Model 10-02A
General 10-Year DCF Spreadsheet Valuation Model (Dollar Amounts in Millions Except per Share)Panel A – Inputs for Prent Value Calculations 2. Revenue growth rate 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 3.0%3.NOI
17,680
$ 18,387$ 19,123
$ 19,888
$ 20,683
$ 21,510
$ 22,371
$ 23,266
$ 24,196
$ 25,164
$ 18,296
$ 4. Cash tax rate 38.0%38.0%38.0%38.0%38.0%38.0%38.0%38.0%38.0%38.0%38.0%5. Income taxes 6,718 6,987 7,267 7,557 7,860 8,174 8,501 8,841 9,195 9,562 6,952 6.NOPAT
水养植物有哪些10,962$ 11,400$ 11,856$ 12,330$ 12,824$ 13,336$ 13,870$ 14,425$ 15,002$ 15,602$ 11,343$ 7. + Depreciation
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4,160 4,326 4,499 4,679 4,867 5,061 5,264 5,474 5,693 5,921 6,099 8. – Change in working capital 1,560 1,622 1,687 1,755 1,825 1,898 1,974 2,053 2,135 2,220 2,287 9. – Capital expenditures
4,680 4,867 5,062 5,264 5,475 5,694 5,922 6,159 6,405 6,661 3,812 10. – Change in other asts net 1,300 1,352 1,406 1,462 1,521 1,582 1,645 1,711 1,779 1,850 152 11.Free cash flows 7,582$ 7,885$ 8,200$ 8,528$ 8,869$ 9,224$ 9,593$ 9,977$ 10,376$ 10,791$ 11,191$ 12.WACC
9.18%9.18%9.18%9.18%9.18%9.18%9.18%9.18%9.18%9.18%9.18%阿根廷葡萄酒
13.Discount factor 0.91592 0.83891 0.76837 0.70376 0.64459 0.59039 0.54075 0.49529 0.45364 0.41550 14.
Prent values
6,944
$ 6,615
$ 6,301
$ 6,002
$ 5,717
$ 5,446
$ 5,188
$ 4,941
$ 4,707
$ 4,484
$ Panel B – Operating Relationships (As a % of Revenues)
粮油保管员NOI
17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%17.0%12.0%NOPAT
10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%7.4% Depreciation
4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Change in working capital 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Capital expenditures
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 2.5% Change in other asts net 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%0.1%Free cash flow
7.3%
7.3%
7.3%
7.3%
7.3%
7.3%
竖中指7.3%
7.3%
7.3%
7.3%
7.3%
一颗树Panel C – Valuation Calculations
Part I - Cost of Capital Inputs Part II - Terminal Value (TV)Part III - Valuation Calculation (a)Risk-free rate 5.60%TV =Free Cash Flows n+1 / (WACC-g)(1)PV of cash flows, Year 1-1056,344$ (b)Beta
更年期有哪些症状0.80
=11191 / (0.0918 - 0.030)(2)PV of terminal value 75,240$ (c)Equity risk premium 7.00%=$181,083
(3)Marketable curities 10,000 (d)Tax rate
38.0%(4)Total value of the firm >##(e)Cost of equity11.20%(5)Value of debt 20,000 (f)Cost of debt (before-tax)7.20%(6)Value of equity
>##(g)Cost of debt (after-tax) 4.46%(7)Shares outstanding(h)Capital structure, % equity 70.00%(8)
Intrinsic share price
(i)Ba WACC我的成长作文
9.18%
