DCF Valuation
Unlevered DCF with mid-year discounting; perpetuity-growth primary, exit-multiple cross-check
Scenario
Enterprise Value (Perpetuity)
$52,638,107
Enterprise Value (Exit)
$81,091,171
10.0x × Y5 EBITDA
Equity Value
$82,940,662
WACC
18.0%
Terminal Growth
3.0%
Terminal % of EV
61.2%
healthy
Discounted Cash Flow (mid-year)
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | |
|---|---|---|---|---|---|
| Unlevered FCFF | 4,346,917 | 3,848,718 | 5,782,316 | 8,082,364 | 10,724,740 |
| Discount Period (years) | 50.00% | 150.00% | 250.00% | 350.00% | 450.00% |
| Discount Factor | 92.06% | 78.01% | 66.11% | 56.03% | 47.48% |
| PV of FCFF | 4,001,661 | 3,002,570 | 3,822,934 | 4,528,469 | 5,092,344 |
Perpetuity-Growth Terminal (primary)
Y5 FCFF$10,724,740
× (1 + g)1.030
Terminal FCFF (Y6)$11,046,483
÷ (WACC − g)15.0%
Terminal Value (Y5)$73,643,218
× Discount Factor0.4371
PV of Terminal Value$32,190,129
Sum of PV of FCFF$20,447,978
+ PV of Terminal$32,190,129
Enterprise Value$52,638,107
+ Cash$30,302,555
− Debt-
Equity Value$82,940,662
Exit-Multiple Terminal (cross-check)
Y5 EBITDA$13,873,694
× Exit Multiple10.0x
Terminal Value (Y5)$138,736,936
PV of Terminal$60,643,193
Enterprise Value (Exit)$81,091,171
Cross-check delta vs perpetuity: $28,453,064
WACC Build
Risk-Free Rate4.3%
Beta (β)1.00
Equity Risk Premium5.5%
Size Premium5.0%
Company-Specific RP5.3%
Cost of Equity (Ke)20.0%
Pre-Tax Cost of Debt10.0%
Tax Rate25.0%
Equity / Debt Weights95.0% / 5.0%
WACC18.0%