1
2
3
4
5
6
7
8
9
10
FCFF
Terminal Value
Present Value
($3,526.30)
($3,098.58)
($1,761.25)
($1,359.90)
($902.69)
($612.45)
($471.71)
($281.22)
$21.87
$11.46
$391.84
$181.79
$832.27
$344.93
$948.67
$354.60
$1,407.33
$479.42
$1,461.44 $28,683.17
$9,509.89
$5,529.92
-0.283025273
0.388578732
d2 =
N (d2) =
-1.732162947
0.041622277
$0.38
38
$14.31
38
886
6.50%
0.2500
0.00%
6.50%
EBIT
NOL at beginning of year
Taxes
-$1,675
$2,075
0
-$1,738
$3,750
$0
-$1,565
$5,487
$0
-$1,272
$7,052
$0
$320
$8,324
$0
$1,074
$8,004
$0
$1,550
$6,931
$0
$1,697
$5,381
$0
$2,186
$3,685
$0
$2,694
$1,498
$419
$3,248
$0
$1,137
EBIT (1-t)
-$1,675
-$1,738
-$1,565
-$1,272
$320
$1,074
$1,550
$1,697
$2,186
$2,276
$2,111
0.13
0.41666667
YearCap ExCap Ex Growth
Depreciation
Depreciation Growth
Net Cap ex
1 ##### -20.00%
$1,580
10.00%
$1,852
2 ##### -50.00%
$1,738
10.00%
-$22
3 ##### -30.00%
$1,911
10.00%
-$710
4 #####
5.00%
$2,102
10.00%
-$841
5 #####
5.00%
$1,051
-50.00%
$273
6 #####
5.00%
$736
-30.00%
$654
7 #####
5.00%
$773
5.00%
$687
8 #####
5.00%
$811
5.00%
$721
9 #####
5.00%
$852
5.00%
$758
10 #####
5.00%
$894
5.00%
$795
Term.####
Year
Capital Expenditures
$3,431
$1,716
$1,201
$1,261
$1,324
$1,390
$1,460
$1,533
$1,609
$1,690
$2,353
0.7527
0.078108
$10,346.39
Page 5
($1,895.00)
(in currency)
($4,040.00)
(in currency)
Current Dividends =
( in currency)
$415.00
(in currency)
$4,289.00
(in currency)
Current Depreciation =
$1,436.00
(in currency)
35.00%
(in percent)
Current Revenues =
$3,804.00
( in currency)
($110.50)
(in currency)
($63.00)
(in currency)
$2,260.00
$7,647.00
( in currency)
$6,884.00
(in currency)
$2,075.00
Yes
( Yes or No)
$1.86
(in currency)
886.47
(in #)
$4,922.75
( in currency)
(Yes or No)
(in percent)
10
(in years)
No
(Yes or No)
Costs of Components
Do you want to enter cost of equity directly?
If yes, enter the cost of equity =
(in percent)
Page 6
Riskfree rate=
4.80%
(in percent)
Risk Premium=
4.00%
(in percent)
12.80%
( in percent)
Earnings Inputs
Please enter year-specific inputs for each of the following variables:
Year
-3%
as % of Revenue
-20%
10%
3.00%
-50%
10%
3.00%
40.00%
30.00%
5.00%
-30%
10%
3.00%
20.00%
10.00%
5%
10%
3.00%
10.00%
15.00%
5%
-50%
3.00%
10.00%
18.00%
5%
-30%
3.00%
10.00%
21.00%
5%
5%
3.00%
8.00%
24.00%
5%
5%
3.00%
6.00%
27.00%
5%
5%
3.00%
10
5.00%
30.00%
5%
5%
3.00%
5.00%
(in percent)
30.00%
(in percent)
(in percent)
Yes
(Yes or No)
1.00
Compounded Avg
10%
Do you want to change the debt ratio in the stable growth period?
Yes
(Yes or No)
If yes, enter the debt ratio for the stable growth period =
40%
(in percent)
Yes
(Yes or No)
8.00%
( in percent)
Page 7
7.36%
Page 8
(Yes or No)
110%
16.80%
Equity/(Debt+Equity ) =
25.09%
8.32%
Debt/(Debt +Equity) =
74.91%
Cost of Capital =
10.45%
Page 9
$3,804.00
$5,325.60
$6,923.28
$8,307.94
$9,138.73
- Operating Expenses
$3,899.10
$5,325.60
$6,577.12
$7,477.14
$7,767.92
- Depreciation
$1,579.60
$1,737.56
$1,911.32
$2,102.45
$1,051.22
EBIT
($1,674.70)
($1,737.56)
($1,565.15)
($1,271.65)
$319.59
EBIT (1-t)
($1,674.70)
($1,737.56)
($1,565.15)
($1,271.65)
$319.59
+ Depreciation
$1,579.60
$1,737.56
$1,911.32
$2,102.45
$1,051.22
$1,715.60
$1,200.92
$1,260.97
$1,324.01
$45.65
$47.93
$41.54
$24.92
Revenues
- EBIT*t
($3,526.30)
($1,761.25)
($902.69)
($471.71)
$21.87
Present Value
($3,098.58)
($1,359.90)
($612.45)
($281.22)
$11.46
NOL
$3,749.70
$5,487.26
$7,052.41
$8,324.07
$8,004.48
3.00
3.00
3.00
3.00
3.00
Cost of Equity
16.80%
16.80%
16.80%
16.80%
16.80%
Cost of Debt
12.80%
12.80%
12.80%
12.80%
12.80%
Debt Ratio
74.91%
74.91%
74.91%
74.91%
74.91%
Cost of Capital
13.80%
13.80%
13.80%
13.80%
13.80%
Cum. WACC
1.13804
1.29513
1.47390
1.67735
1.90889
Index
5.00%
$676.92
8.80%
60.00%
5.20%
40.00%
7.36%
$28,683.17
Page 10
($3,518.92)
$9,048.85
$5,529.92
$2,260.00
$4,922.75
$2,867.17
1
$3,804
($95)
$1,580
($1,675)
($1,675)
$1,580
$3,431
($3,526)
$14.31
$2,852.86
Revenues
EBITDA
- Depreciation
EBIT
EBIT (1-t)
+ Depreciation
- Cap Ex
- Chg WC
FCFF
4991.6447
$3.22
2
$5,326
$1,738
($1,738)
($1,738)
$1,738
$1,716
$46
($1,761)
3
$6,923
$346
$1,911
($1,565)
($1,565)
$1,911
$1,201
$48
($903)
Page 11
4
$8,308
$831
$2,102
($1,272)
($1,272)
$2,102
$1,261
$42
($472)
5
$9,139
$1,371
$1,051
$320
$320
$1,051
$1,324
$25
$22
Model
Page 12
Page 13
2.548309587
Page 14
Page 15
Page 16
10
Terminal Year
$10,052.60
$11,057.86
$11,942.49
$12,659.04
$13,291.99
$13,956.59
$8,243.13
$8,735.71
$9,434.57
$9,620.87
$9,703.16
$9,769.62
$735.86
$772.65
$811.28
$851.85
$894.44
$939.16
$1,073.61
$1,549.50
$1,696.64
$2,186.32
$2,694.40
$3,247.82
$418.60
$1,136.74
$1,073.61
$1,549.50
$1,696.64
$2,186.32
$2,275.80
$2,111.08
$735.86
$772.65
$811.28
$851.85
$894.44
$939.16
$1,390.22
$1,459.73
$1,532.71
$1,609.35
$1,689.82
$2,353.38
$27.42
$30.16
$26.54
$21.50
$18.99
$19.94
$391.84
$832.27
$948.67
$1,407.33
$1,461.44
$676.92
$181.79
$344.93
$354.60
$479.42
$461.05
$6,930.87
$5,381.37
$3,684.73
$1,498.40
1
16%
35%
2.60
2.20
1.80
1.40
1.00
1.00
15.20%
13.60%
12.00%
10.40%
8.80%
8.80%
11.84%
10.88%
9.92%
8.96%
6.76%
5.20%
67.93%
60.95%
53.96%
46.98%
40.00%
40.00%
12.92%
11.94%
10.88%
9.72%
7.98%
7.36%
2.15547
2.41288
2.67534
2.93548
3.16982
0.679347826
Page 17
6
$10,053
$1,809
$736
$1,074
$1,074
$736
$1,390
$27
$392
7
$11,058
$2,322
$773
$1,550
$1,550
$773
$1,460
$30
$832
8
$11,942
$2,508
$811
$1,697
$1,697
$811
$1,533
$27
$949
9
$12,659
$3,038
$852
$2,186
$2,186
$852
$1,609
$21
$1,407
Page 18
10
$13,292
$3,589
$894
$2,694
$2,276
$894
$1,690
$19
$1,461
Terminal Year
$13,957
$4,187
$939
$3,248
$2,111
$939
$2,353
$20
$677