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DCF Model - Power Generation: Strictly Confidential

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233 views

DCF Model - Power Generation: Strictly Confidential

Uploaded by

Abhishek
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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DCF Model - Power Generation Strictly Confidential

Table of Contents
DCF Model

Notes
This Excel model is for educational purposes only and should not be used for any other reason.
All content is Copyright material of CFI Education Inc.
https://corporatefinanceinstitute.com/

© 2019 CFI Education Inc.


All rights reserved.  The contents of this publication, including but not limited to all written material, content layout, images, formulas, and code, are protected under international copyright and trademark laws.  
DCF Model - Power Generation

Assumptions This chart isn't available in your version of Excel.


Tax Rate 0% Cash Flow
Discount Rate 12% $70,000
Editing this shape or saving this workbook into a
$62,768 different file format will permanently break the chart.
Perpetural Growth Rate 5% $58,184
$60,000 $55,466
$50,489
EV/EBITDA Mulltiple 7.0x $50,000
Transaction Date 12/31/2017 $40,000
Fiscal Year End 6/30/2018
$30,000 $23,724
Current Price 25.00
$20,000
Shares Outstanding 20,000
$10,000
Debt 30,000
$0
Cash 239,550 2018 2019 2020 2021 2022
Capex 15,000

Discounted Cash Flow Entry 2018 2019 2020 2021 2022 Exit Terminal Value
Date 12/31/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2022 Perpetural Growth
Time Periods 0 1 2 3 4 EV/EBITDA
Year Fraction 0.50 1.00 1.00 1.00 1.00 Average
EBIT 47,814 51,095 55,861 58,693 63,039
Less: Cash Taxes - - - - -
Plus: D&A 15,008 15,005 15,003 15,002 15,001
Less: Capex 15,000 15,000 15,000 15,000 15,000
Less: Changes in NWC 375 611 398 511 272
Unlevered FCF 47,448 50,489 55,466 58,184 62,768
(Entry)/Exit (290,450) 743,896
Transaction CF - 23,724 50,489 55,466 58,184 62,768 743,896
Transaction CF (290,450) 23,724 50,489 55,466 58,184 62,768 743,896

Intrinsic Value Market Value Rate of Return


Enterprise Value 630,454 Market Cap 500,000 Target Price Upside
Plus: Cash 239,550 Plus: Debt 30,000 Internal Rate of Return (IRR)
Less: Debt 30,000 Less: Cash 239,550
Equity Value 840,003 Enterprise Value 290,450 Market Value vs Intrinsic Value
Market Value
Equity Value/Share 42.00 Equity Value/Share 25.00 Upside
Intrinsic Value
Instructions
Step 1: Get EBIT and D&A from the income statement This file is for educational purposes only. E&OE
Step 2: Calculate the net working capital
There are two ways to find NWC:
1. NWC = Current Assets (less cash) - Current Liabilities (less debt)
2. NWC = Accounts Receivable + Inventory - Accounts Payable

Corporate Finance Institute®


https://corporatefinanceinstitute.com/
n your version of Excel.

g this workbook into a


ermanently break the chart.

941,515
546,278
743,896

68%
37%

vs Intrinsic Value
25.00
17.00
42.00
ucational purposes only. E&OE

orporate Finance Institute®


orporatefinanceinstitute.com/

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