DCF Model

Assumptions
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Tax Rate 22% Cash Flow
Discount Rate 9% $80,000
Editing this shape or saving this workbook into a
Perpetural Growth Rate 6%
$69,458 different file format will permanently break the chart.
$70,000 $64,180
$61,173
EV/EBITDA Mulltiple 7.0x $60,000 $56,569

Transaction Date 4/11/2020 $50,000

Fiscal Year End 6/30/2020 $40,000

Current Price 50.70 $30,000

$20,000
Shares Outstanding 2,304 $10,024
$10,000
Debt 67,201
$0
Cash 125,865 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024
Capex 10,000

Discounted Cash Flow Entry 2020 2021 2022 2023 2024 Exit Terminal Value
Date 4/11/2020 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2024 Perpetural Growth
Time Periods 0 1 2 3 4 EV/EBITDA
Year Fraction 0.22 1.00 1.00 1.00 1.00 Average
EBIT 44,777 51,095 55,861 58,693 63,039
Less: Cash Taxes 9,851 11,241 12,290 12,912 13,868
Plus: D&A 625 682 718 760 739
Less: Capex 10,000 10,000 10,000 10,000 10,000
Less: Changes in NWC (20,127) (26,033) (26,883) (32,918) (24,271)
Unlevered FCF 45,679 56,569 61,173 69,458 64,180
(Entry)/Exit (58,158) 1,190,513
Transaction CF - 10,024 56,569 61,173 69,458 64,180 1,190,513
Transaction CF (58,158) 10,024 56,569 61,173 69,458 64,180 1,190,513

Intrinsic Value Market Value Rate of Return

Enterprise Value 1,035,938 Market Cap 116,821 Target Price Upside
Plus: Cash 125,865 Plus: Debt 67,201 Internal Rate of Return (IRR)
Less: Debt 67,201 Less: Cash 125,865
Equity Value 1,094,601 Enterprise Value 58,158 Market Value vs Intrinsic Value
Market Value
Equity Value/Share 475.05 Equity Value/Share 50.70 Upside
Intrinsic Value
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1,934,582
446,445
1,190,513

837%
161%

vs Intrinsic Value
50.70
424.35
475.05
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