DCF Valuation Template

Project name

DCF Valuation Model

Model Version
4.4 Basic

Worksheets
Terms and Abbreviationss
Executive Summary
Assumptions
Financials
DCF
Terminal Value

License: The duration of the license to use this spreadsheet is unlimited, and the user will have the right to download, store,
copy, edit, print & use this spreadsheet for personal or professional use. The license does not entitle for future model
updates.
Restrictions: The user is not allowed to publish our spreadsheet online, sell our spreadsheet, or provide public access. The
model can be used within your team provided that your team size does not exceed 20 persons.
Disclaimer: This financial model template was developed by eFinancialModels and all rights are reserved.
eFinancialModels.com provides the template as is and assumes no liability for any eventual mistakes within the model nor
ommissions of it. All eventual data includes serves as example only and cannot be relied upon. Each template needs to be
adjusted for the individual project and customized by the user. The user is self-responsible to thoroughly review and adjust
the model. eFinancialModels.com welcomes your feedback.

Confidential

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 1 of 9 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential

Instructions
Cell Colors

How to Work with this Model

Assumption Cells which contain the assumptions. Are not linked to any other cells.
Linked Assumption Cells which also contain assumptions but are linked to other assumption. Can either be left "as is" or overwritten if needed.
Link and calculations Cells which contain links or calculations. Should not be changed unless you want to change the logic of the model
Linked to cells in other sheets Cells which contains links from cells from other sheets

Terms & Abbreviations

Terms & Abbreviations

CAPEX Capital Expenditures

DCF Discounted Cash Flow
EBIT Earnings before Interest and Tax
EBITDA Earnings before Interest, Tax, Depreciation and Amoritization
EBT Earnings before Tax
EV Enterprise Value
EV/EBITDA Enterprise Value/EBIT
EV/EBITDA Enterprise Value/EBITDA
EV/Revenue Enterprise Value/Revenue
FCF Free Cash Flow
g Growth Rate
gH Growth Rate - High Growth Period
gL Growth Rate - Long-Term
H Half-length of the High Growth Period
NOPLAT Net Operating Profit less Adjusted Taxes (= Capital Employed * ROCE)
OPEX Operating Expenses
PV Present Value
P/B Price per Book
P/E Price to Earnings
PV Present Value
ROCE Return on capital employed (same as ROIC)
ROE Return on Equity
RONIC Return on New Invested Capital
ROIC Return on invested capital (same as ROCE)
TV Terminal Value
t Tax Rate
t Time Year
USD United States Dollar
WACC Weighted Average Cost of Capital
Y Year

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 2 of 9 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential

Financial Summary
All amounts in USD
1 Income Statement Unit 2023 2024 2025 2026 2027 2028 Balance Sheet Unit 2023 2024 2025 2026 2027 2028
Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Revenues USD 5,000,000 5,500,000 5,912,500 6,208,125 6,518,531 6,844,458 Cash USD 600,000 473,997 612,598 959,226 1,359,875 1,679,703
Revenue Growth % 5.3% 10.0% 7.5% 5.0% 5.0% 5.0% Receivables USD 450,000 527,397 566,952 595,300 625,065 656,318
Inventory USD 350,000 357,534 408,205 420,962 442,010 464,110
Direct Costs USD (2,500,000) (2,900,000) (3,311,000) (3,414,469) (3,585,192) (3,764,452) Other Current Assets USD 20,000 - - - - -
Gross Profit USD 2,500,000 2,600,000 2,601,500 2,793,656 2,933,339 3,080,006 Fixed Assets USD 2,400,000 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000
Gross Profit Margin % % of Revenue 50.0% 47.3% 44.0% 45.0% 45.0% 45.0% Assets USD 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131

OPEX USD (1,580,000) (1,350,000) (1,451,250) (1,567,350) (1,708,412) (1,879,253) Payables USD 340,000 119,178 136,068 140,321 147,337 154,703
EBITDA USD 920,000 1,250,000 1,150,250 1,226,306 1,224,928 1,200,753 Other Current Liabilities USD 10,000 - - - - -
EBITDA Margin % % of Revenue 18.4% 22.7% 19.5% 19.8% 18.8% 17.5% Financial debt USD 2,000,000 1,700,000 1,400,000 1,100,000 800,000 500,000
Equity USD 1,470,000 2,199,750 2,821,688 3,475,167 4,109,613 4,775,428
Depreciation USD (100,000) (240,000) (290,000) (330,000) (360,000) (300,000) Liabilities & Shareholder's Equity USD 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131
EBIT USD 820,000 1,010,000 860,250 896,306 864,928 900,753
EBIT Margin % % of Revenue 16.4% 18.4% 14.5% 14.4% 13.3% 13.2% Financial Ratios
Current Ratio x 4.1x 11.4x 11.7x 14.1x 16.5x 18.1x
Extraordinary Expenses USD (220,000) - - - - - Financial Debt/EBITDA x 2.2x 1.4x 1.2x 0.9x 0.7x 0.4x
Interest Expense USD (36,500) (37,000) (31,000) (25,000) (19,000) (13,000) Equity % % 51.2% 64.2% 78.2% 96.1% 115.8% 132.8%
Income Taxes USD (140,875) (243,250) (207,313) (217,827) (211,482) (221,938)
Net Income USD 422,625 729,750 621,938 653,480 634,446 665,815 Cash Flow Statement Unit 2024 2025 2026 2027 2028
Net Income Margin % % of Revenue 8.5% 13.3% 10.5% 10.5% 9.7% 9.7% Year Year 1 Year 2 Year 3 Year 4 Year 5

Profitability & Efficiency Cash Flow from Operations USD 673,997 838,602 946,628 950,649 919,828
Revenues/Capital Employed x 1.8x 1.7x 1.7x 1.7x 1.8x 1.9x Cash Flow from Investments USD (500,000) (400,000) (300,000) (250,000) (300,000)
ROCE % 0.0% 24.1% 18.3% 18.6% 18.1% 18.9% Cash Flow from Financing USD (300,000) (300,000) (300,000) (300,000) (300,000)
ROA % 12.4% 19.6% 15.6% 15.0% 13.4% 12.9% Change in Cash USD (126,003) 138,602 346,628 400,649 319,828
ROE % 27.8% 39.8% 24.8% 20.8% 16.7% 15.0%
Financial Ratios
Interest Coverage x 22.5x 27.3x 27.8x 35.9x 45.5x
Debt Service Coverage x 0.2x 0.4x 0.4x 0.6x 0.8x

Profitability Balance Sheet

USD % USD
8,000,000 Revenues EBITDA Net Income EBITDA Margin % ROCE 30.0% 4,000,000

7,000,000 3,500,000
25.0%
6,000,000 3,000,000
20.0%
5,000,000 2,500,000

4,000,000 15.0% 2,000,000

3,000,000 1,500,000
10.0%
2,000,000 1,000,000
5.0% 500,000
1,000,000
0
0 0.0% Year 1 Year 2 Year 3 Year 4 Year 5
Year 1 Year 2 Year 3 Year 4 Year 5
Net Working Capital Fixed Assets Cash
✘ Revenues ✘ Net Income ✘ ROCE
✘ EBITDA ✘ EBITDA Margin % ✘ Net Working Capital ✘ Fixed Assets Cash

DCF Valuation Summary

All amounts in USD
2 Free Cash Flow Forecst DCF Valuation Result
USD Composition of Enterprise Value
Selected TV Model Gordon Growth USD
10,000,000 Discount Rate (WACC) % 9.9%
9,000,000
9,000,000
DCF Valuation Result @9.9% Discount Rate (WACC) 8,000,000
8,000,000
PV of Terminal Value USD 5,677,314 73.5%
7,000,000 PV of Forecast Period USD 2,042,963 26.5% 7,000,000
6,000,000 Enterprise Value USD 7,720,277 100.0%
Financial Debt USD (2,000,000) -25.9% 6,000,000
5,000,000
Cash USD 600,000 7.8% PV of Forecast
4,000,000 Equity Value USD 6,320,277 81.9% 5,000,000 Period

3,000,000
4,000,000
2,000,000 PV of Terminal Value
Implied Multiples Year 1 TV Year 5
1,000,000 EV/EBITDA Exit Multiple x 6.2x 7.2x 3,000,000

0 2,000,000
Year 1 Year 2 Year 3 Year 4 Year 5 Terminal Value

1,000,000
Free Cash Flow to Firm Discounted Cash Flows
-
✘ Free Cash Flow to Firm ✘
Terminal Value (TV) ✘ Discounted Cash Flows Enterprise Value

Terminal Value Models

USD
TV (Year 5) PV of TV (Year 0) Selected: Gordon Growth (Year 5)
10,000,000
TV PV of TV Selected: Gordon Growth
9,000,000 8,691,146 Terminal Value Models (Year 5) (Year 0) (Year 5)

8,000,000
Gordon Growth 8,691,146 5,677,314 8,691,146
7,204,520
7,000,000 Exit Multiple EV/EBITDA Exit Multiple (6.0x) 7,204,520 4,706,206 8,691,146

6,000,000 5,677,314
✘ TV (Year 5)
5,000,000 4,706,206
✘ PV of TV (Year 0)
4,000,000

3,000,000 ✘ Gordon Growth

2,000,000 Exit Multiple EV/EBITDA Exit Multiple (6.0x)

✘
1,000,000

0
Gordon Growth Exit Multiple EV/EBITDA Exit Multiple (6.0x)

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 3 of 9 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential

Assumptions
All amounts in USD
General Settings Business Plan Assumptions

Settings Income Statement -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Currency USD
First Forecast Year Year 2024 Revenues USD 4,500,000 4,750,000 5,000,000 5,500,000 5,912,500 6,208,125 6,518,531 6,844,458
Revenue Growth % NA 5.6% 5.3% 10.0% 7.5% 5.0% 5.0% 5.0%
General Assumptions
Depreciation period Years 10 Direct Costs USD 2,000,000 2,300,000 2,500,000 2,900,000 3,311,000 3,414,469 3,585,192 3,764,452
Interest rate % 2.0% Gross Profit USD 2,500,000 2,450,000 2,500,000 2,600,000 2,601,500 2,793,656 2,933,339 3,080,006
Income Tax rate % 25.0% Gross Profit Margin % % 55.6% 51.6% 50.0% 47.3% 44.0% 45.0% 45.0% 45.0%
Dividend Payout Ratio % 0.0%
OPEX USD 1,190,000 1,010,000 1,580,000 1,350,000 1,451,250 1,567,350 1,708,412 1,879,253
Net Working Capital EBITDA USD 1,310,000 1,440,000 920,000 1,250,000 1,150,250 1,226,306 1,224,928 1,200,753
Days Receivables Days Sales 35 EBITDA Margin % % 29.1% 30.3% 18.4% 22.7% 19.5% 19.8% 18.8% 17.5%
Days Inventory Days COGS 45
Days Payables Days COGS 15 Depreciation USD 100,000 100,000 100,000 240,000 290,000 330,000 360,000 300,000
Extraordinary Expenses USD 200,000 200,000 220,000 -
Interest Expense USD 30,000 31,500 36,500 37,000 31,000 25,000 19,000 13,000
Discount Rate Estimation - Weighted Average Cost of Capital Income Taxes USD 245,000 277,125 140,875 243,250 207,313 217,827 211,482 221,938
Net Income USD 735,000 831,375 422,625 729,750 621,938 653,480 634,446 665,815
Weight Net Income Margin % % 16.3% 17.5% 8.5% 13.3% 10.5% 10.5% 9.7% 9.7%
Equity % 70.0%
Debt % 30.0%
Total % 100.0% Balance Sheet -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cost of Equity Cash USD 300,000 450,000 600,000 473,997 612,598 959,226 1,359,875 1,679,703
Risk free interest rate 2) % 2.0% Receivables USD 600,000 550,000 450,000 527,397 566,952 595,300 625,065 656,318
Beta (unlevered) 3) % 1.0x Inventory USD 450,000 550,000 350,000 357,534 408,205 420,962 442,010 464,110
Beta (levered) 4) x 1.43 Other Current Assets USD 40,000 40,000 20,000 - - - - -
Market Risk Premium USA 5) % 6.0% Fixed Assets USD 1,900,000 2,000,000 2,400,000 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000
Equity Risk Premium % 8.57% Assets USD 3,290,000 3,590,000 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131
Other Risk Premium % 2.0%
Cost of Equity % 12.6% Payables USD 230,000 330,000 340,000 119,178 136,068 140,321 147,337 154,703
Other Current Liabilities USD 40,000 40,000 10,000 - - - - -
Cost of Debt Financial debt USD 1,500,000 1,650,000 2,000,000 1,700,000 1,400,000 1,100,000 800,000 500,000
Risk free interest rate % 2.0% Equity USD 1,520,000 1,570,000 1,470,000 2,199,750 2,821,688 3,475,167 4,109,613 4,775,428
Debt risk premium 8) % 3.0% Liabilities & Shareholder's Equity USD 3,290,000 3,590,000 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131
Pre-tax cost of debt % 5.0%
Tax rate % 25.0% Cash Flow Statement -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cost of Debt (after tax) % 3.8%
CAPEX USD 500,000 400,000 300,000 250,000 300,000
Discount Rate (WACC) % 9.9% Change in Financial debt USD - 150,000 350,000 (300,000) (300,000) (300,000) (300,000) (300,000)

DCF Valuation Assumptions Terminal Value Models

Discounting Method Years Mid-Year Terminal Value Model Terminal Value (Year 5) Calculations Explanation
Discount Rate (WACC) % 9.9% USD

Gordon Growth 8,691,146 => Gordon Growth Capitalized Free Cash Cash Flows which are assumed to grow forever
Model Checks Exit Multiple EV/EBITDA Exit Multiple (6.0x) 7,204,520 => EV/EBITDA Exit Multiple Determines the Terminal Value based on an Exit Multiple

Balance Sheet 0
Executive Summary 0 Terminal Value Assumptions by Model Selectors
Assumptions 0
Financials 7,902,239 Gordon Growth Discounting Period
DCF 0 Discount Rate % 9.9% Mid-Year 0.5
Terminal Value 0 Growth Rate % 2.5% End of Year 1.0

Exit Multiples
Label Exit Multiple
EV/EBITDA Exit Multiple x 6.0x

Powered by
www.eFinancialModels.com

Strictly private and confidential 4 / 08/11/2023 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential
###

Financial Projections
All amounts in USD
1 Income Statement Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Revenues USD 4,500,000 4,750,000 5,000,000 5,500,000 5,912,500 6,208,125 6,518,531 6,844,458
Revenue Growth % NA 5.6% 5.3% 10.0% 7.5% 5.0% 5.0% 5.0%

Direct Costs USD (2,000,000) (2,300,000) (2,500,000) (2,900,000) (3,311,000) (3,414,469) (3,585,192) (3,764,452)
Gross Profit USD 2,500,000 2,450,000 2,500,000 2,600,000 2,601,500 2,793,656 2,933,339 3,080,006###
Gross Profit Margin % % of Revenue 55.6% 51.6% 50.0% 47.3% 44.0% 45.0% 45.0% 45.0%

OPEX USD (1,190,000) (1,010,000) (1,580,000) (1,350,000) (1,451,250) (1,567,350) (1,708,412) (1,879,253)
EBITDA USD 1,310,000 1,440,000 920,000 1,250,000 1,150,250 1,226,306 1,224,928 1,200,753###
EBITDA Margin % % of Revenue 29.1% 30.3% 18.4% 22.7% 19.5% 19.8% 18.8% 17.5%

Depreciation USD (100,000) (100,000) (100,000) (240,000) (290,000) (330,000) (360,000) (300,000)
EBIT USD 1,210,000 1,340,000 820,000 1,010,000 860,250 896,306 864,928 900,753###
EBIT Margin % % of Revenue 26.9% 28.2% 16.4% 18.4% 14.5% 14.4% 13.3% 13.2%

Extraordinary Expenses USD (200,000) (200,000) (220,000) - - - - -

Interest Expense USD (30,000) (31,500) (36,500) (37,000) (31,000) (25,000) (19,000) (13,000)
EBT USD 980,000 1,108,500 563,500 973,000 829,250 871,306 845,928 887,753###
EBT Margin % % of Revenue 21.8% 23.3% 11.3% 17.7% 14.0% 14.0% 13.0% 13.0%

Income Taxes USD (245,000) (277,125) (140,875) (243,250) (207,313) (217,827) (211,482) (221,938)
Net Income USD 735,000 831,375 422,625 729,750 621,938 653,480 634,446 665,815###
Net Income Margin % % of Revenue 16.3% 17.5% 8.5% 13.3% 10.5% 10.5% 9.7% 9.7%

All amounts in USD

2 Balance Sheet Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cash USD 300,000 450,000 600,000 473,997 612,598 959,226 1,359,875 1,679,703
Receivables USD 600,000 550,000 450,000 527,397 566,952 595,300 625,065 656,318
Inventory USD 450,000 550,000 350,000 357,534 408,205 420,962 442,010 464,110
Other Current Assets USD 40,000 40,000 20,000 - - - - -
Fixed Assets USD 1,900,000 2,000,000 2,400,000 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000
Assets USD 3,290,000 3,590,000 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131

Payables USD 230,000 330,000 340,000 119,178 136,068 140,321 147,337 154,703
Other Current Liabilities USD 40,000 40,000 10,000 - - - - -
Financial debt USD 1,500,000 1,650,000 2,000,000 1,700,000 1,400,000 1,100,000 800,000 500,000
Equity USD 1,520,000 1,570,000 1,470,000 2,199,750 2,821,688 3,475,167 4,109,613 4,775,428
Liabilities & Shareholder's Equity USD 3,290,000 3,590,000 3,820,000 4,018,928 4,357,756 4,715,488 5,056,950 5,430,131
Check 0 0 0 0 0 0 0 ###
0

All amounts in USD

3 Fixed Asset Schedule Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Depreciation period Years 10

CAPEX USD 500,000 400,000 300,000 250,000 300,000

Depreciation
Year 0 USD 2,400,000 240,000 240,000 240,000 240,000 240,000
Year 1 USD 500,000 50,000 50,000 50,000 50,000
Year 2 USD 400,000 40,000 40,000 40,000
Year 3 USD 300,000 30,000 30,000
Year 4 USD 250,000 25,000
Normalization adjustment USD 300,000 (85,000)
Depreciation USD 240,000 290,000 330,000 360,000 300,000

Fixed Assets USD 2,400,000 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000

Strictly private and confidential Page 5 of 9 684282061.xlsx

 All amounts in USD
4 Cash Flow Statement Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cash Flow from Operations

Net Income USD 729,750 621,938 653,480 634,446 665,815
Depreciation USD 240,000 290,000 330,000 360,000 300,000
Change in Receivables USD (77,397) (39,555) (28,348) (29,765) (31,253)
Change in Inventory USD (7,534) (50,671) (12,756) (21,048) (22,100)
Change in Other Current Assets USD 20,000 - - - -
Change in Payables USD (220,822) 16,890 4,252 7,016 7,367
Change in Other Current Liabilities USD (10,000) - - - -
Cash Flow from Operations USD 673,997 838,602 946,628 950,649 919,828###

Investing Cash Flow

CAPEX USD (500,000) (400,000) (300,000) (250,000) (300,000)
Cash Flow from Investments USD (500,000) (400,000) (300,000) (250,000) (300,000)

Cash Flow from Financing

Change in Financial debt USD (300,000) (300,000) (300,000) (300,000) (300,000)
Dividends USD - - - - -
Cash Flow from Financing USD (300,000) (300,000) (300,000) (300,000) (300,000)
###

Change in Cash USD (126,003) 138,602 346,628 400,649 319,828###

Cash Beginning USD 600,000 473,997 612,598 959,226 1,359,875

Cash End USD 473,997 612,598 959,226 1,359,875 1,679,703

Financial Ratios
All amounts in USD
5 Financial Ratios Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Bank Ratios
Financial Debt/EBITDA x 1.1x 1.1x 2.2x 1.4x 1.2x 0.9x 0.7x 0.4x
Interest Coverage x 40.3x 42.5x 22.5x 27.3x 27.8x 35.9x 45.5x 69.3x
Debt Service Coverage x 0.5x 0.5x 0.2x 0.4x 0.4x 0.6x 0.8x 1.3x
Equity % % 55.9% 56.7% 51.2% 64.2% 78.2% 96.1% 115.8% 132.8%
Net Debt/Equity % 78.9% 76.4% 95.2% 55.7% 27.9% 4.1% -13.6% -24.7%

Liquidity Ratios
Cash Ratio x 1.1x 1.2x 1.7x 4.0x 4.5x 6.8x 9.2x 10.9x
Quick Ratio x 3.3x 2.7x 3.0x 8.4x 8.7x 11.1x 13.5x 15.1x
Current Ratio x 5.1x 4.3x 4.1x 11.4x 11.7x 14.1x 16.5x 18.1x

Growth Rates
Revenue growth % NA 5.6% 5.3% 10.0% 7.5% 5.0% 5.0% 5.0%
Gross Profit Growth % NA -2.0% 2.0% 4.0% 0.1% 7.4% 5.0% 5.0%
EBITDA Growth % NA 9.9% -36.1% 35.9% -8.0% 6.6% -0.1% -2.0%
EBIT Growth % NA 10.7% -38.8% 23.2% -14.8% 4.2% -3.5% 4.1%
Net Income Growth % NA 13.1% -49.2% 72.7% -14.8% 5.1% -2.9% 4.9%
Asset Growth % NA 9.1% 6.4% 5.2% 8.4% 8.2% 7.2% 7.4%
Equity Growth % NA 3.3% -6.4% 49.6% 28.3% 23.2% 18.3% 16.2%

Profitability
NOPLAT USD - - - 757,500 645,188 672,230 648,696 675,565
Revenues/Capital Employed x 1.7x 1.7x 1.8x 1.7x 1.7x 1.7x 1.8x 1.9x
ROCE % 0.0% 0.0% 0.0% 24.1% 18.3% 18.6% 18.1% 18.9%
ROA % 23.3% 25.1% 12.4% 19.6% 15.6% 15.0% 13.4% 12.9%
ROE % 48.4% 53.8% 27.8% 39.8% 24.8% 20.8% 16.7% 15.0%

Revenues/Assets x 1.4x 1.3x 1.3x 1.4x 1.4x 1.3x 1.3x 1.3x

Efficiency
Days Receivables Days 49 42 33 35 35 35 35 35
Days Payables Days 42 52 50 15 15 15 15 15
Cash Conversion Days 91 95 82 50 50 50 50 50
Tax rate % 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%

Economic Balance Sheet

Equity USD 1,520,000 1,570,000 1,470,000 2,199,750 2,821,688 3,475,167 4,109,613 4,775,428
Financial Debt USD 1,500,000 1,650,000 2,000,000 1,700,000 1,400,000 1,100,000 800,000 500,000
./. Cash USD (300,000) (450,000) (600,000) (473,997) (612,598) (959,226) (1,359,875) (1,679,703)
Invested Capital USD 2,720,000 2,770,000 2,870,000 3,425,753 3,609,089 3,615,941 3,549,738 3,595,725

Net Working Capital USD 820,000 770,000 470,000 765,753 839,089 875,941 919,738 965,725
Fixed Assets USD 1,900,000 2,000,000 2,400,000 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000
Capital Employed USD 2,720,000 2,770,000 2,870,000 3,425,753 3,609,089 3,615,941 3,549,738 3,595,725

Chart Data
All amounts in USD
6 Chart Data Unit 2021 2022 2023 2024 2025 2026 2027 2028
Year -Year 2 -Year 1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Strictly private and confidential Page 6 of 9 684282061.xlsx

 Revenues and Profits
Revenues 1 USD 5,500,000 5,912,500 6,208,125 6,518,531 6,844,458
EBITDA 1 USD 1,250,000 1,150,250 1,226,306 1,224,928 1,200,753
EBITDA Margin % 1 % of Revenue 22.7% 19.5% 19.8% 18.8% 17.5%
Net Income 1 USD 729,750 621,938 653,480 634,446 665,815
ROCE 1 % 24.1% 18.3% 18.6% 18.1% 18.9%

Balance Sheet
Net Working Capital 1 USD 765,753 839,089 875,941 919,738 965,725
Fixed Assets 1 USD 2,660,000 2,770,000 2,740,000 2,630,000 2,630,000
Cash 0 USD #N/A #N/A #N/A #N/A #N/A

Free Cash Flows Year 1 Year 2 Year 3 Year 4 Year 5 Terminal Value
Free Cash Flow to Firm 1 USD 201,747 461,852 665,378 714,899 629,578 8,691,146
Terminal Value (TV) 1 USD
Discount Factor x 0.95 0.87 0.79 0.72 0.65 0.65
Discounted Cash Flows 1 USD 192,423 400,736 525,203 513,342 411,259 5,677,314

Terminal Value Models TV PV of TV Selected: Gordon Growth

TV (Year 5) 1 (Year 5) (Year 0) (Year 5)
PV of TV (Year 0) 1

Gordon Growth 1 USD 8,691,146 5,677,314 8,691,146

Exit Multiple EV/EBITDA Exit Multipl 1 USD 7,204,520 4,706,206 8,691,146

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 7 of 9 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential
###

Free Cash Flow to Firm

All amounts in USD
1 Free Cash Flow to Firm 2023 2024 2025 2026 2027 2028
Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Discount Rate (WACC) % 9.9%

Discounting Method and Period Years Mid-Year

Selected Terminal Value Model Gordon Growth

Free Cash Flow to Firm

EBIT USD 1,010,000 860,250 896,306 864,928 900,753###
Adjusted Tax (1-t) USD (252,500) (215,063) (224,077) (216,232) (225,188)
Addback Depreciation USD 240,000 290,000 330,000 360,000 300,000
Change in Net Working Capital USD (295,753) (73,336) (36,852) (43,797) (45,987)
CAPEX USD (500,000) (400,000) (300,000) (250,000) (300,000)
Free Cash Flow to Firm USD 201,747 461,852 665,378 714,899 629,578###

DCF Valuation
All amounts in USD
2 DCF Valuation Unit 2024 2025 2026 2027 2028
Year Year 1 Year 2 Year 3 Year 4 Year 5

Free Cash Flow to Firm USD 201,747 461,852 665,378 714,899 629,578
Terminal Value (TV) USD 8,691,146
Free Cash Flow to Firm incl. TV USD 201,747 461,852 665,378 714,899 9,320,724
Discounting Period Years 0.50 1.50 2.50 3.50 4.50

Discount Factor x 0.95 0.87 0.79 0.72 0.65

PV of Forecast Period 192,423 400,736 525,203 513,342 411,259

PV of Terminal Value 5,677,314
Discounted Cash Flows USD 192,423 400,736 525,203 513,342 6,088,573

DCF Valuation Result Year 0 Terminal Value Y5

PV of Terminal Value USD 5,677,314 73.5% Enterprise Value USD 8,691,146
PV of Forecast Period USD 2,042,963 26.5% ./. Financial Debt USD (500,000)
Enterprise Value USD 7,720,277 100.0% Cash USD 1,679,703
Financial Debt USD (2,000,000) -25.9% Equity Value USD 9,870,849
Cash USD 600,000 7.8%
Equity Value USD 6,320,277 81.9%

Implied Multiples Year 0 Year 1 Terminal Value Y5

EV/EBITDA Exit Multiple x 8.4x 6.2x 7.2x

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 8 of 9 684282061.xlsx

 DCF Valuation Model 4.4 Basic
Confidential

Terminal Value Models

All amounts in USD
1 Gordon Growth

TV Terminal Value
FCF Free Cash Flows
g Long-term Growth Rate
WACC Weighted Average Cost of Capital (Discount Rate)

Free Cash Flow to Firm (Year 5) USD 629,578

Discount Rate (WACC) % 9.9%
Growth Rate % 2.5%
TV Gordon Growth USD 8,691,146
=> Compare Terminal Value Models

All amounts in USD

2 Exit Multiples

Exit Valuation Method Exit Multiple Fundamentals (Year 5) Terminal Value Debt Cash TV - Equity Value

EV/EBITDA Exit Multiple x 6.0x EBITDA USD 1,200,753 7,204,520 (500,000) 1,679,703 8,384,223 ###
=> Compare Terminal Value Models

All amounts in USD

3 Terminal Value Models Summary Overview - Terminal Value Results

10,000,000
Terminal Value Models TV Factor (Y5) PV of TV 9,000,000 8,691,146
TV Year 5
Year 5 Year 0 8,000,000 7,204,520
USD x USD 7,000,000
PV of TV Year 0
6,000,000
Gordon Growth USD 8,691,146 0.65 5,677,314 5,000,000
Exit Multiple EV/EBITDA Exit Multiple (6.0x) USD 7,204,520 0.65 4,706,206 4,000,000
3,000,000
2,000,000
Selected Terminal Value Model
1,000,000
Gordon Growth USD 8,691,146 0.65 5,677,314 -
Gordon Growth Exit Multiple EV/EBITDA Exit Multiple
(6.0x)

Powered by
www.eFinancialModels.com

Strictly private and confidential Page 9 of 9 684282061.xlsx