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  • DCF valuation of company with assumptions

    Загружено:

    bhavin shah
    9 просмотров6 страниц
    The document provides financial information for discounted cash flow valuation of a company, including assumptions for risk-free rate, market risk premium, debt beta, tax rate, and terminal growth rate. It then shows income statements, cash flows, and valuation results for the company from 2001-2007 with a terminal value calculated in 2007. Key valuation metrics calculated include enterprise value, equity value, weighted average cost of capital, and net present value of future cash flows.

    Исходное описание:

    Valuation case study

    Оригинальное название

    Sampa

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    The document provides financial information for discounted cash flow valuation of a company, including assumptions for risk-free rate, market risk premium, debt beta, tax rate, and terminal growth rate. It then shows income statements, cash flows, and valuation results for the company from 2001-2007 with a terminal value calculated in 2007. Key valuation metrics calculated include enterprise value, equity value, weighted average cost of capital, and net present value of future cash flows.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    9 просмотров6 страниц

    DCF valuation of company with assumptions

    Загружено:

    bhavin shah
    The document provides financial information for discounted cash flow valuation of a company, including assumptions for risk-free rate, market risk premium, debt beta, tax rate, and terminal growth rate. It then shows income statements, cash flows, and valuation results for the company from 2001-2007 with a terminal value calculated in 2007. Key valuation metrics calculated include enterprise value, equity value, weighted average cost of capital, and net present value of future cash flows.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 6

    Assumptions

    Risk-free rate 5%
    Market risk premium 7.20%
    Debt betra 0.25
    Asset Beta 1.5
    Marginal Tax Rate 40%
    Terminal Growth Rate 5%

    2001 2002E
    Sales 1200
    EBITDA 180
    Depreciation 200
    EBIT -20
    Tax Expense -8
    EBITAT -12
    Capex 300
    Investment in Working Capital 0
    Free Cash Flow -1500 -112
    Terminal Value
    Enterprise Value ₹ 3,206.02 ₹ 3,784.04
    Debt ₹ 641.20 ₹ 756.81
    Equity ₹ 2,564.81 ₹ 3,027.23
    Interest Expenses ₹ 43.60
    Tax Shiel ₹ 17.44
    Capital Cash Flow ₹ -94.56
    Terminal Value
    Enterprise Value ₹ 3,206.02
    FCFE
    Terminal Value
    Equity
    APV Method
    Unlevered Terminal Value
    Unlevered Value ₹ 2,728.49
    Tax Shield Terminal value
    PV of Tax Shield ₹ 1,279.62
    Levered Value ₹ 4,008.10
    Cost of Debt 6.800%
    Opportunity Cost of Capital 15.800%
    Levered Beta 1.6875 2.625
    Cost of Equity 17.150% 23.90%
    WACC-FCF 14.54% 12.01%
    Debt Ratio 20% D/(D+E)
    D-E 0.25
    WACC-CCF 15.0800%

    2003E 2004E 2005E 2006E 2007E


    2400 3900 5600 7500
    360 585 840 1125
    225 250 275 300
    135 335 565 825
    54 134 226 330
    81 201 339 495
    300 300 300 300
    0 0 0 0
    6 151 314 495
    5450.39849
    ₹ 4,328.09 ₹ 4,806.22 ₹ 5,190.86 ₹ 5,450.40
    ₹ 865.62 ₹ 961.24 ₹ 1,038.17 ₹ 1,090.08
    ₹ 3,462.47 ₹ 3,844.98 ₹ 4,152.68 ₹ 4,360.32
    ₹ 51.46 ₹ 58.86 ₹ 65.36 ₹ 70.60
    ₹ 20.59 ₹ 23.54 ₹ 26.15 ₹ 28.24
    ₹ 26.59 ₹ 174.54 ₹ 340.15 ₹ 523.24
    ₹ 5,450.40

    4812.5

    ₹ 1,647.23
    Assumptions
    Risk-free rate 5%
    Market risk premium 7.20%
    Debt betra 0.25
    Asset Beta 1.5
    Marginal Tax Rate 40%
    Terminal Growth Rate 5%

    2001 2002E
    Sales 1200
    EBITDA 180
    Depreciation 200
    EBIT -20
    Tax Expense -8
    EBITAT -12
    Capex 300
    Investment in Working Capital 0
    Free Cash Flow -1500 -112
    Terminal Value
    Enterprise Value ₹ 2,919.01 ₹ 3,476.33
    Debt ₹ 583.80 ₹ 695.27
    Equity ₹ 2,335.20 ₹ 2,781.06
    Interest Expenses ₹ 39.70
    Tax Shiel ₹ 15.88
    Capital Cash Flow ₹ -96.12
    Terminal Value
    Enterprise Value ₹ 2,919.01
    FCFE
    Terminal Value
    Equity
    APV Method
    Unlevered Terminal Value
    Unlevered Value ₹ 2,728.49
    Tax Shield Terminal value
    PV of Tax Shield ₹ 190.52
    Levered Value ₹ 2,919.01

    Removed (1-t) from yellow cells


    Cost of Debt 6.800%
    Opportunity Cost of Capital 15.800%
    Levered Beta 1.8125 2.625
    Cost of Equity 18.050% 23.90%
    WACC-FCF 15.26% 12.01%
    Debt Ratio 20% D/(D+E)
    D-E 0.25
    WACC-CCF 15.8000%

    2003E 2004E 2005E 2006E 2007E


    2400 3900 5600 7500
    360 585 840 1125
    225 250 275 300
    135 335 565 825
    54 134 226 330
    81 201 339 495
    300 300 300 300
    0 0 0 0
    6 151 314 495
    5067.76521
    ₹ 4,000.68 ₹ 4,460.02 ₹ 4,826.44 ₹ 5,067.77
    ₹ 800.14 ₹ 892.00 ₹ 965.29 ₹ 1,013.55
    ₹ 3,200.54 ₹ 3,568.02 ₹ 3,861.15 ₹ 4,054.21
    ₹ 47.28 ₹ 54.41 ₹ 60.66 ₹ 65.64
    ₹ 18.91 ₹ 21.76 ₹ 24.26 ₹ 26.26
    ₹ 24.91 ₹ 172.76 ₹ 338.26 ₹ 521.26
    ₹ 5,067.77

    4812.5

    ₹ 255.27

    ) from yellow cells


    Kd 10%
    Tax Rate 20%
    Rho 15%
    g 5%

    Year 0 1 2
    Debt 100 80 60
    EBIT 100 105
    NI 10 12
    Tax Shield 2 1.6
    VTS 4.84 3.32 2.05
    FCF 70 72
    Terminal Unlevered Value
    uNlevered Value 653.4 681.3972219939 711.606805293
    Enterprise Value 658.22574161273 685 714
    Equity 558.23 604.72 653.66
    Ke 15.85% 15.63% 15.44%
    Discount factor 0.8631674835 0.746465059
    FCFE 42 45.6
    Terminal Equity Value
    PV of FCFE 36.2530343069 34.0388066919
    Equity 558.2257416127
    3 4 5 6
    40 20 0 0
    110 115 120 126
    14 16 18 18.9
    1.2 0.8 0.4
    1.06 0.36 0.00
    74 76 78
    819
    744.347826087 780 819
    745 780 819
    705.41 760.36 819.00
    15.28% 15.13% 15.00%
    0.6466077784 0.5609212925 0.4872105936
    49.2 52.8 56.4 81.9
    819
    31.8131026992 29.6166442435 426.5041536713

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