Comparative DCF Summary
Music $1,000 / Sponsorship $1,000 pricing, comparing 30% vs 50% slot utilization at an 18% hurdle rate
Scenario
Assumptions
Music price / placement
$1,000
Sponsorship price / placement
$1,000
Utilization cases
30% vs 50% of sellable slots
Hurdle rate (WACC override)
18.0%
Terminal method
Perpetuity growth
Perpetuity growth (g)
3.0%
Exit multiple
10.0x
Forecast horizon
FY2026 – FY2030
Valuation date
2026-01-01
All other inputs are taken from the live master inputs; only music price, sponsorship price, utilization, and the WACC override (18% hurdle rate) differ between these runs.
Enterprise value — 30% vs 50% utilization
| Line | 30.0% utilization | 50.0% utilization | Δ 50% vs 30% |
|---|---|---|---|
| Net revenue — FY1 | $26,055,000 | $43,425,000 | |
| Net revenue — FY5 | $55,101,404 | $91,835,673 | |
| EBITDA — FY5 | $37,291,790 | $74,026,059 | |
| EBITDA margin — FY5 | 67.7% | 80.6% | |
| PV of FY1–FY5 FCFF | $62,844,086 | $129,347,786 | |
| PV of terminal value (perpetuity) | $86,263,525 | $171,084,539 | |
| Enterprise value — perpetuity growth | $149,107,612 | $300,432,325 | $151,324,713 |
| Enterprise value — exit multiple | $225,849,938 | $452,922,513 | $227,072,575 |
| Equity value (perpetuity EV + cash − debt) | $245,260,416 | $499,879,639 | $254,619,222 |
How to read this
Both cases monetize every sold slot twice — a $1,000 music placement and a $1,000 sponsorship placement — so the only difference between the columns is the number of slots sold (30% vs 50% of the sellable base).
Moving from 30% to 50% utilization raises sold slots by two-thirds against a largely fixed cost base, so most of the incremental margin flows through to FCFF and lifts enterprise value by $151,324,713 at the 18% hurdle rate.