DCF Model Strictly Confidential

Table of Contents
DCF Model

Notes
This Excel model is for educational purposes only and should not be used for any other reason.
All content is Copyright material of CFI Education Inc.
https://corporatefinanceinstitute.com/

© 2019 CFI Education Inc.

All rights reserved.  The contents of this publication, including but not limited to all written material, content layout, images, formulas, and code, are protected under international copyright and trademark laws.  
© Corporate Finance Institute®. All rights reserved.
DCF Model

Assumptions
Este gráfico não está disponível na sua versão de
Tax Rate 25% Cash Flow Excel.
Discount Rate 12% $50,000 $47,008
$45,000 $41,501
$43,510 Editar esta forma ou salvar esta pasta de trabalho em
Perpetural Growth Rate 3%
$40,000 $37,715 um formato de arquivo diferente quebrará o gráfico
EV/EBITDA Mulltiple 7.0x permanentemente.
$35,000
Transaction Date 12/31/2017 $30,000
Fiscal Year End 6/30/2018 $25,000
$20,000 $17,747
Current Price 25.00
$15,000
Shares Outstanding 20,000 $10,000
Debt 30,000 $5,000
$0
Cash 239,550 2018 2019 2020 2021 2022
Capex 15,000

Discounted Cash Flow Entry 2018 2019 2020 2021 2022 Exit Terminal Value
Date 12/31/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2022 Perpetural Growth
Time Periods 0 1 2 3 4 EV/EBITDA
Year Fraction 0.50 1.00 1.00 1.00 1.00 Average
EBIT 47,814 51,095 55,861 58,693 63,039
Less: Cash Taxes 11,954 12,774 13,965 14,673 15,760
Plus: D&A 15,008 15,005 15,003 15,002 15,001
Less: Capex 15,000 15,000 15,000 15,000 15,000
Less: Changes in NWC 375 611 398 511 272
Unlevered FCF 35,494 37,715 41,501 43,510 47,008
(Entry)/Exit (290,450) 542,129
Transaction CF (290,450) 17,747 37,715 41,501 43,510 47,008 542,129

Intrinsic Value Market Value Rate of Return

Enterprise Value 489,747 Market Cap 500,000 Target Price Upside
Plus: Cash 239,550 Plus: Debt 30,000 Internal Rate of Return (IRR)
Less: Debt 30,000 Less: Cash 239,550
Equity Value 699,297 Enterprise Value 290,450 Market Value vs Intrinsic Value
Market Value
Equity Value/Share 34.96 Equity Value/Share 25.00 Upside
Intrinsic Value
Instructions
Step 1: Get EBIT and D&A from the income statement This file is for educational purposes only. E&OE
Step 2: Calculate the net working capital
There are two ways to find NWC:
1. NWC = Current Assets (less cash) - Current Liabilities (less debt)
2. NWC = Accounts Receivable + Inventory - Accounts Payable

Corporate Finance Institute®

https://corporatefinanceinstitute.com/
onível na sua versão de

r esta pasta de trabalho em

ferente quebrará o gráfico

537,981
546,278
542,129

40%
26%

vs Intrinsic Value
25.00
9.96
34.96
ucational purposes only. E&OE

orporate Finance Institute®

orporatefinanceinstitute.com/