DCF MODEL TEMPLATE

EXAMPLE
MARKET VALUE vs INTRINSIC VALUE CASH FLOW
Эта диаграмма недоступна в вашей версии Excel. $50,000

Изменение этой фигуры или сохранение книги в другом $45,000

$44,400
формате приведет к остаточному повреждению диаграммы. $42,250
$40,380
$40,000 $38,217

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000
$0
$0
2025 2026 2027 2028 2029

ASSUMPTIONS DISCOUNTED CASH FLOW ENTRY 2025 2026 2027 2028 2029 EXIT
TAX RATE 22% DATE 06/30/25 06/30/25 06/30/26 06/30/27 06/30/28 06/30/29 06/30/29
DISCOUNT RATE 10% TIME PERIODS 0 1 2 3 4
PERPETUAL GROWTH RATE 5% YEAR FRACTION - 1.00 1.00 1.00 1.00
EV/EBITDA MULTIPLE ex. 2.5x 5.5 EBIT 50,000 52,500 55,000 57,500 60,000
TRANSACTION DATE 06/30/25 LESS: CASH TAXES 11,000 11,550 12,100 12,650 13,200
FISCAL YEAR END 06/30/25 PLUS: D&A 12,000 12,001 12,005 12,003 12,000
CURRENT PRICE 33.00 LESS: CAPEX 14,000 14,000 14,000 14,000 14,000
SHARES OUTSTANDING 18,750 LESS: CHANGES IN NWC 482 734 525 603 400
DEBT 55,000 UNLEVERED FCF 36,518 38,217 40,380 42,250 44,400
CASH 357,583 (ENTRY) / EXIT (316,167) 664,200
CAPEX 14,000 TRANSACTION CF - - 38,217 40,380 42,250 44,400 664,200

TERMINAL VALUE MARKET VALUE INTRINSIC VALUE

PERPETUAL GROWTH 932,400 MARKET CAP 618,750 ENTERPRISE VALU 583,706
EV / EBITDA 396,000 PLUS: DEBT 55,000 PLUS: CASH 357,583
AVERAGE 664,200 LESS: CASH 357,583 LESS: DEBT 55,000
ENTERPRISE VALU 316,167 EQUITY VALUE 886,289

EQUITY VALUE / EQUITY VALUE /

33.00 47.27
SHARE SHARE

MARKET VALUE vs. INTRINSIC VALUE

 MARKET VALUE 33.00
UPSIDE 14.27
INTRINSIC VALUE 47.27

RATE OF RETURN
TARGET PRICE UPSIDE 43%
INTERNAL RATE OF RETURN (I 30%
DCF MODEL TEMPLATE
User to complete non-shaded cells only.
MARKET VALUE vs INTRINSIC VALUE CASH FLOW
Эта диаграмма недоступна в вашей версии Excel. $1

Изменение этой фигуры или сохранение книги в другом

формате приведет к остаточному повреждению диаграммы.

$1

$0 $0 $0 $0 $0
$0
2025 2026 2027 2028 2029

ASSUMPTIONS DISCOUNTED CASH FLOW ENTRY 2025 2026 2027 2028 2029 EXIT
TAX RATE 0% DATE 06/30/25 06/30/25 06/30/26 06/30/27 06/30/28 06/30/29 06/30/29
DISCOUNT RATE 0% TIME PERIODS 0 1 2 3 4
PERPETUAL GROWTH RATE 0% YEAR FRACTION - 1.00 1.00 1.00 1.00
EV/EBITDA MULTIPLE ex. 2.5x 1.0 EBIT - - - - -
TRANSACTION DATE 06/30/25 LESS: CASH TAXES - - - - -
FISCAL YEAR END 06/30/25 PLUS: D&A - - - - -
CURRENT PRICE 0.00 LESS: CAPEX - - - - -
SHARES OUTSTANDING 0 LESS: CHANGES IN NWC - - - - -
DEBT 0 UNLEVERED FCF - - - - -
CASH 0 (ENTRY) / EXIT - -
CAPEX 0 TRANSACTION CF - - - - - - -

TERMINAL VALUE MARKET VALUE INTRINSIC VALUE

PERPETUAL GROWTH 0 MARKET CAP - ENTERPRISE VALU -
EV / EBITDA - PLUS: DEBT - PLUS: CASH -
AVERAGE - LESS: CASH - LESS: DEBT -
ENTERPRISE VALU - EQUITY VALUE -

EQUITY VALUE / EQUITY VALUE /

-
SHARE SHARE

MARKET VALUE vs. INTRINSIC VALUE

 MARKET VALUE -
UPSIDE
INTRINSIC VALUE -

RATE OF RETURN
TARGET PRICE UPSIDE
INTERNAL RATE OF RETURN (I
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