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Assumptions
Tax Rate 25% Cash Flow
Discount Rate 16% 100%
Perpetural Growth Rate 3%
80%
EV/EBITDA Mulltiple 7.0x
Transaction Date 12/31/2013 60%
Fiscal Year End 6/30/2014 -$7,296,375 -$14,462,290 $5,203,602 $6,771,739 $8,981,478 $7,896,228 $6,756,978 $5,560,728
40%
Current Price 101,462.00
Shares Outstanding 1,000 20%
Debt 52,766,000
0%
Cash 25,690,000 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020
Capex + Working Capital Inve 15,000,000
Discounted Cash Flow Entry 2013 2014 2015 2016 2017 2018 2019
Date 12/31/2013 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019
Time Periods -1 0 1 2 3 4 5
Year Fraction 1.00 1.00 1.00 1.00 1.00 1.00 1.00
EBIT 6,272,000 51,095 6,272,000 8,363,000 11,309,000 9,862,000 8,343,000
Less: Cash Taxes 1,568,000 12,774 1,568,000 2,090,750 2,827,250 2,465,500 2,085,750
Plus: D&A 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Less: Capex & Working Capital Investment 15,000,000 17,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Less: Changes in NWC 375 611 398 511 272 272 272
Unlevered FCF (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978
(Entry)/Exit (128,538,000)
Transaction CF 25,690 (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978
Transaction CF (128,538,000) (7,296,375) (14,462,290) 5,203,602 6,771,739 8,981,478 7,896,228 6,756,978
Market Value
Market Cap 101,462,000 - -
Plus: Debt 52,766,000 - -
Less: Cash 25,690,000 - -
Enterprise Value 128,538,000 - -
Rate of Return
- - - - - - Target Price Upside -100%
- - - - - - Internal Rate of Return (IRR) 1%
- - - - - -
- - - - - - Market Value vs Intrinsic Value
Market Value 101,462.00
- - - - - - Upside (101,462.00)
Intrinsic Value -