DCF Model

Assumptions
Tax Rate 25% Cash Flow
Discount Rate 16% 100%
Perpetural Growth Rate 3%
80%
EV/EBITDA Mulltiple 7.0x
Transaction Date 12/31/2013 60%
Fiscal Year End 6/30/2014 -$7,296,375 -$14,462,290 $5,203,602 $6,771,739 $8,981,478 $7,896,228 $6,756,978 $5,560,728
40%
Current Price 101,462.00
Shares Outstanding 1,000 20%
Debt 52,766,000
0%
Cash 25,690,000 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020
Capex + Working Capital Inve 15,000,000

Discounted Cash Flow Entry 2013 2014 2015 2016 2017 2018 2019
Date 12/31/2013 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019
Time Periods -1 0 1 2 3 4 5
Year Fraction 1.00 1.00 1.00 1.00 1.00 1.00 1.00
EBIT 6,272,000 51,095 6,272,000 8,363,000 11,309,000 9,862,000 8,343,000
Less: Cash Taxes 1,568,000 12,774 1,568,000 2,090,750 2,827,250 2,465,500 2,085,750
Plus: D&A 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Less: Capex & Working Capital Investment 15,000,000 17,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Less: Changes in NWC 375 611 398 511 272 272 272
Unlevered FCF (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978
(Entry)/Exit (128,538,000)
Transaction CF 25,690 (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978
Transaction CF (128,538,000) (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978

Market Value
Market Cap 101,462,000 - -
Plus: Debt 52,766,000 - -
Less: Cash 25,690,000 - -
Enterprise Value 128,538,000 - -

Equity Value/Share 101,462.00 - -

 This chart isn't available in your version of Excel.
Cash Flow
Editing this shape or saving this workbook into a
different file format will permanently break the chart.

7,896,228 $6,756,978 $5,560,728 $10,791,228 $9,472,728 $8,087,478 $6,633,228 $9,133,228

1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

2020 2021 2022 2023 2024 2025 Exit Terminal Value

6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2025 Perpetural Growth 72,841,908
6 7 8 9 10 11 EV/EBITDA 100,163,000
1.00 1.00 1.00 1.00 1.00 1.00 Average 86,502,454
6,748,000 13,722,000 11,964,000 10,117,000 8,178,000 8,178,000
1,687,000 3,430,500 2,991,000 2,529,250 2,044,500 2,044,500
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 -
272 272 272 272 272 272
5,560,728 10,791,228 9,472,728 8,087,478 6,633,228 9,133,228
86,502,454
5,560,728 10,791,228 9,472,728 8,087,478 6,633,228 9,133,228 86,502,454
5,560,728 10,791,228 9,472,728 8,087,478 6,633,228 9,133,228 86,502,454

- -
- -
- -
- -
- -
Rate of Return
- - - - Target Price Upside -100%
- - - - Internal Rate of Return (IRR) 1%
- - - -
- - - - Market Value vs Intrinsic Value
Market Value 101,462.00
- - - - Upside (101,462.00)
Intrinsic Value -