Discounted Cash Flow

Market Assumptions
Risk Free Rate
Market Risk Premium

Equity Assumptions
Beta
Cost of Equity
MV of Equity est ($M)

Debt Assumptions
Pre-Tax Cost of Debt
Effective Tax Rate
After-Tax Cost of Debt
MV of Debt est ($M)

Firm Assumptions
Firm Value est ($M)
Debt-to-MV Ratio
WACC
Initial Cash Flow
Long-Term (Terminal) Growth Rate

Analysis of Historical FCF Data $M %Change

2012
2013
2014
2015
2016

Average Cash Flow #DIV/0!

Geometric Avg Growth Rate #DIV/0!
 Valuation Model
Cal Year Year Gr.Rate FCF ($M) Term. Val.
2017 0
2018 1
2019 2
2020 3
2021 4
2022 5
2023 6
Total PV

Firm Value

Debt Value
Equity Value
Shares Outstanding

Intrinsic Value/Share

Market Price/Share