.0 0.0 0.0
280.3 0.0 (115.1) (3.4) 0.0 0.0 0.0
91.9 (95.8) (2.0) (19.2) $0.0
118.5 (120.6) (4.0) (20.0) $0.0
20X0
Historical 20X1
20X2
Sales Growth Cost of Goods Sold (as a % sales) 75.0% SG&A (as a % sales) 6.8% EBITDA Margin 0.0% CapEx (as a % sales) Depreciation (as a % of CapEx) Additions to Intangibles (amount) Amortization (amount) Changes in Working Capital (as a % of Sales)
0.0% 0.0% 6.4% 0.0% 2.0% 93.9% $2.0 1.9 (0.4%)
0.0% 0.0% 5.6% 0.0% 2.4% 95.4% $4.0 3.4 (0.4%)
Sales Cost of Goods Sold Gross Profit Selling, General & Administrative EBITDA Less: Depreciation Less: Amortization EBIT Less: Taxes @ 38.0% Tax-effected EBIT Plus: Depreciation & Amortization Less: Capital Expenditures Less: Additions to Intangibles + / ( - ): Changes in Working Capital Unlevered Free Cash Flow
Value Drivers
Weighted Average Cost of Capital Terminal Growth of Unlevered FCF
8.00% 3.00%
NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Less: Debt Add: Cash Equity Value
$0.0 0.0 0.0 $0.0 (523.0) 48.1 $0.0
Diluted Shares:
241.481
Equity Value Per Share
$0.00
COPYRIGHT © by Training The Street, Inc
COGS/Sales
20X3
20X4
Projected 20X5
20X6
20X7
20X2-20X7 CAGR 0.0% 0.0% 0.0%
0.0% 0.0%
0.0%
20X3
20X4
Projected 20X5
20X6
20X7
2.5% 98.0% $5.0 4.5 (0.4%)
2.5% 98.0% $5.0 4.5 (0.4%)
2.5% 98.0% $5.0 4.5 (0.4%)
4.0% flat line 78.0% flat line 5.6% flat line 2.5% 98.0% $5.0 4.5 (0.4%)
2.5% 98.0% $5.0 4.5 (0.4%)
Equity Value Per Share Sales Growth $0.00 3.0% 3.5% 4.0% 76.8% 77.1% 77.4% 77.7% 78.0% 78.3% 78.6% 78.9% 79.2%
4.5%
For training purposes only!
Discounted Cash Flow Analysis for Sample Company Dollars in Millions, except per share
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
$4,666.0 3,498.8 1,167.2
$4,791.9 3,767.7 1,024.2
$4,988.1 3,893.1 1,095.0
$5,187.6 4,046.3 0.0
$5,395.1 4,208.2 0.0
$5,610.9 4,376.5 0.0
$5,835.4 4,551.6 0.0
$6,068.8 4,733.7 0.0
316.0 851.2 (85.0) (0.5) 765.7 (291.0) 474.7
306.1 718.1 (90.0) (1.9) 626.2 (238.0) 388.2
280.3 814.7 (115.1) (3.4) 696.2 (264.6) 431.6
290.5 0.0 0.0 0.0
302.1 0.0 0.0 0.0
314.2 0.0 0.0 0.0
326.8 0.0 0.0 0.0
339.9 0.0 0.0 0.0
91.9 (95.8) (2.0) (19.2) $363.1
118.5 (120.6) (4.0) (20.0) $405.5
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
Sales Growth Cost of Goods Sold (as a % sales) 75.0% SG&A (as a % sales) 6.8% EBITDA Margin 18.2% CapEx (as a % sales) Depreciation (as a % of CapEx) Additions to Intangibles (amount) Amortization (amount) Changes in Working Capital (as a % of Sales)
2.7% 78.6% 6.4% 15.0% 2.0% 93.9% $2.0 1.9 (0.4%)
4.1% 78.0% 5.6% 16.3% 2.4% 95.4% $4.0 3.4 (0.4%)
4.0% 78.0% 5.6% 0.0% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 78.0% 5.6% 0.0% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 78.0% 5.6% 0.0% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 78.0% 5.6% 0.0% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 78.0% 5.6% 0.0% 2.5% 98.0% $5.0 4.5 (0.4%)
Sales Cost of Goods Sold Gross Profit Selling, General & Administrative EBITDA Less: Depreciation Less: Amortization EBIT Less: Taxes @ 38.0% Tax-effected EBIT Plus: Depreciation & Amortization Less: Capital Expenditures Less: Additions to Intangibles + / ( - ): Changes in Working Capital Unlevered Free Cash Flow
Value Drivers
Weighted Average Cost of Capital Terminal Growth of Unlevered FCF
8.00% 3.00%
NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Less: Debt Add: Cash Equity Value
$0.0 0.0 0.0 $0.0 (523.0) 48.1 $0.0
Diluted Shares:
241.481
Equity Value Per Share
$0.00
COPYRIGHT © by Training The Street, Inc
COGS/Sales
20X2-20X7 CAGR 0.0% 0.0% 0.0%
0.0% 0.0%
0.0%
Equity Value Per Share Sales Growth $0.00 3.0% 3.5% 4.0% 76.8% 77.1% 77.4% 77.7% 78.0% 78.3% 78.6% 78.9% 79.2%
4.5%
For training purposes only!
Discounted Cash Flow Analysis for Sample Company Dollars in Millions, except per share
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
$4,666.0 3,498.8 1,167.2
$4,791.9 3,767.7 1,024.2
$4,988.1 3,893.1 1,095.0
$5,187.6 4,046.3 1,141.3
$5,395.1 4,202.8 1,192.3
$5,610.9 4,365.3 1,245.6
$5,835.4 4,534.1 1,301.3
$6,068.8 4,709.4 1,359.4
316.0 851.2 (85.0) (0.5) 765.7 (291.0) 474.7
306.1 718.1 (90.0) (1.9) 626.2 (238.0) 388.2
280.3 814.7 (115.1) (3.4) 696.2 (264.6) 431.6
290.5 850.8 (127.1) (4.5) 0.0 0.0 0.0
302.1 890.2 (132.2) (4.6) 0.0 0.0 0.0
314.2 931.4 (137.5) (4.7) 0.0 0.0 0.0
326.8 974.5 (143.0) (4.8) 0.0 0.0 0.0
339.9 1,019.6 (148.7) (4.9) 0.0 0.0 0.0
91.9 (95.8) (2.0) (19.2) $363.1
118.5 (120.6) (4.0) (20.0) $405.5
131.6 (129.7) (5.0) (20.8) 0.0
136.8 (134.9) (5.0) (21.6) 0.0
142.2 (140.3) (5.0) (22.4) 0.0
147.8 (145.9) (5.0) (23.3) 0.0
153.6 (151.7) (5.0) (24.3) 0.0
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
Sales Growth Cost of Goods Sold (as a % sales) 75.0% SG&A (as a % sales) 6.8% EBITDA Margin 18.2% CapEx (as a % sales) Depreciation (as a % of CapEx) Additions to Intangibles (amount) Amortization (amount) Changes in Working Capital (as a % of Sales)
2.7% 78.6% 6.4% 15.0% 2.0% 93.9% $2.0 1.9 (0.4%)
4.1% 78.0% 5.6% 16.3% 2.4% 95.4% $4.0 3.4 (0.4%)
4.0% 78.0% 5.6% 16.4% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 77.9% 5.6% 16.5% 2.5% 98.0% $5.0 4.6 (0.4%)
4.0% 77.8% 5.6% 16.6% 2.5% 98.0% $5.0 4.7 (0.4%)
4.0% 77.7% 5.6% 16.7% 2.5% 98.0% $5.0 4.8 (0.4%)
4.0% 77.6% 5.6% 16.8% 2.5% 98.0% $5.0 4.9 (0.4%)
Sales Cost of Goods Sold Gross Profit Selling, General & Administrative EBITDA Less: Depreciation Less: Amortization EBIT Less: Taxes @ 38.0% Tax-effected EBIT Plus: Depreciation & Amortization Less: Capital Expenditures Less: Additions to Intangibles + / ( - ): Changes in Working Capital Unlevered Free Cash Flow
Value Drivers
Weighted Average Cost of Capital Terminal Growth of Unlevered FCF
8.00% 3.00%
NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Less: Debt Add: Cash Equity Value
$0.0 0.0 0.0 $0.0 (523.0) 48.1 $0.0
Diluted Shares:
241.481
Equity Value Per Share
$0.00
COPYRIGHT © by Training The Street, Inc
COGS/Sales
Equity Value Per Share Sales Growth $0.00 3.0% 3.5% 4.0% 76.8% 77.1% 77.4% 77.7% 78.0% 78.3% 78.6% 78.9% 79.2%
20X2-20X7 CAGR 0.0% 0.0% 0.0%
0.0% 0.0%
0.0%
4.5%
For training purposes only!
Discounted Cash Flow Analysis for Sample Company Dollars in Millions, except per share
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
$4,666.0 3,498.8 1,167.2
$4,791.9 3,767.7 1,024.2
$4,988.1 3,893.1 1,095.0
$5,187.6 4,046.3 1,141.3
$5,395.1 4,202.8 1,192.3
$5,610.9 4,365.3 1,245.6
$5,835.4 4,534.1 1,301.3
$6,068.8 4,709.4 1,359.4
316.0 851.2 (85.0) (0.5) 765.7 (291.0) 474.7
306.1 718.1 (90.0) (1.9) 626.2 (238.0) 388.2
280.3 814.7 (115.1) (3.4) 696.2 (264.6) 431.6
290.5 850.8 (127.1) (4.5) 719.2 (273.3) 445.9
302.1 890.2 (132.9) (4.6) 752.7 (286.0) 466.7
314.2 931.4 (138.9) (4.7) 787.8 (299.4) 488.5
326.8 974.5 (145.2) (4.8) 824.6 (313.3) 511.2
339.9 1,019.6 (151.7) (4.9) 862.9 (327.9) 535.0
91.9 (95.8) (2.0) (19.2) $363.1
118.5 (120.6) (4.0) (20.0) $405.5
131.6 (129.7) (5.0) (20.8) $422.0
137.5 (134.9) (5.0) (21.6) $442.7
143.6 (140.3) (5.0) (22.4) $464.3
150.0 (145.9) (5.0) (23.3) $487.0
156.6 (151.7) (5.0) (24.3) $510.6
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
Sales Growth Cost of Goods Sold (as a % sales) 75.0% SG&A (as a % sales) 6.8% EBITDA Margin 18.2% CapEx (as a % sales) Depreciation (as a % of CapEx) Additions to Intangibles (amount) Amortization (amount) Changes in Working Capital (as a % of Sales)
2.7% 78.6% 6.4% 15.0% 2.0% 93.9% $2.0 1.9 (0.4%)
4.1% 78.0% 5.6% 16.3% 2.4% 95.4% $4.0 3.4 (0.4%)
4.0% 78.0% 5.6% 16.4% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 77.9% 5.6% 16.5% 2.5% 98.5% $5.0 4.6 (0.4%)
4.0% 77.8% 5.6% 16.6% 2.5% 99.0% $5.0 4.7 (0.4%)
4.0% 77.7% 5.6% 16.7% 2.5% 99.5% $5.0 4.8 (0.4%)
4.0% 77.6% 5.6% 16.8% 2.5% 100.0% $5.0 4.9 (0.4%)
Sales Cost of Goods Sold Gross Profit Selling, General & Administrative EBITDA Less: Depreciation Less: Amortization EBIT Less: Taxes @ 38.0% Tax-effected EBIT Plus: Depreciation & Amortization Less: Capital Expenditures Less: Additions to Intangibles + / ( - ): Changes in Working Capital Unlevered Free Cash Flow
Value Drivers
Weighted Average Cost of Capital Terminal Growth of Unlevered FCF
8.00% 3.00%
NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Less: Debt Add: Cash Equity Value
$0.0 0.0 0.0 $0.0 (523.0) 48.1 $0.0
Diluted Shares:
241.481
Equity Value Per Share
$0.00
COPYRIGHT © by Training The Street, Inc
COGS/Sales
Equity Value Per Share Sales Growth $0.00 3.0% 3.5% 4.0% 76.8% 77.1% 77.4% 77.7% 78.0% 78.3% 78.6% 78.9% 79.2%
20X2-20X7 CAGR 4.0% 4.4% 4.6%
4.4% 4.4%
4.7%
4.5%
For training purposes only!
Discounted Cash Flow Analysis for Sample Company Dollars in Millions, except per share
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
$4,666.0 3,498.8 1,167.2
$4,791.9 3,767.7 1,024.2
$4,988.1 3,893.1 1,095.0
$5,187.6 4,046.3 1,141.3
$5,395.1 4,202.8 1,192.3
$5,610.9 4,365.3 1,245.6
$5,835.4 4,534.1 1,301.3
$6,068.8 4,709.4 1,359.4
316.0 851.2 (85.0) (0.5) 765.7 (291.0) 474.7
306.1 718.1 (90.0) (1.9) 626.2 (238.0) 388.2
280.3 814.7 (115.1) (3.4) 696.2 (264.6) 431.6
290.5 850.8 (127.1) (4.5) 719.2 (273.3) 445.9
302.1 890.2 (132.9) (4.6) 752.7 (286.0) 466.7
314.2 931.4 (138.9) (4.7) 787.8 (299.4) 488.5
326.8 974.5 (145.2) (4.8) 824.6 (313.3) 511.2
339.9 1,019.6 (151.7) (4.9) 862.9 (327.9) 535.0
91.9 (95.8) (2.0) (19.2) $363.1
118.5 (120.6) (4.0) (20.0) $405.5
131.6 (129.7) (5.0) (20.8) $422.0
137.5 (134.9) (5.0) (21.6) $442.7
143.6 (140.3) (5.0) (22.4) $464.3
150.0 (145.9) (5.0) (23.3) $487.0
156.6 (151.7) (5.0) (24.3) $510.6
20X0
Historical 20X1
20X2
20X3
20X4
Projected 20X5
20X6
20X7
Sales Growth Cost of Goods Sold (as a % sales) 75.0% SG&A (as a % sales) 6.8% EBITDA Margin 18.2% CapEx (as a % sales) Depreciation (as a % of CapEx) Additions to Intangibles (amount) Amortization (amount) Changes in Working Capital (as a % of Sales)
2.7% 78.6% 6.4% 15.0% 2.0% 93.9% $2.0 1.9 (0.4%)
4.1% 78.0% 5.6% 16.3% 2.4% 95.4% $4.0 3.4 (0.4%)
4.0% 78.0% 5.6% 16.4% 2.5% 98.0% $5.0 4.5 (0.4%)
4.0% 77.9% 5.6% 16.5% 2.5% 98.5% $5.0 4.6 (0.4%)
4.0% 77.8% 5.6% 16.6% 2.5% 99.0% $5.0 4.7 (0.4%)
4.0% 77.7% 5.6% 16.7% 2.5% 99.5% $5.0 4.8 (0.4%)
4.0% 77.6% 5.6% 16.8% 2.5% 100.0% $5.0 4.9 (0.4%)
Sales Cost of Goods Sold Gross Profit Selling, General & Administrative EBITDA Less: Depreciation Less: Amortization EBIT Less: Taxes @ 38.0% Tax-effected EBIT Plus: Depreciation & Amortization Less: Capital Expenditures Less: Additions to Intangibles + / ( - ): Changes in Working Capital Unlevered Free Cash Flow
Value Drivers
Weighted Average Cost of Capital Terminal Growth of Unlevered FCF
8.00% 3.00%
NPV of Unlevered Free Cash Flow Terminal Value PV of Terminal Value Enterprise Value Less: Debt Add: Cash Equity Value
$1,844.4 10,519.3 7,159.3 $9,003.6 (523.0) 48.1 $8,528.7
Diluted Shares:
241.481
Equity Value Per Share
$35.32
COPYRIGHT © by Training The Street, Inc
COGS/Sales
Equity Value Per Share Sales Growth $35.32 3.0% 3.5% 4.0% 76.8% 77.1% 77.4% 77.7% 78.0% 78.3% 78.6% 78.9% 79.2%
20X2-20X7 CAGR 4.0% 4.4% 4.6%
4.4% 4.4%
4.7%
4.5%
For training purposes only!
