[COMPANY LOGO AND NAME] Discounted cash flow

Inputs Legend
Date of Valuation 12/31/2019 Blue = Inputs
Operating Inputs in $ million Green = Linked
Revenue 50.00 Black = Calculations
EBITDA (Earnings) 10.00
Depreciation & Amotization 5.00
Capital Expenditures 3.50
Working Capital 0.50
Rate Inputs (%)
Discount Rate 12.00%
Discount Rate Sensitivity 1.00%
Tax Rate 25.00%
Short Term Revenue Growth Rate 6.00%
Long Term Revenue Growth Rate (at end of valuation) 3.00%

Free cash flow projection in $ million

Act
12/31/2019
Revenue 50.00
% growth --
EBITDA 10.00
% of sales 20.0%
Depreciation 5.00
% of sales 10.0%
EBIT 5.00
% of sales 10.0%
Income Taxes 1.25
% tax rate 25.0%
Net Operating Profit After Tax ("NOPAT") 3.75
% of sales 7.5%
Plus: Depreciation 5.00
% of sales 10.0%
Less: Capital Expenditures (3.50)
% of sales (7.0%)
Less: Change in Working Capital -
% of sales 1%
Plus/Less: Change in Other Operating Assets/Liabilities -
% of sales 0.0%
Free Cash Flow ("FCF") 5.25
% of sales 10.5%
Discounted cash flow valuation in $ million
WACC
WACC sensitivity
Years from the date of valuation
11.00%
Monthly Discounted FCF @ rate> 12.00%
13.00%
11.00% 39.09
Cumulative Discounted FCF @ rate> 12.00% 37.39
13.00% 35.80

Terminal Value Calculation

Terminal Year EBITDA 15.52
Terminal Year FCF 8.13
Terminal Year Discount Period 10.01
Discount Rate 12.00%
Terminal Growth Rate 3.00%

Discounted Cash Flow Summary in $ million

Discount Rate 11.00%
Company Value Calculation
FCF over Projection Period 39.09
Terminal cash flow 36.82
Company Value 75.91
Company Value Attribution
% Value in Projection Period 51.5%
% Value in Terminal 48.5%

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unted cash flow Valuation
in $ million

Result
Company Value in $ million 67.31

= Calculations

Est Est Est Est Est Est

12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
53.00 56.00 58.99 61.94 64.83 67.64
6.0% 5.7% 5.3% 5.0% 4.7% 4.3%
10.60 11.20 11.80 12.39 12.97 13.53
20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
5.30 5.60 5.90 6.19 6.48 6.76
10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
5.30 5.60 5.90 6.19 6.48 6.76
10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
1.33 1.40 1.47 1.55 1.62 1.69
25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
3.98 4.20 4.42 4.65 4.86 5.07
7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
5.30 5.60 5.90 6.19 6.48 6.76
10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
(3.71) (3.92) (4.13) (4.34) (4.54) (4.73)
(7.0%) (7.0%) (7.0%) (7.0%) (7.0%) (7.0%)
(0.03) (0.03) (0.03) (0.03) (0.03) (0.03)
1% 1% 1% 1% 1% 1%
 - - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5.54 5.85 6.16 6.47 6.78 7.07
10.4% 10.4% 10.4% 10.5% 10.5% 10.5%

12%
1%
1.0 2.0 3.0 4.0 5.0 6.0
4.99 4.75 4.51 4.26 4.02 3.78
4.94 4.66 4.39 4.11 3.84 3.58
4.90 4.58 4.27 3.97 3.68 3.40

Discount Rate Terminal Value ("TV") Discount Rate Present Value of TV

11.00% 104.64 11.00% 36.82
12.00% 93.01 12.00% 29.92
13.00% 83.71 13.00% 24.63

12.00% 13.00%

37.39 35.80
29.92 24.63
67.31 60.43

55.6% 59.2%
44.4% 40.8%
 Est Est Est Est
12/31/2026 12/31/2027 12/31/2028 12/31/2029
70.35 72.92 75.36 77.62
4.0% 3.7% 3.3% 3.0%
14.07 14.58 15.07 15.52
20.0% 20.0% 20.0% 20.0%
7.03 7.29 7.54 7.76
10.0% 10.0% 10.0% 10.0%
7.03 7.29 7.54 7.76
10.0% 10.0% 10.0% 10.0%
1.76 1.82 1.88 1.94
25.0% 25.0% 25.0% 25.0%
5.28 5.47 5.65 5.82
7.5% 7.5% 7.5% 7.5%
7.03 7.29 7.54 7.76
10.0% 10.0% 10.0% 10.0%
(4.92) (5.10) (5.27) (5.43)
(7.0%) (7.0%) (7.0%) (7.0%)
(0.03) (0.03) (0.02) (0.02)
1% 1% 1% 1%
 - - - -
0.0% 0.0% 0.0% 0.0%
7.36 7.63 7.89 8.13
10.5% 10.5% 10.5% 10.5%

7.0 8.0 9.0 10.0

3.54 3.31 3.08 2.86
3.33 3.08 2.84 2.61
3.13 2.87 2.62 2.39
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