6a02d65b A005 DCF Discounted Cash Flow Model

Integrated Financial Statements
Company Name
(000s)
INCOME STATEMENT
Historical
Historical
Projected
Projected
Projected
Projected
20X1
20X2
20X3
20X4
20X5
20X6
Projected
20X7
Revenue
Growth (%)
74,452
NA
83,492
12.1%
91,841
10.0%
101,025
10.0%
111,128
10.0%
122,241
10.0%
134,465
10.0%
Cost of Goods Sold

% of Sales
64,440
86.6%
72,524
86.9%
79,634
86.7%
87,597
86.7%
96,357
86.7%
105,992
86.7%
116,592
86.7%
Gross Profit
% of Sales
10,012
13.4%
10,968
13.1%
12,208
13.3%
13,428
13.3%
14,771
13.3%
16,248
13.3%
17,873
13.3%
Operating Expenses (SG&A)

% of Sales
6,389
8.6%
6,545
7.8%
7,540
8.2%
8,294
8.2%
9,124
8.2%
10,036
8.2%
11,040
8.2%
Operating Income (EBIT)
3,623
4,423
4,667
5,134
5,647
6,212
6,833
Interest Expense
1,600
1,600
800
800
800
800
800
Pretax Income
2,023
2,823
3,867
4,334
4,847
5,412
6,033
708
NM
988
NM
1,354
35.0%
1,517
35.0%
1,697
35.0%
1,894
35.0%
2,112
35.0%
Net Income
1,315
1,835
2,514
2,817
3,151
3,518
3,922
Operating Income (EBIT)

Depreciation
Amortization
EBITDA
3,623
662
0
4,285
4,423
745
0
5,168
4,667
818
0
5,485
5,134
900
0
6,034
5,647
990
0
6,637
6,212
1,089
0
7,301
6,833
1,198
0
8,031
Income Tax Expense

Tax Rate
BALANCE SHEET
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Fixed Assets
PP&E, Net of Accum. Depreciation
TOTAL ASSETS
Current Liabilities
Accounts Payable
Line of Credit
Current Maturities of Long Term Debt
Total Current Liabilities
Long Term Liabilities
Long Term Debt, Net of Current Maturities
TOTAL LIABILITIES
Common Stock
Additional Paid In Capital
Retained Earnings
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Check
20X1
6,773
7,750
4,800
456
19,779
20X3
7,000
8,852
5,700
1,849
23,401
20X4
8,739
9,649
6,095
1,849
26,331
20X5
10,622
10,614
6,705
1,849
29,789
20X6
12,768
11,675
7,375
1,849
33,667
20X7
15,210
12,842
8,113
1,849
38,014
17,987
14,127
8,924
1,849
42,886
5,457
5,466
5,548
5,623
5,683
5,719
5,721
25,236
28,867
31,879
35,412
39,350
43,733
48,607
5,665
0
0
5,665
6,656
0
0
6,656
7,155
0
0
7,155
7,870
0
0
7,870
8,657
0
0
8,657
9,523
0
0
9,523
10,475
0
0
10,475
10,000
10,000
10,000
10,000
10,000
10,000
10,000
15,665
16,656
17,155
17,870
18,657
19,523
20,475
15
5,000
4,556
9,571
15
5,000
7,196
12,211
15
5,000
9,710
14,725
15
5,000
12,527
17,542
15
5,000
15,678
20,693
15
5,000
19,195
24,210
15
5,000
23,117
28,132
25,236
28,867
31,879
35,412
39,350
43,733
48,607
0.0
0.0
0.0
0.0
0.0
0.0
0.0
38
27
32
39
29
33
38
28
33
38
28
33
38
28
33
38
28
33
38
28
33
BALANCE SHEET ASSUMPTIONS

AR Days
Inventory Days
AP Days
CASH FLOW STATEMENT
20X2
20X1
20X2
20X3
CASH FLOW FROM OPERATING ACTIVITIES

Net Income
Add Back Non-Cash Items
Depreciation
Amortization
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable
Net Cash Provided by Operating Activities
20X4
20X7
2,817
3,151
3,518
3,922
818
0
900
0
990
0
1,089
0
1,198
0
(797)
(395)
499
(965)
(610)
715
(1,061)
(670)
787
(1,167)
(738)
866
(1,284)
(811)
952
3,196
3,568
3,976
(1,050)
(1,050)
(1,125)
(1,125)
(1,200)
(1,200)
(900)
(900)
CASH FLOW FROM FINANCING ACTIVITIES

Revolving Credit Facility (Line of Credit)
Long Term Debt
Net Cash Provided by (Used in) Fnce Activities
Net Cash Flow
Beginning Cash Balance
Ending Cash Balance
20X6
2,514
2,639
CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditures - Purchase of PP&E
Net Cash Used in Investing Activities
20X5
2,858
(975)
(975)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,739
7,000
8,739
1,883
8,739
10,622
2,146
10,622
12,768
2,443
12,768
15,210
2,776
15,210
17,987
Supporting Schedules
Company Name
(000s)
DEBT SCHEDULE
20X1
Cash Balance @ Beg of Year (End of Last Year)

Plus: Free Cash Flow from Operations and Investing
Plus: Free Cash Flow from Financing (BEFORE L.O.C.)
Less: Minimum Cash Balance
Total Cash Available or (Required) from L.O.C.
Line of Credit
20X2
20X3
7,000
1,739
0
2,000
6,739
0
10,000
0
10,000
0
10,000
0
20X4
20X5
20X6
20X7
8,739
1,883
0
2,000
8,622
0
10,622
2,146
0
2,000
10,768
0
12,768
2,443
0
2,000
13,210
0
15,210
2,776
0
2,000
15,987
0
10,000
0
10,000
0
10,000
0
10,000
0
Debt
Long Term Debt, Net of Current Maturities
Current Portion of Long Term Debt
Interest Expense
Interest Rate on Long Term Debt
Interest Rate on Line of Credit
8.0%
5.0%
8.0%
5.0%
8.0%
5.0%
8.0%
5.0%
8.0%
5.0%
Interest Expense on Long Term Debt

Interest Expense on Line of Credit
800
0
800
0
800
0
800
0
800
0
800
800
800
800
800
Total Interest Expense

PP&E SCHEDULE
20X1
20X2
Beg: PP&E, Net of Accum. Depreciation

Plus: Capital Expenditures
Less: Depreciation
Depreciation as % of Revenues
End: PP&E, Net of Accum. Depreciation
Used To Project
0.89%
0.89%
20X3
20X4
20X5
20X6
20X7
5,466
900
5,548
975
5,623
1,050
5,683
1,125
5,719
1,200
818
0.89%
900
0.89%
990
0.89%
1,089
0.89%
1,198
0.89%
5,548
5,623
5,683
5,719
5,721
Company Name
(000s)
FREE CASH FLOW (FCF)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Capital Expenditures
Change in Working Capital
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403
WEIGHTED AVERAGE COST OF CAPITAL (WACC)

Weighted Average Cost of Capital
Cost of Equity
Risk Free Rate
Expected Market Return
Cost of Debt
Tax Rate
Cost of Debt
Beta
After Tax Cost of Debt
Cost of Equity
E / (D+E)
D / (D+E)
PRESENT VALUE OF CASH FLOWS (PV of CF)
20X3
Year 1
20X4
Year 2
20X5
Year 3
20X6
Year 4
Discount Factor
Present Value of Cash Flows
FIRM VALUE: PERPETUITY GROWTH RATE METHOD
Growth Rate in Perpetuity
WACC
PV of CF
PV of Terminal Value
+
Firm Value
=
FIRM VALUE: EBITDA MULTIPLE METHOD

EBITDA Multiple
WACC
PV of CF
+
Firm Value
=
20X7
Year 5
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Cost of Debt
Beta
Cost of Equity
Cost of Debt
Tax Rate
1.5
8.0%
35.0%
5.2%
15.00%
E / (D+E)
70.0%
D / (D+E)
20X3
Year 1
30.0%
20X4
Year 2
20X5
Year 3
20X6
Year 4
Discount Factor
WACC
PV of CF
+
Firm Value
=

EBITDA Multiple
WACC
PV of CF
+
Firm Value
=
20X7
Year 5
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Cost of Debt
Beta
Cost of Equity
Cost of Debt
Tax Rate
1.5
8.0%
35.0%
5.2%
15.00%
E / (D+E)
70.0%
D / (D+E)
20X3
Year 1
Discount Factor
0.89
2,016
30.0%
20X4
Year 2
20X5
Year 3
0.80
1,914
0.71
1,895
20X6
Year 4
0.63
1,879

WACC
PV of CF
+
Firm Value
=

EBITDA Multiple
WACC
PV of CF
+
Firm Value
=
20X7
Year 5
0.57
1,865
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Cost of Debt
Beta
Cost of Debt
Tax Rate
1.5
Cost of Equity
8.0%
35.0%
5.2%
15.00%
E / (D+E)
70.0%
D / (D+E)
20X3
Year 1
Discount Factor
0.89
2,016
30.0%
20X4
Year 2
20X5
Year 3
0.80
1,914
0.71
1,895
20X6
Year 4
0.63
1,879

3.5%
WACC
12.1%
PV of CF
9,568
22,555
=
Firm Value
32,123
Firm Value

EBITDA Multiple
WACC
PV of CF
+
20X7
Year 5
0.57
1,865
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Cost of Debt
Beta
Cost of Debt
Tax Rate
1.5
Cost of Equity
8.0%
35.0%
5.2%
15.00%
E / (D+E)
70.0%
D / (D+E)
20X3
Year 1
Discount Factor
0.89
2,016
30.0%
20X4
Year 2
20X5
Year 3
0.80
1,914
0.71
1,895
20X6
Year 4
0.63
1,879

3.5%
WACC
12.1%
PV of CF
9,568
22,555
=
Firm Value
32,123
PV of CF
9,568
27,270
=
Firm Value
36,838

EBITDA Multiple
6.0x
WACC
12.1%
20X7
Year 5
0.57
1,865
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
20X5
20X6
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Beta
Cost of Equity
E / (D+E)
Cost of Debt
1.5

3.5%
Terminal Value
39,856
Firm Value
32,123

EBITDA Multiple
Terminal Value
Cost of Debt
Tax Rate
8.0%
35.0%
5.2%
15.00%
70.0%
6.0x
48,187
20X7
4,667
1,634
35.0%
3,034
D / (D+E)
30.0%
Company Name
(000s)
20X3
EBIT
Tax
Tax Rate
Tax-Effected EBIT
20X5
20X6
20X7
5,134
1,797
35.0%
3,337
5,647
1,977
35.0%
3,671
6,212
2,174
35.0%
4,038
6,833
2,392
35.0%
4,442
818
0
900
0
990
0
1,089
0
1,198
0
(900)
(693)
(975)
(859)
(1,050)
(945)
(1,125)
(1,039)
(1,200)
(1,143)
2,666
2,963
3,296
Plus:
Depreciation
Amortization
Less:
Free Cash Flow
20X4
4,667
1,634
35.0%
3,034
2,259
2,403

12.1%
Cost of Equity
Risk Free Rate
3.0%
11.0%
Cost of Debt
Beta
Cost of Debt
Tax Rate
1.5
Cost of Equity
8.0%
35.0%
5.2%
15.00%
E / (D+E)
70.0%
D / (D+E)
20X3
Year 1
Discount Factor
0.89
2,016
30.0%
20X4
Year 2
20X5
Year 3
0.80
1,914
0.71
1,895
20X6
Year 4
0.63
1,879

3.5%
WACC
12.1%
PV of CF
9,568
22,555
=
Firm Value
32,123
PV of CF
9,568
27,270
=
Firm Value
36,838

EBITDA Multiple
6.0x
WACC
12.1%
20X7
Year 5
0.57
1,865

6a02d65b A005 DCF Discounted Cash Flow Model

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

6a02d65b A005 DCF Discounted Cash Flow Model

Încărcat de

Drepturi de autor:

Formate disponibile

Integrated Financial Statements

Cost of Goods Sold

Operating Expenses (SG&A)

Operating Income (EBIT)

Operating Income (EBIT)

Income Tax Expense

BALANCE SHEET ASSUMPTIONS

CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

Cash Balance @ Beg of Year (End of Last Year)

Interest Expense on Long Term Debt

Total Interest Expense

Beg: PP&E, Net of Accum. Depreciation

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

Present Value of Cash Flows

FIRM VALUE: PERPETUITY GROWTH RATE METHOD

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

Present Value of Cash Flows

FIRM VALUE: PERPETUITY GROWTH RATE METHOD

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

Present Value of Cash Flows

FIRM VALUE: PERPETUITY GROWTH RATE METHOD

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

FIRM VALUE: PERPETUITY GROWTH RATE METHOD

FIRM VALUE: EBITDA MULTIPLE METHOD

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

After Tax Cost of Debt

PRESENT VALUE OF CASH FLOWS (PV of CF)

Present Value of Cash Flows

FIRM VALUE: PERPETUITY GROWTH RATE METHOD

FIRM VALUE: EBITDA MULTIPLE METHOD

S-ar putea să vă placă și