DCF Valuation Model

Blue fields are inputs. Percentages are entered as percent (8 = 8%). Money in the stated units.

Company Name Currency Units Base fiscal year Base-year revenue Base-year net working capital Tax rate (%)

Projection drivers (%)

Cost of capital Risk-free rate (%) Equity risk premium (%) Unlevered beta Size premium (%) Target debt / capital (%) Pre-tax cost of debt (%)

Terminal value Perpetuity growth (%) Exit EV/EBITDA (x) Mid-year convention

Equity bridge Total debt Preferred equity Minority interest Cash Non-operating assets

Shares Basic shares RSUs Current share price

Valuation range

Implied share price across each sensitivity grid. Dot = base case.