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Project Name

Assumptions (Change the Inputs in the Yellow Boxes)

2009
10%
15%
5%
35%
1%

Current Year
Cost of Goods Sold as % of Revenue
Sales, General, and Adminsitrative Cost as % of Revenue
Depreciation as % of Revenue
Taxes
Change in Net Working Capital as % of Revenue
Current Overall Market or Segment Revenue

Projected Annual Growth of Market or Segment


Initial Required Capital Expenditure for Project

Your Cost of Capital


Will Project Continue Indefinitely? (yes/no)
Projected Market / Segment Terminal Growth Rate

100,000
5.0%
50,000
15%
No
2%

2009
Overall Market or Segment Revenue

2010

100,000 $

Your Projected Market Share

2011

105,000

1%

110,250

5%

10%

DCF

2009
Revenue
(-) COGS
(-) SG&A
EBITDA
5%
(-) Depreciation
EBIT
35%
(-) Taxes
Net Operating Profit After Taxes
(+) Depreciation
1%
(-) Change in NWC
(-) CapEx
Project's Free Cash Flow
Project's Discounted Free Cash Flow

$
$

1,000
100
150
750
50
700
245
455
50
10
50,000
(49,505)
(49,505)

27,541
27,541

10%
15%

Sum of Free Cash Flows


Terminal Value
Project Value

2010
$

$
$

5,250
525
788
3,938
263
3,675
1,286
2,389
263
53
2,599
2,260

2011
$

$
$

11,025
1,103
1,654
8,269
551
7,718
2,701
5,016
551
110
5,457
4,127

2012
$

115,763

2013
$

20%

$
$

23,153
2,315
3,473
17,364
1,158
16,207
5,672
10,534
1,158
232
11,460
7,535

2014
$

30%

2012
$

121,551

$
$

36,465
3,647
5,470
27,349
1,823
25,526
8,934
16,592
1,823
365
18,050
10,320

2015
$

40%

2013
$

127,628

$
$

51,051
5,105
7,658
38,288
2,553
35,736
12,508
23,228
2,553
511
25,270
12,564

2016
$

40%

2014
$

134,010

$
$

53,604
5,360
8,041
40,203
2,680
37,523
13,133
24,390
2,680
536
26,534
11,471

2017
$

40%

2015
$

140,710

$
$

56,284
5,628
8,443
42,213
2,814
39,399
13,790
25,609
2,814
563
27,861
10,474

2018
$

40%

2016
$

147,746

40%

2017
$

$
$

59,098
5,910
8,865
44,324
2,955
41,369
14,479
26,890
2,955
591
29,254
9,563

155,133

2018
$

$
$

62,053
6,205
9,308
46,540
3,103
43,437
15,203
28,234
3,103
621
30,716
8,731