free cash flow template

7/18/2019 Free Cash Flow Template

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285633646.xls CTG www.ctguk.com

09/3/205! "5"46

Free cash flow to firm DCF valuation model

Base data Implied valuation

T$ck%r &' o# t%rm$(al )alu%

S,C co-% &' o# u(l%)%r%- #r%% cas #lows

Curr%(t mark%t r$c% 2.84 Implied EV

Curr%(t y%ar %(- 30 S% 09 %ss" (%t -%1t

'aluat$o( -at% 5 ul 09 --" ,()%stm%(ts accou(t%- u(-%r t% %u$ty m%to-Stu1 %r$o- roort$o( 20.8+ Implied euit! value

7um1%r o# Sar%s m *33.30 7um1%r o# Sar%s

arg$(al tax rat% 35.00+ Implied euit! value per share

7%t -%1t !433

u$ty $()%stm%(ts 303 &nal!sis

x$t ' / :,T; mult$l% 8.0x ,ml$%- ' / :,T; 2009 0.4x

E'plicit (ears 1%$%% 200 9.3x

;$scou(t$(g co()%(t$o( (- o# y%ar 20 8.5x

,ml$%- t%rm$(al )alu% 23!*8

,ml$%- t%rm$(al :,T; 2!89*

)&CC assumptions ,ml$%- t%rm$(al cas #low !396

*ar+et ased- x$t :,T; mult$l% 8.0x

t%rm Tra(s$t$o(


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09/3/205! "5"46

Sal%s Growt .0+ 2.50+ 0.8623

CBGS as &ct o# Sal%s 83.0+ 80.00+ 0.9963

SG as &ct o# Sal%s 4.4+ 5.00+ .029

Tax


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09/3/205! "5"46

Discounted cash flow

Sal%s *!*8* 9!42 0!383 !525 2!68 3!650 4!63 5!502 6!35

CBGS 6!20 *!509 8!*2 9!566 0!435 !24* !996 2!6*8 3!294

SG 4*9 489 456 50* 562 66 668 *8 *65

> >> >> >> >> >> >> >> >>

:,T; !8* !43 !20* !452 !62 !*88 !949 2!06 2!255

; 38* 46* 549 544 583 6* 64* 6*2 692

:,T 800 946 65* 908 !038 !*0 !302 !434 !563

=(l%)%r%- cas tax%s o( :,T 2*4 342 259 300 345 39 43* 484 53

:,T >Tc 526 604 398 608 693 **9 865 949 !032

; 38* 46* 549 544 583 6* 64* 6*2 692

;%cr%as% $(cr%as% $( 7?C 222 59 *6 80 *5 *0 64 58 53

7%t ca%x ** !080 985 980 995 998 99 9*5 95

nlevered free cash flow "6 15% "# 25" "5 6# 56 %5 25

Aract$o( o# A$rst D%ar 2+ 0+ 0+ 0+ 0+ 0+

Stu1 %r$o- u(l%)%r%- #r%% cas #low 53 >> >> >> >> >>

x$t &%r$o- '/:,T; >> >> >> >> >> >>

T%rm$(al )alu% >> >> >> >> >> >>

xl$c$t &%r$o- Cas Alow >> >> 469 586 *05 825

=(l%)%r%- #r%% cas #low to -$scou(t 53 35* 469 586 *05 825

;$scou(t$(g co()%(t$o(

(- o# y%ar 0.2 .2 2.2 3.2 4.2 5.2

$- y%ar 0.0 0.* .* 2.* 3.* 4.*

(- o# D%ar

l$%- 0.2 .2 2.2 3.2 4.2 5.2

;$scou(t #actor 0.98 0.90 0.83 0.** 0.* 0.65

&r%s%(t )alu% o# u(l%)%r%- #r%% cas #low 52 323 390 449 49* 536

8atios "%47ep4%6 "%47ep4% "%47ep4% "%47ep4%# "%47ep41% "%47ep411 "%47ep412 "%47ep41" "%47ep41

:,T; marg$( 5.25+ 5.0+ .62+ 2.60+ 2.85+ 3.09+ 3.34+ 3.58+ 3.82+

:,T marg$( 0.2*+ 0.05+ 6.33+ *.88+ 8.23+ 8.5*+ 8.9+ 9.25+ 9.58+

:,T >Tc marg$( 6.*5+ 6.42+ 3.84+ 5.28+ 5.50+ 5.*+ 5.92+ 6.2+ 6.33+

:,T; growt 9.03+ 4.62+ 20.36+ .64+ 0.25+ 9.05+ 8.0+ *.+

:,T growt 8.24+ 30.52+ 38.5+ 4.33+ 2.*+ .3+ 0.09+ 9.03+:,T >Tc growt 4.8+ 34.06+ 52.*6+ 4.00+ 2.38+ 0.98+ 9.*6+ 8.*+

=(l%)%r%- #r%% cas #low growt 58.*6+ *4.35+ 556.*9+ 4.32+ 3.24+ 24.85+ 20.39+ *.08+

7ensitivit! anal!sis

Inputs

*odel .ale 7teps


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09/3/205! "5"46

input input

?CC 8.65+ 8.65+ 0.25+

x$t ' / :,T; 8.00x *.50x 0.25x

Implied EV Implied euit! value

E'it EV / EBI.D& )&CC E'it EV / EBI.D&

5!26 8.5+ 8.40+ 8.65+ 8.90+ 9.5+ 3!996 8.5+

*.00x 4!453 4!65 3!884 3!60 3!343 *.00x 3!323

*.25x 4!**8 4!483 4!95 3!94 3!639 *.25x 3!648

*.50x 5!04 4!80 4!505 4!2* 3!935 *.50x 3!9*4

*.*5x 5!429 5!9 4!86 4!520 4!23 *.*5x 4!299

8.00x 5!*55 5!43* 5!26 4!823 4!528 8.00x 4!624

Implied EV / EBI.D& 92%%#: Implied EV / EBI.D& 9

E'it EV / EBI.D& )&CC E'it EV / EBI.D&

0.42x 8.5+ 8.40+ 8.65+ 8.90+ 9.5+ 9.33x 8.5+

*.00x 9.95x 9.*5x 9.56x 9.3*x 9.9x *.00x 8.9x

*.25x 0.8x 9.9*x 9.*8x 9.58x 9.39x *.25x 9.2x

*.50x 0.40x 0.9x 9.99x 9.*9x 9.60x *.50x 9.32x

*.*5x 0.63x 0.4x 0.20x 0.00x 9.80x *.*5x 9.52x

8.00x 0.85x 0.63x 0.42x 0.2x 0.00x 8.00x 9.*2x


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free cash flow template

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