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  • Assumptions: DCF Model

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    niraj kumar
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    This document summarizes a discounted cash flow model for valuing a company. It lists key assumptions including a tax rate of 25%, discount rate of 12%, and perpetual growth rate of 3%. It then presents the company's projected financials like EBIT, cash taxes, depreciation and amortization, capital expenditures, and changes in net working capital for the years 2019 through 2023. It calculates the unlevered free cash flows for each period. Based on the discounted cash flows, it derives an intrinsic equity value per share of $1,811.86, which is higher than the current market price of $1,424.65 per share.

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    DCF OF TCS

    Titolo originale

    DCF-Model

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    This document summarizes a discounted cash flow model for valuing a company. It lists key assumptions including a tax rate of 25%, discount rate of 12%, and perpetual growth rate of 3%. It then presents the company's projected financials like EBIT, cash taxes, depreciation and amortization, capital expenditures, and changes in net working capital for the years 2019 through 2023. It calculates the unlevered free cash flows for each period. Based on the discounted cash flows, it derives an intrinsic equity value per share of $1,811.86, which is higher than the current market price of $1,424.65 per share.

    Copyright:

    © All Rights Reserved
    Scarica in formato XLSX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    34 visualizzazioni3 pagine

    Assumptions: DCF Model

    Caricato da

    niraj kumar
    This document summarizes a discounted cash flow model for valuing a company. It lists key assumptions including a tax rate of 25%, discount rate of 12%, and perpetual growth rate of 3%. It then presents the company's projected financials like EBIT, cash taxes, depreciation and amortization, capital expenditures, and changes in net working capital for the years 2019 through 2023. It calculates the unlevered free cash flows for each period. Based on the discounted cash flows, it derives an intrinsic equity value per share of $1,811.86, which is higher than the current market price of $1,424.65 per share.

    Copyright:

    © All Rights Reserved
    Scarica in formato XLSX, PDF, TXT o leggi online su Scribd
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    di 3

    DCF Model

    Assumptions
    Tax Rate 25%
    Discount Rate 12%
    Perpetural Growth Rate 3%
    EV/EBITDA Mulltiple 17.4x
    Transaction Date 3/31/2018
    Fiscal Year End 3/31/2019
    Current Price 1,424.65
    Shares Outstanding 262,744,000
    Debt 4,775,000,000
    Cash 4,555,000,000
    Capex 3,050,000,000

    Discounted Cash Flow Entry 2019 2020


    Date 3/31/2018 3/31/2019 3/31/2020
    Time Periods 0 1
    Year Fraction 1.00 1.00
    EBIT 4,070,500,000 4,355,435,000
    Less: Cash Taxes 1,064,000,000 1,088,858,750
    Plus: D&A 171,600,000 175,032,000
    Less: Capex 3,050,000,000 3,050,000,000
    Less: Changes in NWC 59,720,000,000 62,108,800,000
    Unlevered FCF (59,591,900,000) (61,717,191,750)
    (Entry)/Exit (374,538,239,600)
    Transaction CF (374,538,239,600) (59,591,900,000) (61,717,191,750)

    Intrinsic Value
    Enterprise Value (475,836,342,296)
    Plus: Cash 4,555,000,000
    Less: Debt 4,775,000,000
    Equity Value (476,056,342,296)

    Equity Value/Share 1,811.86


    2021 2022 2023 Exit Terminal Value
    3/31/2021 3/31/2022 3/31/2023 3/31/2023 Perpetural Growth
    2 3 4 EV/EBITDA
    1.00 1.00 1.00 Average
    4,660,315,450 4,986,537,532 5,335,595,159
    1,165,078,863 1,246,634,383 1,333,898,790
    178,532,640 182,103,293 185,745,359
    3,050,000,000 3,050,000,000 3,050,000,000
    64,593,152,000 67,176,878,080 69,863,953,203
    (63,969,382,773) (66,304,871,639) (68,726,511,476)
    (345,232,708,720)
    (63,969,382,773) (66,304,871,639) (68,726,511,476) (345,232,708,720)

    Market Value Rate of Return


    Market Cap 374,318,239,600 Target Price Upside
    Plus: Debt 4,775,000,000 Internal Rate of Retu
    Less: Cash 4,555,000,000
    Enterprise Value 374,538,239,600 Market Value vs Intrinsic Valu
    Market Value
    Equity Value/Share 1,424.65 Upside
    Intrinsic Value
    (786,536,742,442)
    96,071,325,002
    (345,232,708,720)

    27%
    Err:502

    Value vs Intrinsic Value


    1,424.65
    387.21
    1,811.86

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