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Online Training: Training The Street's online training delivers the same high-powered Training The Street, Inc. ● Corporate Valuation and instruction style featured at live seminars in an innovative com 275 Madison Avenue Suite 1201 ● Excel Best Practices video, on-demand online companion materials and dynamic Excel modeli New York, NY 10016 USA ● Financial Modeling drills. Our content is designed to equip or enhance your corporate v ● Merger Modeling and financial modeling skills to best prepare you for an interview, profession or a specific job function. Fax:+1 (704) 547-3261 Live Training: Corporate Valuation and Financial Modeling workshops ideal for industry Pubic Courses, professionals, students and prospective new hires. Evening & Weekend Classes Public Comparables, Acquisition Comparables, Financial Modeling Discounted Cash Flow, Merger Modeling, Leveraged Buyouts TTS Macros List? Do you want us to send you our latest updates? Tel: +1 (800) 887-1320 (in the United Stat +1 (704) 927-9688 (outside the Unite https://www.udemy.com/collection/training-the-street Email: [email protected] http://trainingthestreet.com/tts-university/public-courses/course-calendar/ http://trainingthestreet.com/macros

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Training the street DCF model

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Page 1: Dcf Model

Online Training: Training The Street's online training delivers the same high-powered materials Training The Street, Inc. ● Corporate Valuation and instruction style featured at live seminars in an innovative combination of 275 Madison Avenue Suite 1201 ● Excel Best Practices video, on-demand online companion materials and dynamic Excel modeling New York, NY 10016 USA ● Financial Modeling drills. Our content is designed to equip or enhance your corporate valuation ● Merger Modeling and financial modeling skills to best prepare you for an interview, a new

profession or a specific job function. Fax:+1 (704) 547-3261

Live Training: Corporate Valuation and Financial Modeling workshops ideal for industry Pubic Courses, professionals, students and prospective new hires. Evening & Weekend Classes Public Comparables, Acquisition Comparables, Financial Modeling

Discounted Cash Flow, Merger Modeling, Leveraged Buyouts

TTS Macros List? Do you want us to send you our latest updates?

Tel: +1 (800) 887-1320 (in the United States)

+1 (704) 927-9688 (outside the United States)

https://www.udemy.com/collection/training-the-street Email: [email protected]

http://trainingthestreet.com/tts-university/public-courses/course-calendar/

http://trainingthestreet.com/macros

https://www.udemy.com/collection/training-the-street
mailto:[email protected]
http://trainingthestreet.com/tts-university/public-courses/course-calendar/
http://trainingthestreet.com/macros
Page 2: Dcf Model

COPYRIGHT © by Training The Street, Inc For training purposes only!

Discounted Cash Flow Analysis for Sample CompanyDollars in Millions, except per share

Historical Projected 20X2-20X720X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7 CAGR

Sales $4,666.0 $4,791.9 $4,988.1 0.0% Cost of Goods Sold 3,498.8 3,767.7 3,893.1 Gross Profit 0.0 0.0 0.0 0.0%

Selling, General & Administrative 316.0 306.1 280.3 EBITDA 0.0 0.0 0.0 0.0% Less: Depreciation (85.0) (90.0) (115.1)Less: Amortization (0.5) (1.9) (3.4)EBIT 0.0 0.0 0.0 0.0% Less: Taxes @ 38.0% 0.0 0.0 0.0 Tax-effected EBIT 0.0 0.0 0.0 0.0%

Plus: Depreciation & Amortization 91.9 118.5 Less: Capital Expenditures (95.8) (120.6)Less: Additions to Intangibles (2.0) (4.0)+ / ( - ): Changes in Working Capital (19.2) (20.0)Unlevered Free Cash Flow $0.0 $0.0 0.0%

Historical ProjectedValue Drivers 20X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Sales Growth 0.0% 0.0% 4.0% flat lineCost of Goods Sold (as a % sales) 75.0% 0.0% 0.0% 78.0% flat lineSG&A (as a % sales) 6.8% 6.4% 5.6% 5.6% flat lineEBITDA Margin 0.0% 0.0% 0.0% CapEx (as a % sales) 2.0% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% Depreciation (as a % of CapEx) 93.9% 95.4% 98.0% 98.0% 98.0% 98.0% 98.0% Additions to Intangibles (amount) $2.0 $4.0 $5.0 $5.0 $5.0 $5.0 $5.0 Amortization (amount) 1.9 3.4 4.5 4.5 4.5 4.5 4.5 Changes in Working Capital (as a % of Sales) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)

Weighted Average Cost of Capital 8.00% Equity Value Per ShareTerminal Growth of Unlevered FCF 3.00% Sales Growth

$0.00 3.0% 3.5% 4.0% 4.5% NPV of Unlevered Free Cash Flow $0.0 76.8% Terminal Value 0.0 77.1% PV of Terminal Value 0.0 77.4% Enterprise Value $0.0 77.7% Less: Debt (523.0) COGS/Sales 78.0% Add: Cash 48.1 78.3% Equity Value $0.0 78.6%

78.9% Diluted Shares: 241.481 79.2%

Equity Value Per Share $0.00

J43
Training The Street: Link to output cell G61 Row input J37 Column input J38
G44
Training The Street, Inc.: =NPV(G48,J31:N31)
G45
Training The Street, Inc.: =(N31*(1+G49)) / (G48-G49)
G46
Training The Street, Inc.: =PV(G48,5,0,-G52)
G47
Training The Street, Inc.: =G51 + G53
G48
Training The Street, Inc.: Includes Preferred Stock and Non-controling Interest
G50
Training The Street, Inc.: =SUM(G54:G56)
G54
Training The Street, Inc.: =G57 / G59
Page 3: Dcf Model

COPYRIGHT © by Training The Street, Inc For training purposes only!

Discounted Cash Flow Analysis for Sample CompanyDollars in Millions, except per share

Historical Projected 20X2-20X720X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7 CAGR

Sales $4,666.0 $4,791.9 $4,988.1 $5,187.6 $5,395.1 $5,610.9 $5,835.4 $6,068.8 0.0% Cost of Goods Sold 3,498.8 3,767.7 3,893.1 4,046.3 4,208.2 4,376.5 4,551.6 4,733.7 Gross Profit 1,167.2 1,024.2 1,095.0 0.0 0.0 0.0 0.0 0.0 0.0%

Selling, General & Administrative 316.0 306.1 280.3 290.5 302.1 314.2 326.8 339.9 EBITDA 851.2 718.1 814.7 0.0 0.0 0.0 0.0 0.0 0.0% Less: Depreciation (85.0) (90.0) (115.1) 0.0 0.0 0.0 0.0 0.0 Less: Amortization (0.5) (1.9) (3.4) 0.0 0.0 0.0 0.0 0.0 EBIT 765.7 626.2 696.2 0.0% Less: Taxes @ 38.0% (291.0) (238.0) (264.6)Tax-effected EBIT 474.7 388.2 431.6 0.0%

Plus: Depreciation & Amortization 91.9 118.5 Less: Capital Expenditures (95.8) (120.6)Less: Additions to Intangibles (2.0) (4.0)+ / ( - ): Changes in Working Capital (19.2) (20.0)Unlevered Free Cash Flow $363.1 $405.5 0.0%

Historical ProjectedValue Drivers 20X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Sales Growth 2.7% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% Cost of Goods Sold (as a % sales) 75.0% 78.6% 78.0% 78.0% 78.0% 78.0% 78.0% 78.0% SG&A (as a % sales) 6.8% 6.4% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% EBITDA Margin 18.2% 15.0% 16.3% 0.0% 0.0% 0.0% 0.0% 0.0% CapEx (as a % sales) 2.0% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% Depreciation (as a % of CapEx) 93.9% 95.4% 98.0% 98.0% 98.0% 98.0% 98.0% Additions to Intangibles (amount) $2.0 $4.0 $5.0 $5.0 $5.0 $5.0 $5.0 Amortization (amount) 1.9 3.4 4.5 4.5 4.5 4.5 4.5 Changes in Working Capital (as a % of Sales) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)

Weighted Average Cost of Capital 8.00% Equity Value Per ShareTerminal Growth of Unlevered FCF 3.00% Sales Growth

$0.00 3.0% 3.5% 4.0% 4.5% NPV of Unlevered Free Cash Flow $0.0 76.8% Terminal Value 0.0 77.1% PV of Terminal Value 0.0 77.4% Enterprise Value $0.0 77.7% Less: Debt (523.0) COGS/Sales 78.0% Add: Cash 48.1 78.3% Equity Value $0.0 78.6%

78.9% Diluted Shares: 241.481 79.2%

Equity Value Per Share $0.00

J43
Training The Street: Link to output cell G61 Row input J37 Column input J38
G44
Training The Street, Inc.: =NPV(G48,J31:N31)
G45
Training The Street, Inc.: =(N31*(1+G49)) / (G48-G49)
G46
Training The Street, Inc.: =PV(G48,5,0,-G52)
G47
Training The Street, Inc.: =G51 + G53
G48
Training The Street, Inc.: Includes Preferred Stock and Non-controling Interest
G50
Training The Street, Inc.: =SUM(G54:G56)
G54
Training The Street, Inc.: =G57 / G59
Page 4: Dcf Model

COPYRIGHT © by Training The Street, Inc For training purposes only!

Discounted Cash Flow Analysis for Sample CompanyDollars in Millions, except per share

Historical Projected 20X2-20X720X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7 CAGR

Sales $4,666.0 $4,791.9 $4,988.1 $5,187.6 $5,395.1 $5,610.9 $5,835.4 $6,068.8 0.0% Cost of Goods Sold 3,498.8 3,767.7 3,893.1 4,046.3 4,202.8 4,365.3 4,534.1 4,709.4 Gross Profit 1,167.2 1,024.2 1,095.0 1,141.3 1,192.3 1,245.6 1,301.3 1,359.4 0.0%

Selling, General & Administrative 316.0 306.1 280.3 290.5 302.1 314.2 326.8 339.9 EBITDA 851.2 718.1 814.7 850.8 890.2 931.4 974.5 1,019.6 0.0% Less: Depreciation (85.0) (90.0) (115.1) (127.1) (132.2) (137.5) (143.0) (148.7)Less: Amortization (0.5) (1.9) (3.4) (4.5) (4.6) (4.7) (4.8) (4.9)EBIT 765.7 626.2 696.2 0.0 0.0 0.0 0.0 0.0 0.0% Less: Taxes @ 38.0% (291.0) (238.0) (264.6) 0.0 0.0 0.0 0.0 0.0 Tax-effected EBIT 474.7 388.2 431.6 0.0 0.0 0.0 0.0 0.0 0.0%

Plus: Depreciation & Amortization 91.9 118.5 131.6 136.8 142.2 147.8 153.6 Less: Capital Expenditures (95.8) (120.6) (129.7) (134.9) (140.3) (145.9) (151.7)Less: Additions to Intangibles (2.0) (4.0) (5.0) (5.0) (5.0) (5.0) (5.0)+ / ( - ): Changes in Working Capital (19.2) (20.0) (20.8) (21.6) (22.4) (23.3) (24.3)Unlevered Free Cash Flow $363.1 $405.5 0.0 0.0 0.0 0.0 0.0 0.0%

Historical ProjectedValue Drivers 20X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Sales Growth 2.7% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% Cost of Goods Sold (as a % sales) 75.0% 78.6% 78.0% 78.0% 77.9% 77.8% 77.7% 77.6% SG&A (as a % sales) 6.8% 6.4% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% EBITDA Margin 18.2% 15.0% 16.3% 16.4% 16.5% 16.6% 16.7% 16.8% CapEx (as a % sales) 2.0% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% Depreciation (as a % of CapEx) 93.9% 95.4% 98.0% 98.0% 98.0% 98.0% 98.0% Additions to Intangibles (amount) $2.0 $4.0 $5.0 $5.0 $5.0 $5.0 $5.0 Amortization (amount) 1.9 3.4 4.5 4.6 4.7 4.8 4.9 Changes in Working Capital (as a % of Sales) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)

Weighted Average Cost of Capital 8.00% Equity Value Per ShareTerminal Growth of Unlevered FCF 3.00% Sales Growth

$0.00 3.0% 3.5% 4.0% 4.5% NPV of Unlevered Free Cash Flow $0.0 76.8% Terminal Value 0.0 77.1% PV of Terminal Value 0.0 77.4% Enterprise Value $0.0 77.7% Less: Debt (523.0) COGS/Sales 78.0% Add: Cash 48.1 78.3% Equity Value $0.0 78.6%

78.9% Diluted Shares: 241.481 79.2%

Equity Value Per Share $0.00

J43
Training The Street: Link to output cell G61 Row input J37 Column input J38
G44
Training The Street, Inc.: =NPV(G48,J31:N31)
G45
Training The Street, Inc.: =(N31*(1+G49)) / (G48-G49)
G46
Training The Street, Inc.: =PV(G48,5,0,-G52)
G47
Training The Street, Inc.: =G51 + G53
G48
Training The Street, Inc.: Includes Preferred Stock and Non-controling Interest
G50
Training The Street, Inc.: =SUM(G54:G56)
G54
Training The Street, Inc.: =G57 / G59
Page 5: Dcf Model

COPYRIGHT © by Training The Street, Inc For training purposes only!

Discounted Cash Flow Analysis for Sample CompanyDollars in Millions, except per share

Historical Projected 20X2-20X720X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7 CAGR

Sales $4,666.0 $4,791.9 $4,988.1 $5,187.6 $5,395.1 $5,610.9 $5,835.4 $6,068.8 4.0% Cost of Goods Sold 3,498.8 3,767.7 3,893.1 4,046.3 4,202.8 4,365.3 4,534.1 4,709.4 Gross Profit 1,167.2 1,024.2 1,095.0 1,141.3 1,192.3 1,245.6 1,301.3 1,359.4 4.4%

Selling, General & Administrative 316.0 306.1 280.3 290.5 302.1 314.2 326.8 339.9 EBITDA 851.2 718.1 814.7 850.8 890.2 931.4 974.5 1,019.6 4.6% Less: Depreciation (85.0) (90.0) (115.1) (127.1) (132.9) (138.9) (145.2) (151.7)Less: Amortization (0.5) (1.9) (3.4) (4.5) (4.6) (4.7) (4.8) (4.9)EBIT 765.7 626.2 696.2 719.2 752.7 787.8 824.6 862.9 4.4% Less: Taxes @ 38.0% (291.0) (238.0) (264.6) (273.3) (286.0) (299.4) (313.3) (327.9)Tax-effected EBIT 474.7 388.2 431.6 445.9 466.7 488.5 511.2 535.0 4.4%

Plus: Depreciation & Amortization 91.9 118.5 131.6 137.5 143.6 150.0 156.6 Less: Capital Expenditures (95.8) (120.6) (129.7) (134.9) (140.3) (145.9) (151.7)Less: Additions to Intangibles (2.0) (4.0) (5.0) (5.0) (5.0) (5.0) (5.0)+ / ( - ): Changes in Working Capital (19.2) (20.0) (20.8) (21.6) (22.4) (23.3) (24.3)Unlevered Free Cash Flow $363.1 $405.5 $422.0 $442.7 $464.3 $487.0 $510.6 4.7%

Historical ProjectedValue Drivers 20X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Sales Growth 2.7% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% Cost of Goods Sold (as a % sales) 75.0% 78.6% 78.0% 78.0% 77.9% 77.8% 77.7% 77.6% SG&A (as a % sales) 6.8% 6.4% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% EBITDA Margin 18.2% 15.0% 16.3% 16.4% 16.5% 16.6% 16.7% 16.8% CapEx (as a % sales) 2.0% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% Depreciation (as a % of CapEx) 93.9% 95.4% 98.0% 98.5% 99.0% 99.5% 100.0% Additions to Intangibles (amount) $2.0 $4.0 $5.0 $5.0 $5.0 $5.0 $5.0 Amortization (amount) 1.9 3.4 4.5 4.6 4.7 4.8 4.9 Changes in Working Capital (as a % of Sales) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)

Weighted Average Cost of Capital 8.00% Equity Value Per ShareTerminal Growth of Unlevered FCF 3.00% Sales Growth

$0.00 3.0% 3.5% 4.0% 4.5% NPV of Unlevered Free Cash Flow $0.0 76.8% Terminal Value 0.0 77.1% PV of Terminal Value 0.0 77.4% Enterprise Value $0.0 77.7% Less: Debt (523.0) COGS/Sales 78.0% Add: Cash 48.1 78.3% Equity Value $0.0 78.6%

78.9% Diluted Shares: 241.481 79.2%

Equity Value Per Share $0.00

J43
Training The Street: Link to output cell G54 Row input J30 Column input J31
G48
Training The Street, Inc.: Includes Preferred Stock and Non-controling Interest
Page 6: Dcf Model

COPYRIGHT © by Training The Street, Inc For training purposes only!

Discounted Cash Flow Analysis for Sample CompanyDollars in Millions, except per share

Historical Projected 20X2-20X720X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7 CAGR

Sales $4,666.0 $4,791.9 $4,988.1 $5,187.6 $5,395.1 $5,610.9 $5,835.4 $6,068.8 4.0% Cost of Goods Sold 3,498.8 3,767.7 3,893.1 4,046.3 4,202.8 4,365.3 4,534.1 4,709.4 Gross Profit 1,167.2 1,024.2 1,095.0 1,141.3 1,192.3 1,245.6 1,301.3 1,359.4 4.4%

Selling, General & Administrative 316.0 306.1 280.3 290.5 302.1 314.2 326.8 339.9 EBITDA 851.2 718.1 814.7 850.8 890.2 931.4 974.5 1,019.6 4.6% Less: Depreciation (85.0) (90.0) (115.1) (127.1) (132.9) (138.9) (145.2) (151.7)Less: Amortization (0.5) (1.9) (3.4) (4.5) (4.6) (4.7) (4.8) (4.9)EBIT 765.7 626.2 696.2 719.2 752.7 787.8 824.6 862.9 4.4% Less: Taxes @ 38.0% (291.0) (238.0) (264.6) (273.3) (286.0) (299.4) (313.3) (327.9)Tax-effected EBIT 474.7 388.2 431.6 445.9 466.7 488.5 511.2 535.0 4.4%

Plus: Depreciation & Amortization 91.9 118.5 131.6 137.5 143.6 150.0 156.6 Less: Capital Expenditures (95.8) (120.6) (129.7) (134.9) (140.3) (145.9) (151.7)Less: Additions to Intangibles (2.0) (4.0) (5.0) (5.0) (5.0) (5.0) (5.0)+ / ( - ): Changes in Working Capital (19.2) (20.0) (20.8) (21.6) (22.4) (23.3) (24.3)Unlevered Free Cash Flow $363.1 $405.5 $422.0 $442.7 $464.3 $487.0 $510.6 4.7%

Historical ProjectedValue Drivers 20X0 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Sales Growth 2.7% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% Cost of Goods Sold (as a % sales) 75.0% 78.6% 78.0% 78.0% 77.9% 77.8% 77.7% 77.6% SG&A (as a % sales) 6.8% 6.4% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% EBITDA Margin 18.2% 15.0% 16.3% 16.4% 16.5% 16.6% 16.7% 16.8% CapEx (as a % sales) 2.0% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5% Depreciation (as a % of CapEx) 93.9% 95.4% 98.0% 98.5% 99.0% 99.5% 100.0% Additions to Intangibles (amount) $2.0 $4.0 $5.0 $5.0 $5.0 $5.0 $5.0 Amortization (amount) 1.9 3.4 4.5 4.6 4.7 4.8 4.9 Changes in Working Capital (as a % of Sales) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)

Weighted Average Cost of Capital 8.00% Equity Value Per ShareTerminal Growth of Unlevered FCF 3.00% Sales Growth

$35.32 3.0% 3.5% 4.0% 4.5% NPV of Unlevered Free Cash Flow $1,844.4 76.8% Terminal Value 10,519.3 77.1% PV of Terminal Value 7,159.3 77.4% Enterprise Value $9,003.6 77.7% Less: Debt (523.0) COGS/Sales 78.0% Add: Cash 48.1 78.3% Equity Value $8,528.7 78.6%

78.9% Diluted Shares: 241.481 79.2%

Equity Value Per Share $35.32

J43
Training The Street: Link to output cell G54 Row input J30 Column input J31
G48
Training The Street, Inc.: Includes Preferred Stock and Non-controling Interest

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