DCF valuation
Five years of free cash flow, a Gordon-growth terminal value, and the bridge from enterprise value to value per share.
Enterprise value ($mm)
$2,397
Equity value ($mm)
$1,947
Value per share ($)
$21.6
Terminal value / EV
74.1%
EV / year 1 EBITDA
8.4x
The download carries your own inputs, keeps every formula live and colours inputs blue exactly like the template. The share link reopens this page with your assumptions in place.
Click any highlighted cell to change an assumption. Black cells are formulas — you can retype those too, using Excel syntax such as =B5*(1+B6).
| A | B | C | D | E | F | |
|---|---|---|---|---|---|---|
| 1 | DCF valuation model | |||||
| 2 | Yellow cells are inputs. Everything else is a formula — change an input and watch the value move. | |||||
| 3 | – | – | – | – | – | – |
| 4 | Assumptions ($mm unless noted) | – | – | – | – | – |
| 5 | Revenue, year 0 ($mm) | $1,200 | – | – | – | – |
| 6 | Revenue growth (annual) | 8.0% | – | – | – | – |
| 7 | EBITDA margin | 22.0% | – | – | – | – |
| 8 | D&A as % of revenue | 5.0% | – | – | – | – |
| 9 | Tax rate | 25.0% | – | – | – | – |
| 10 | Capex as % of revenue | 6.0% | – | – | – | – |
| 11 | Working capital as % of revenue growth | 15.0% | – | – | – | – |
| 12 | WACC | 9.0% | – | – | – | – |
| 13 | Terminal growth | 2.0% | – | – | – | – |
| 14 | Net debt ($mm) | $450 | – | – | – | – |
| 15 | Shares outstanding (mm) | 90 | – | – | – | – |
| 16 | – | – | – | – | – | – |
| 17 | – | – | – | – | – | – |
| 18 | Free cash flow build | – | – | – | – | – |
| 19 | – | 2026 | 2027 | 2028 | 2029 | 2030 |
| 20 | Revenue | $1,296 | $1,400 | $1,512 | $1,633 | $1,763 |
| 21 | EBITDA | $285 | $308 | $333 | $359 | $388 |
| 22 | D&A | ($65) | ($70) | ($76) | ($82) | ($88) |
| 23 | EBIT | $220 | $238 | $257 | $278 | $300 |
| 24 | Taxes | ($55) | ($59) | ($64) | ($69) | ($75) |
| 25 | NOPAT | $165 | $178 | $193 | $208 | $225 |
| 26 | Add back D&A | $65 | $70 | $76 | $82 | $88 |
| 27 | Capex | ($78) | ($84) | ($91) | ($98) | ($106) |
| 28 | Change in working capital | ($14) | ($16) | ($17) | ($18) | ($20) |
| 29 | Free cash flow | $138 | $149 | $161 | $174 | $188 |
| 30 | Discount factor | 0.9 | 0.8 | 0.8 | 0.7 | 0.6 |
| 31 | PV of FCF | $126 | $125 | $124 | $123 | $122 |
| 32 | – | – | – | – | – | – |
| 33 | – | – | – | – | – | – |
| 34 | Valuation | – | – | – | – | – |
| 35 | Sum of PV of forecast FCF | $621 | – | – | – | – |
| 36 | Terminal value (Gordon growth) | $2,733 | – | – | – | – |
| 37 | PV of terminal value | $1,777 | – | – | – | – |
| 38 | Enterprise value | $2,397 | – | – | – | – |
| 39 | Less: net debt | ($450) | – | – | – | – |
| 40 | Equity value | $1,947 | – | – | – | – |
| 41 | Value per share ($) | $21.6 | – | – | – | – |
| 42 | Terminal value as % of EV | 74.1% | – | – | – | – |
| 43 | Implied EV / year 1 EBITDA | 8.4x | – | – | – | – |
Drills on this model
Answer out loud first, then change the cell and see how close you were.
- 1.Raise WACC from 9% to 11%. How much of the value per share disappears, and why is the terminal value hit hardest?
- 2.Set terminal growth to 3.5%. What share of enterprise value now sits in the terminal value — and would you defend it?
- 3.Cut the EBITDA margin by 2 points and raise growth by 2 points. Does the value go up or down? Say your answer before you type.
- 4.Make capex equal to D&A. What does that assumption say about the business you are valuing?