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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!