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Navigation |
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Case Builder Model |
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DCF Analysis - Base Case |
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Projected
Fiscal Year Ending |
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(in USD 000s, except
otherwise stated) |
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Dec-14 |
Dec-15 |
Dec-16 |
Dec-17 |
Dec-18 |
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EBITDA |
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USD 000s |
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39 485.3 |
48 934.4 |
52 202.1 |
54 616.8 |
57 137.0 |
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Unlevered Cash Tax |
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USD 000s |
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(808.5)
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(2
092.6) |
(2
135.4) |
(5
326.2) |
(8
601.0) |
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Net Change in WC / Other |
USD 000s |
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(2
133.3) |
(434.9)
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(117.1)
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(108.7)
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(114.1)
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CAPEX |
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USD 000s |
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(26
000.0) |
(26
000.0) |
(47
000.0) |
(28
000.0) |
(30
500.0) |
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Extraordinary Cash Items |
USD 000s |
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- |
- |
- |
- |
- |
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Unlevered Free Cash Flow |
USD 000s |
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10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
17 921.9 |
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Investments as of |
31 Dec 13 |
USD 000s |
1 000.0 |
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Valuation Date |
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01 Jan 14 |
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Select
Active Case |
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Net Debt as of |
31 Dec 13 |
USD 000s |
(39
000.0) |
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Balance Sheet Date |
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31 Dec 13 |
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Invested Capital[1] |
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USD 000s |
(119
000.0) |
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Invesment Date[2] |
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31 Dec 13 |
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(in USD 000s, except
otherwise stated) |
Terminal
EBITDA Multiple Range |
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Terminal EBITDA Multiple Range |
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5.5x |
6.0x [3] |
6.5x |
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5.5x |
6.0x |
6.5x |
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TV |
314 253.3 |
342 821.8 |
371 390.2 |
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314 253.3 |
342 821.8 |
371 390.2 |
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WACC |
Firm Value as of |
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01 Jan 14 |
WACC |
Equity Value as of |
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01 Jan 14 |
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9.5% |
257 189.2 |
275 336.7 |
293 484.2 |
9.5% |
219 179.8 |
237 327.3 |
255 474.8 |
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10.0% |
252 037.0 |
269 775.7 |
287 514.5 |
10.0% |
214 027.0 |
231 765.8 |
249 504.6 |
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10.5% |
247 018.5 |
264 359.5 |
281 700.6 |
10.5% |
209 008.1 |
226 349.1 |
243 690.2 |
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WACC |
Implied Perpetuity
Growth Rate |
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Inv.Capital |
IRR on |
Invested Capital |
[4] |
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9.5% |
3.6% |
4.1% |
4.5% |
(107 100) |
33.0% |
35.0% |
36.8% |
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10.0% |
4.1% |
4.5% |
4.9% |
(119 000) |
29.8% |
31.7% |
33.5% |
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10.5% |
4.5% |
5.0% |
5.4% |
(130 900) |
27.0% |
28.9% |
30.6% |
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Unlevered Tax Schedule |
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Projected
Fiscal Year Ending |
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(in USD 000s, except
otherwise stated) |
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Dec-14 |
Dec-15 |
Dec-16 |
Dec-17 |
Dec-18 |
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Taxable Income
Calculation |
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EBIT |
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USD 000s |
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4 042.5 |
10 462.9 |
10 677.1 |
26 631.1 |
43 004.8 |
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Manual Tax Adjustments 1 |
USD 000s |
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- |
- |
- |
- |
- |
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Manual Tax Adjustments 2 |
USD 000s |
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- |
- |
- |
- |
- |
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Total Taxable Income |
USD 000s |
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4 042.5 |
10 462.9 |
10 677.1 |
26 631.1 |
43 004.8 |
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Income Tax Rate |
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USD 000s |
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20.0% |
20.0% |
20.0% |
20.0% |
20.0% |
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Income Taxes - Actual
Cash Payments |
USD 000s |
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(808.5)
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(2
092.6) |
(2
135.4) |
(5
326.2) |
(8
601.0) |
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Total Tax for Income
Statement |
USD 000s |
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(808.5)
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(2
092.6) |
(2
135.4) |
(5
326.2) |
(8
601.0) |
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Loss Carry Forward
Calculation |
USD 000s |
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Accumulated Tax Shield -
BoP |
USD 000s |
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- |
- |
- |
- |
- |
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Tax Shield Created |
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USD 000s |
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- |
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- |
- |
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Tax Shield Used |
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USD 000s |
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- |
- |
- |
- |
- |
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Accumulated Tax Shield -
EoP |
USD 000s |
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- |
- |
- |
- |
- |
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Discount Factor |
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For TV |
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WACC |
9.5% |
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95.6% |
87.3% |
79.7% |
72.8% |
66.5% |
63.5% |
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WACC |
10.0% |
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95.3% |
86.7% |
78.8% |
71.6% |
65.1% |
62.1% |
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WACC |
10.5% |
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95.1% |
86.1% |
77.9% |
70.5% |
63.8% |
60.7% |
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Discount Factor @ Mid
Year Conventiion |
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0.5 |
1.5 |
2.5 |
3.5 |
4.5 |
5.0 |
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IRR Calculation |
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Projected
Fiscal Year Ending |
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(in USD 000s, except
otherwise stated) |
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31 Dec 13 |
Dec-14 |
Dec-15 |
Dec-16 |
Dec-17 |
Dec-18 |
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Unlevered Cash Flows for
IRR |
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10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
17 921.9 |
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Exit Multiple |
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IRR |
Invested Capital |
Full IRR
Cash Flows with TV |
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5.5x |
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33.0% |
(107
100.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
332 175.2 |
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6.0x |
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35.0% |
(107
100.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
360 743.7 |
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6.5x |
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36.8% |
(107
100.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
389 312.2 |
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5.5x
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29.8% |
(119 000.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
332 175.2 |
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6.0x |
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31.7% |
(119
000.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
360 743.7 |
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6.5x |
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33.5% |
(119
000.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
389 312.2 |
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5.5x
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27.0% |
(130 900.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
332 175.2 |
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6.0x |
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28.9% |
(130
900.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
360 743.7 |
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6.5x |
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30.6% |
(130
900.0) |
10 543.5 |
20 406.9 |
2 949.6 |
21 181.9 |
389 312.2 |
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>> End of Sheet |
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