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DCF Template BofA - VF

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256 views

DCF Template BofA - VF

Uploaded by

Jai Doshi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Simple Discounted Cash Flow Model

DCF Analysis
Year 1 2 3 4 5
2022E 2023E 2024E 2025E 2026E
Revenue $13,600.0 $14,280.0 $14,994.0 $15,743.7 $16,530.9
% Growth 5% 5% 5% 5%

EBITDA $5,400.0 $5,751.3 $6,125.0 $6,521.8 $6,943.0


% Margin 40% 40% 41% 41% 42%

Cash Taxes Calculation


EBITDA $5,400.0 $5,751.3 $6,125.0 $6,521.8 $6,943.0
Less: Depreciation and Amortization 95.2 100.0 105.0 110.2 115.7
EBIT $5,304.8 $5,651.3 $6,020.1 $6,411.6 $6,827.3
Cash Taxes 40.0% $2,121.9 $2,260.5 $2,408.0 $2,564.6 $2,730.9

Capital Expenditures $68.0 $71.4 $75.0 $78.7 $82.7

Net Working Capital $680.0 $714.0 $749.7 $787.2 $826.5


Change in NWC $34.0 $35.7 $37.5 $39.4

EBITDA $5,400.0 $5,751.3 $6,125.0 $6,521.8 $6,943.0


Less: Cash Taxes 2,121.9 2,260.5 2,408.0 2,564.6 2,730.9
Less: Changes in W/C 0.0 34.0 35.7 37.5 39.4
Less: Capital Expenditures 68.0 71.4 75.0 78.7 82.7
Total Unlevered Free Cash Flow $3,210.1 $3,385.3 $3,606.3 $3,841.0 $4,090.1
Total Discounted Unlevered Free Cash Flow $2,958.6 $2,875.7 $2,823.4 $2,771.5 $2,720.1
PV of Unlevered FCF $14,149.4

Implied Enterprise / Equity Valuation from DCF Analysis

Forward (2026E) EBITDA $6,943.0


Terminal Multiple 12.0x
Terminal Value $ 83,315.7
Present Value of Terminal Value 55,408.70

PV of Unlevered FCF $14,149.4


Plus: PV of Terminal Value 55,408.7
Implied TEV / Present Value $69,558.1
Plus: Cash 9,200.0
Less: Debt 50.0
Implied Equity Value $78,808.1
Shares Outstanding 1,000
Implied Share Price Valuation $78.81

Sensitivities

Enterprise Value ($M)

Terminal Multiple
$69,558.1 10.0x 11.0x 12.0x 13.0x 14.0x
7.5% $62,906 $67,742 $72,579 $77,415 $82,251
8.0% 61,598 66,323 71,048 75,774 80,499
WACC 8.5% 60,324 64,941 69,559 74,176 78,793
9.0% 59,084 63,596 68,109 72,621 77,133
9.5% 57,876 62,286 66,697 71,107 75,517

Implied Share Price

Terminal Multiple
10.0x 11.0x 12.0x 13.0x 14.0x
7.5% $72.06 $76.89 $81.73 $86.56 $91.40
8.0% 70.75 75.47 80.20 84.92 89.65
WACC 8.5% 69.47 74.09 78.71 83.33 87.94
9.0% 68.23 72.75 77.26 81.77 86.28
9.5% 67.03 71.44 75.85 80.26 84.67
Japan: ¥397,443 million (USD 3,613 million)
The Americas: ¥731,168 million (USD 6,646 million)
Europe: ¥624,894 million (USD 5,680 million)
Other regions: ¥441,097 million (USD 4,009 million)

Countries Revenue
Japan 18 3,613
America 33 6,646
Europe 28 5,680
Other Regi 20 4,009
total 100 19,948

Countries Japan America Europe Other RegiTotal


Revenue 3,613 milli 6,646 milli 5,680 milli 4,009 million
15,990
16,000
Revenue Ebitda
14,000 11,986
2017 4,446 343 10,914
12,000 9,597
2018 9,597 1,694
10,000
2019 10,914 2,356
8,000 5,921
2020 11,986 3,296
6,000 4,446
2021 15,990 5,921 3,296
4,000 2,356
1,694
2,000 343
0
2017 2018 2019 2020 2021

Revenue Ebitda
20 18 Japan
America
Europe
28 33
Other Regions

15,990

11,986
4

5,921

3,296
2,356

9 2020 2021

Ebitda

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