Year 2023 2024 2025 2026 2027

EBITDA 600,000 720,000 864,000 1,036,800 1,244,160

EBIT (Less D&A) 510,000 612,000 734,400 881,280 1,057,536
Less: Taxes 127,500 153,000 183,600 220,320 264,384
Plus: D&A 90,000 108,000 129,600 155,520 186,624
Less: Chg in NWC (12,000) (36,000) (25,920) (20,736) (49,766)
Less: Capex 150,000 162,000 172,800 191,808 186,624
Unlevered Free Cash Flow 334,500 441,000 533,520 645,408 842,918

EBITDA Multiple 10.0

Terminal Growth Rate 2.0%
Discount Rate (WACC) 10.0%

Unlevered FCF 441,000 533,520 645,408 842,918

NPV Cash Flows 400,909 440,926 484,905 575,725

Enterprise Value (NPV) 11,826,790 Discount Rate

Enterprise Value (NPV) 11,826,790 12,276,790 8.0%
7.0
Plus: Cash 1,200,000 Exit Multiple 8.0
Less: Debt 750,000 9.0
Equity Value 12,276,790 10.0
11.0
12.0
13.0
 2028 Exit Terminal Value
1,492,992 14,929,920 EBITDA Multiple Method
1,269,043 13,166,323 Perpetual Growth Gordon Growth Model
317,261
215,737
(63,452)
177,666
1,053,306 14,929,920

15,983,226
9,924,326

9.0% 10.0% 11.0% 12.0%