Scribd
Upload
165 views15 pages

DCF - Interactive Exercise (Template)

The document outlines revenue projections and cash flow forecasts for multiple years. It includes details on sales volume, pricing, revenue, costs, capex, taxes, and cash flow. Financial metrics like EBITDA, WACC, beta, and valuation multiples are also presented.

Uploaded by

marie.courlier
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
165 views15 pages

DCF - Interactive Exercise (Template)

The document outlines revenue projections and cash flow forecasts for multiple years. It includes details on sales volume, pricing, revenue, costs, capex, taxes, and cash flow. Financial metrics like EBITDA, WACC, beta, and valuation multiples are also presented.

Uploaded by

marie.courlier
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 15

Revenue Schedule

All figures in USD thousands unless stated 2020A 2021A 2022A 2023F 2024F 2025F 2026F 2027F Term

Days in Period 365 365 365 365 365 365 365 365 365 365
Plant Capacity 2,000

OPERATIONS

Sales Volume Growth 3.7% 6.3% 4.0% 3.0% 3.0% 2.0% 1.0% 1.0%

Sales Volume (Units/Day) 1,519 1,575 1,675


Plant Capacity (Units/Day) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Operational Efficiency 75.9% 78.8% 83.8% – – – – – 0.0%

VOLUME

Days in Period
Sales Volume (Units/Day)
Sales Volume (Units)

PRICING

Pricing Increases 14.9% 9.4% 5.0% 4.0% 3.0% 2.0% 1.0% 0.5%
Unit Price (USD/Unit) 27.85 32.00 35.00 36.75 38.22 39.37 40.15 40.56 40.76

REVENUE

Sales Volume (Units)


Sales Price (USD/Unit)
Revenue
Unlevered Free Cash Flow

All figures in USD thousands unless stated Year 1 Year 2

Revenue 15,123
Revenue Growth 10.0%

EBITDA
EBITDA Margin 28.0% 29.0%

Depreciation 1,200 1,250

Operating Profit

Tax Rate 20.0% 20.0%

Capex
Capex / Revenue 9.0% 9.0%

UNLEVERED FREE CASH FLOW

EBITDA
Current Taxes
Capital Expenditure 1
Cash from Working Capital 341 (325)
Unlevered Free Cash Flow

Assume 9.0% of revenue for capex.⁽¹⁾


Year 3 Year 4 Year 5

8.0% 6.0% 4.0%

30.0% 31.0% 31.0%

1,300 1,300 1,350

20.0% 20.0% 20.0%

9.0% 9.0% 9.0%

387 (301) (390)


Unlevered Free Cash Flow

All figures in USD thousands unless stated Year 1 Year 2

Revenue 15,123
Revenue Growth 10.0%

EBITDA
EBITDA Margin 28.0% 29.0%

Depreciation 1,200 1,250


Operating Profit

Interest Expense 800 800


EBT

Current Tax 210 225


Deferred Tax 237 330
Total Tax

Net Income

Capex
Capex / Revenue 9.0% 9.0%

UNLEVERED FREE CASH FLOW

Net Income
Depreciation
Deferred Tax
Interest Expense
Tax Shield From Interest (112) (313)
Capital Expenditure 1
Cash from Working Capital 341 (325)
Unlevered Free Cash Flow

Assume 9.0% of revenue for capex.⁽¹⁾


Year 3 Year 4 Year 5

8.0% 6.0% 4.0%

30.0% 31.0% 31.0%

1,300 1,300 1,350

800 800 800

253 265 274


405 496 524

9.0% 9.0% 9.0%

(443) (252) (252)

387 (301) (390)


Weighted Average Cost of Capital

Capital Structure

Current Target
Total Debt 45,000 30.0%
Market Capitalization 86,029
Total Capitalization

After-tax cost of debt 5.50%


Cost of equity 9.30%

WACC
Cost of Equity

Unlevered Beta 1.10


Levered Beta 1.40
Risk-free Rate 4.50%
Market Risk Premium 5.30%
Country Risk Premium 3.50%
Cost of Equity
Beta

Average Unlevered Beta 0.92


Target Debt-to-Equity 45.0%
Target Tax Rate 35.0%
Relevered Beta
Valuation – Perpetuity Growth

All figures in USD thousands unless stated Cash Flow Timing 22/06/30

Perpetuity Growth Rate 3.0%


WACC 8.8%

Unlevered Free Cash Flow

Discrete Forecast –
Terminal Value –
Total Cash Flow –

Enterprise Value (XNPV Method)


23/06/30 24/06/30 25/06/30 26/06/30 27/06/30 28/06/30

42,595 45,044 47,071 48,954 50,912 52,439

– – – –
Valuation – Terminal Multiple

All figures in USD thousands unless stated

Valuation
Terminal Multiple 10.0x (YY-MM-DD)
WACC 11.2% Fiscal Year End 23/03/31
Cash Flow Timing 23/03/31

Unlevered Free Cash Flow


EBITDA

UNADJUSTED CASH FLOW


Discrete Forecast Terminal –
Terminal Value 1 Adjustment –
Total Cash Flow 0.50

ADJUSTED CASH FLOW


Partial Period Adjustment –

Discrete Forecast –
Terminal Value –
Total Cash Flow

DISCOUNTED CASH FLOW


Years for Discounting –

Discrete Forecast –
Terminal Value –
Total Cash Flow

Enterprise Value (Manual Method)

We have applied an LTM multiple to the E


Discrete Forecast Term
(YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD)
23/12/31 24/12/31 25/12/31 26/12/31 27/12/31 28/12/31
23/06/30 24/06/30 25/06/30 26/06/30 27/06/30 28/06/30

42,595 45,044 47,071 48,954 50,912 51,930


77,825

– – – – –

d an LTM multiple to the EBITDA at the end of the terminal year to calculate the Terminal Value. ⁽ ¹⁾
DCF Schedule: Equity Value per Share

INPUTS
Terminal Growth 2.0%
WACC 13.5%
Net Debt (FD 000) 25,600
Shares Outstanding 15,250

All figures in USD thousands Valuation Discrete Forecast Term


(YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD)
Fiscal Year End 23/01/01 23/06/30 24/06/30 25/06/30 26/06/30
Cash Flow Timing 23/01/01 23/04/01 24/04/01 25/04/01 26/04/01

Unlevered Free Cash Flow – 26,200 28,800 30,250 30,855

UNADJUSTED CASH FLOW


Discrete Forecast
Terminal Value – – –
Total Cash Flow

Partial Period Adjustment –

ADJUSTED CASH FLOW


Discrete Forecast
Terminal Value
Total Cash Flow

Years for Discounting –

DISCOUNTED CASH FLOW


Discrete Forecast
Terminal Value
Total Cash Flow

ENTERPRISE VALUE EQUITY VALUE


Manual Method Enterprise Value
XNPV Function 1 Net Debt
Equity Value
EQUITY VALUE PER SHARE
Equity Value
Shares Outstanding (FD 000)
Equity Value ($/sh)

You might also like