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Revenue Assumptions
$M
Revenue Growth Rate
%
Margins & Operating
%
%
%
%
%
Discount & Terminal
%
%
Enterprise Value
$246.4M
PV of FCFs
$62.5M
PV of Terminal Value
$183.9M
TV as % of EV
74.6%
5-Year FCF Projections ($M)
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Revenue | $110.0M | $121.0M | $133.1M | $146.4M | $161.1M |
| EBITDA | $27.5M | $30.3M | $33.3M | $36.6M | $40.3M |
| D&A | $3.3M | $3.6M | $4.0M | $4.4M | $4.8M |
| EBIT | $24.2M | $26.6M | $29.3M | $32.2M | $35.4M |
| Taxes | $6.1M | $6.7M | $7.3M | $8.1M | $8.9M |
| NOPAT | $18.2M | $20.0M | $22.0M | $24.2M | $26.6M |
| Capex | $5.5M | $6.1M | $6.7M | $7.3M | $8.1M |
| Δ Working Capital | $2.2M | $2.4M | $2.7M | $2.9M | $3.2M |
| Free Cash Flow | $13.8M | $15.1M | $16.6M | $18.3M | $20.1M |
| PV of FCF | $12.5M | $12.5M | $12.5M | $12.5M | $12.5M |
Valuation Bridge
Terminal Value (Undiscounted)
$296.2M
FCF×(1+g) / (WACC-g)
PV of Terminal Value
$183.9M
Discounted back 5 years
Implied Enterprise Value
$246.4M
PV of FCFs + PV of TV
Sensitivity Analysis — Enterprise Value ($M)
WACC (rows) vs. Terminal Growth Rate (columns)
| WACC \ TGR | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| 8.0% | $299.0M | $321.4M | $348.3M | $381.2M | $422.3M |
| 9.0% | $254.9M | $270.6M | $288.9M | $310.5M | $336.4M |
| 10.0% | $221.9M | $233.3M | $246.4M | $261.5M | $279.2M |
| 11.0% | $196.2M | $204.9M | $214.6M | $225.7M | $238.3M |
| 12.0% | $175.7M | $182.5M | $190.0M | $198.3M | $207.7M |
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