Transcript OVERVIEW - University of St. Thomas

Financial Modeling Overview
Presented to:
December 2, 2010
AGENDA
2
I.
Modeling Overview
II.
Assumptions
III.
Transactional Balance Sheet
IV.
Goodwill
V.
Debt Page
VI.
Re-linking financials
VII.
DCF
OVERVIEW

We have our basic model with is, bs, cf, d&a, and debt schedules

We need to forecast :

3

Determine what our deal will look like

Create a transactional balance sheet

Calculate Goodwill

Update the debt page
Ensure that the balance sheet balances
ASSUMPTIONS
4

Step 1, we need to come up with our assumptions about the proposed transaction

What do we know?

We know that a financial sponsor (investment firm) is looking to acquire Acme
Manufacturing from the retiring owner for $27 million dollars (cash free and debt free
transaction)

They were able to secure a senior term loan for $10 million, a subordinated loan for $6
million, and a revolving line of credit of $4 million (to help pay fees – not all of this line
will be drawn at close)

The retiring owner is willing to roll $2 million of their proceeds into the new company so
that they will still retain a portion of the business going forward
ASSUMPTIONS
Acme Manufacturing
Assumptions
Inputs
Name
Management Case
Transaction Year
Sales Growth Rate
Conservative Case
Management Case
Tax Rate
Purchase Summary
Management Ownership %
Financial Sponsor Ownership %
Purchase Price Multiple
Senior Debt (Senior + Revolver)/EBITDA
Subordinated Debt/EBITDA
Total Leverage
Acme Manufacturing
2010
10.0%
5.0%
10.0%
40.0%
Sources of Funds
Return Analysis
Spread to Libor
Existing Cash
Revolver
Senior - Term Loan
Sub Debt
PIK
Management Stock Roll-Over
Financial Sponsor Equity
Total Sources
8.0%
8.0%
12.0%
2.0%
Uses
Limit
0
0
0
0
0
0
0
Uses of Funds
Cash Proceeds to Seller
Common Stock Seller
Transaction Fees
Total Uses
0
0
0
0
Purchase Price
0
Fees and Expenses
Advisory
Legal
Other Expenses - Accounting, Etc.
Term Loan
Total
0
0
0
0
0
5
2.0%
0
Exit Year
Trailing EBITDA
EBITDA Multiple
Enterprise Value
Plus: Cash
Less: Debt
Total Equity Value
Less Management Equity
Equity to LBO Sponsors
Sponsor IRR
Multiple of Sponsor's Original Investment
1
2
3
4
5
ASSUMPTIONS
Acme Manufacturing
Assumptions
Inputs
Name
Management Case
Transaction Year
Sales Growth Rate
Conservative Case
Management Case
Tax Rate
Purchase Summary
Management Ownership %
Financial Sponsor Ownership %
Purchase Price Multiple
Senior Debt (Senior + Revolver)/EBITDA
Subordinated Debt/EBITDA
Total Leverage
Acme Manufacturing
2
2010
10.0%
5.0%
10.0%
40.0%
Sources of Funds
Return Analysis
Spread to Libor
Existing Cash
Revolver
Senior - Term Loan
Sub Debt
PIK
Management Stock Roll-Over
Financial Sponsor Equity
Total Sources
8.0%
8.0%
12.0%
2.0%
Uses
0
40
10,000
6,000
2,000
10,000
28,040
Uses of Funds
Cash Proceeds to Seller
Common Stock Seller
Transaction Fees
Total Uses
25,000
2,000
1,040
28,040
Purchase Price
27,000
Fees and Expenses
Advisory
Legal
Other Expenses - Accounting, Etc.
Term Loan
Total
6
16.67%
83.33%
6.14x
2.28x
1.36x
3.65x
2.0%
340
250
250
200
1,040
Limit
4,000
Exit Year
Trailing EBITDA
EBITDA Multiple
Enterprise Value
Plus: Cash
Less: Debt
Total Equity Value
Less Management Equity
Equity to LBO Sponsors
Sponsor IRR
Multiple of Sponsor's Original Investment
1
2
3
4
5
ASSUMPTIONS
Acme Manufacturing
Assumptions
Inputs
Name
Management Case
Transaction Year
Sales Growth Rate
Conservative Case
Management Case
Tax Rate
Purchase Summary
Management Ownership %
Financial Sponsor Ownership %
Purchase Price Multiple
Senior Debt (Senior + Revolver)/EBITDA
Subordinated Debt/EBITDA
Total Leverage
Acme Manufacturing
2
2010
10.0%
5.0%
10.0%
40.0%
Sources of Funds
Return Analysis
Spread to Libor
Existing Cash
Revolver
Senior - Term Loan
Sub Debt
PIK
Management Stock Roll-Over
Financial Sponsor Equity
Total Sources
8.0%
8.0%
12.0%
2.0%
Uses
0
40
10,000
6,000
2,000
10,000
28,040
Uses of Funds
Cash Proceeds to Seller
Common Stock Seller
Transaction Fees
Total Uses
25,000
2,000
1,040
28,040
Purchase Price
27,000
Fees and Expenses
Advisory
Legal
Other Expenses - Accounting, Etc.
Term Loan
Total
7
16.67%
83.33%
6.14x
2.28x
1.36x
3.65x
2.0%
340
250
250
200
1,040
Limit
4,000
Exit Year
Trailing EBITDA
EBITDA Multiple
Enterprise Value
1
4,840
6.14x
29,700
2
5,324
6.14x
32,670
3
5,856
6.14x
35,937
4
6,442
6.14x
39,531
5
7,086
6.14x
43,484
Plus: Cash
Less: Debt
Total Equity Value
2,871
6,528
26,043
5,066
6,659
31,078
7,605
6,792
36,751
10,516
6,928
43,119
13,825
7,066
50,243
4,341
21,703
5,180
25,898
6,125
30,626
7,186
35,932
8,374
41,869
117.0%
2.2x
60.9%
45.2%
37.7%
33.2%
Less Management Equity
Equity to LBO Sponsors
Sponsor IRR
Multiple of Sponsor's Original Investment
TRANSACTIONAL BALANCE SHEET

Step 2, Create a transactional balance sheet
Acme Manufacturing
Transactional Balance Sheet
($ in 000's)
2010
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
0
Plant Property & Equipment, Net
Goodwill and Intangibles, Net
Other Long Term Assets
Total Assets
Liabilities & Owners Equity
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
Financing
Adjustments
Pro forma
Opening
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Long Term Liabilities
0
Revoliving Line of Credit
Senior Loan
Subordinated Debt
0
0
0
Equity
Common and add'l paid in capital
Retained earnings
Total Liabilities & Owners Equity
Check
8
Transaction
Adustments
0
0.000
0
0
0
0.000
TRANSACTIONAL BALANCE SHEET
Acme Manufacturing
Transactional Balance Sheet
($ in 000's)
2010
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
Plant Property & Equipment, Net
Goodwill and Intangibles, Net
Other Long Term Assets
Financing
Adjustments
(2,300)
Pro forma
Opening
0
3,750
4,000
1,323
9,073
4,100
0
70
4,100
0
70
15,543
13,243
Liabilities & Owners Equity
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
1,200
1,984
661
3,845
1,200
1,984
661
3,845
Other Long Term Liabilities
75
75
Total Assets
Revoliving Line of Credit
Senior Loan
Subordinated Debt
Equity
Common and add'l paid in capital
Retained earnings
Total Liabilities & Owners Equity
Check
9
2,300
3,750
4,000
1,323
11,373
Transaction
Adustments
653
650
6,400
(653)
(650)
(6,400)
40
10,000
6,000
1,000
2,920
15,543
0.000
(1,000)
(2,920)
12,000
40
10,000
6,000
0
12,000
31,960
18,717.500
GOODWILL
Acme Manufacturing
Goodwill
($ in 000's)
Pro forma
Opening
Calculation of Goodwill
Book value of assets
less: liabilities assumed
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
Fair market value adjustment to assets
0
0
Adjusted net assets
0
Cost of purchase
0
New Goodwill
0
Plant Property & Equipment, Net
Other Long Term Assets
Liabilities
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
0
Other Long Term Liabilities
Calculation: Tax Purposes Goodwill Amort.
Term
5 Fees
Term
15 New Goodwill
Term
15 Existing Goodwill
1,040
0
0
(% of Fees Tax Deductible? )
(% of Goodwill Tax Deductible? )
(% of Goodwill Tax Deductible? )
Balance
Transaction Fees
Goodwill
Acq. Goodwill
Fees
New Goodwill
Existing Goodwill
Total Amort.
Cummulative Amort.
10
60%
0%
0%
624
0
0
1
2
3
4
5
0
0
0
0
0
0
0
0
0
0
GOODWILL
Acme Manufacturing
Goodwill
($ in 000's)
Pro forma
Opening
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
0
3,750
4,000
1,323
9,073
Plant Property & Equipment, Net
Other Long Term Assets
4,100
70
Liabilities
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
1,200
1,984
661
3,845
Other Long Term Liabilities
11
Calculation of Goodwill
Book value of assets
less: liabilities assumed
75
Fair market value adjustment to assets
Adjusted net assets
13,243
(3,920)
9,323
0
9,323
Cost of purchase
27,000
New Goodwill
17,678
GOODWILL
Begins
Copy
Formulas
Right
Copy
Formulas
Down
12
Balance
Transaction Fees
Goodwill
Acq. Goodwill
1
499
2
374
3
4
5
Fees
New Goodwill
Existing Goodwill
Total Amort.
Cummulative Amort.
125
125
125
125
125
250
0
250
0
250
0
250
Balance
Transaction Fees
Goodwill
Acq. Goodwill
1
499
2
374
3
250
4
125
5
0
Fees
New Goodwill
Existing Goodwill
Total Amort.
Cummulative Amort.
125
125
125
125
125
125
125
125
250
125
374
125
499
125
624
Balance
Transaction Fees
Goodwill
Acq. Goodwill
1
499
0
0
2
374
0
0
3
250
0
0
4
125
0
0
5
0
0
0
Fees
New Goodwill
Existing Goodwill
Total Amort.
Cummulative Amort.
125
0
0
125
125
125
0
0
125
250
125
0
0
125
374
125
0
0
125
499
125
0
0
125
624
GOODWILL
Acme Manufacturing
Goodwill
($ in 000's)
Pro forma
Opening
Calculation of Goodwill
Book value of assets
less: liabilities assumed
Assets
Current Assets
Cash
0
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
3,750
4,000
1,323
9,073
Plant Property & Equipment, Net
Other Long Term Assets
4,100
70
Liabilities
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
1,200
1,984
661
3,845
Other Long Term Liabilities
Calculation: Tax Purposes Goodwill Amort.
Term
5 Fees
Term
15 New Goodwill
Term
15 Existing Goodwill
13
Fair market value adjustment to assets
Adjusted net assets
13,243
(3,920)
9,323
0
9,323
Cost of purchase
27,000
New Goodwill
17,678
75
1,040
17,678
0
(% of Fees Tax Deductible? )
(% of Goodwill Tax Deductible? )
(% of Goodwill Tax Deductible? )
60%
0%
0%
624
0
0
Balance
Transaction Fees
Goodwill
Acq. Goodwill
1
499
0
0
2
374
0
0
3
250
0
0
4
125
0
0
5
0
0
0
Fees
New Goodwill
Existing Goodwill
Total Amort.
Cummulative Amort.
125
0
0
125
125
125
0
0
125
250
125
0
0
125
374
125
0
0
125
499
125
0
0
125
624
TRANSACTIONAL BALANCE SHEET
Acme Manufacturing
Transactional Balance Sheet
($ in 000's)
2010
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
Plant Property & Equipment, Net
Goodwill and Intangibles, Net
Other Long Term Assets
Total Assets
4,100
0
70
Financing
Adjustments
(2,300)
Pro forma
Opening
0
3,750
4,000
1,323
9,073
4,100
18,718
70
18,718
15,543
31,960
Liabilities & Owners Equity
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
1,200
1,984
661
3,845
1,200
1,984
661
3,845
Other Long Term Liabilities
75
75
Revoliving Line of Credit
Senior Loan
Subordinated Debt
Equity
Common and add'l paid in capital
Retained earnings
Total Liabilities & Owners Equity
Check
14
2,300
3,750
4,000
1,323
11,373
Transaction
Adustments
653
650
6,400
(653)
(650)
(6,400)
40
10,000
6,000
1,000
2,920
15,543
0.000
(1,000)
(2,920)
12,000
40
10,000
6,000
0
12,000
31,960
0.000
DEBT

Relink the debt page for new debt
2010
2011
2012
2013
2014
2015
951
0
(50)
901
1,318
50
(50)
1,318
1,730
50
(50)
1,730
2,188
50
(50)
2,188
2,740
50
(50)
2,740
10,000
(1,000)
(676)
8,324
8,324
(1,000)
(989)
6,336
6,336
(1,000)
(1,297)
4,039
4,039
(1,000)
(1,641)
1,398
1,398
(1,000)
(398)
0
733
586
415
217
56
6,000
120
0
6,120
6,120
122
0
6,242
6,242
125
0
6,367
6,367
127
0
6,495
6,495
130
0
6,624
727
742
757
772
787
(775)
(670)
(568)
(453)
1,342
40
40
775
815
815
670
1,485
1,485
568
2,053
2,053
453
2,506
2,506
(1,342)
1,164
8.0%
65
119
164
200
93
Cash Flow Available for Financing Activities
Plus: Beginning Cash Balance
Less: Minimum Cash Balance
Cash Available for Debt Repayment
Senior Term A
Beg. Balance
Scheduled Amortization
Additional Amortization
Ending Balance
Interest Rate
Interest Expense
Subordinated Debt
Beg. Balance
PIK Interest
Amortization
Ending Balance
PIK Interest Rate
Cash Interest Rate
Interest Expense
10,000
8.0%
6,000
2.0%
12.0%
Revolver
Cash Available to Sweep to Revolver
Beg. Balance
Draw/(Repayments)
Ending Balance
Interest Expense
15
DEBT
Credit Statistics
Total Senior Debt
9,139
7,821
6,091
3,904
Total Debt
15,259
14,063
12,459
10,398
Total Senior Cash Interest
798
705
579
418
Total Cash Interest
1,525
1,447
1,336
1,190
EBITDA
4,840
5,324
5,856
6,442
Senior Debt / EBITDA
1.89x
1.47x
1.04x
0.61x
Total Debt / EBITDA
3.15x
2.64x
2.13x
1.61x
EBITDA / Senior Cash Interest
6.06x
7.55x
10.11x
15.41x
EBITDA / Total Cash Interest
3.17x
3.68x
4.38x
5.42x
Fixed Charge Ratio = (EBITDA-Capex-Taxes)/(Cash Interest+Scheduled Amortization)
EBITDA
4,840
5,324
5,856
6,442
Capex
1,000
1,000
1,000
1,000
Taxes
962
1,107
1,284
1,497
Cash Interest
1,525
1,447
1,336
1,190
Scheduled Amortization
1,000
1,000
1,000
1,000
Fixed Charge Ratio
1.14x
1.31x
1.53x
1.80x
16
1,164
7,788
149
936
7,086
0.16x
1.10x
47.55x
7.57x
7,086
1,000
1,776
936
1,000
2.23x
CASH FLOW STATEMENT
Net Change in Cash
Beginning Cash Balance
Change in Cash Flow
Ending Cash Balance
Net Change in Cash
Beginning Cash Balance
Change in Cash Flow
Ending Cash Balance
17
2,300
2,300
50
2,350
2,350
(2,300)
50
50
0
50
50
0
50
50
1,551
1,601
0
0
50
50
50
0
50
50
0
50
50
0
50
50
0
50
BALANCE SHEET
Acme Manufacturing
Balance Sheet
($ in 000's)
2008
2009
2010
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaids and Other
Current Assets
500
3,000
2,000
1,000
6,500
750
3,300
3,000
1,150
8,200
2,300
3,750
4,000
1,323
11,373
Plant Property & Equipment, Net
Goodwill and Intangibles, Net
Other Long Term Assets
4,550
200
50
5,250
100
60
11,300
Liabilities & Owners Equity
Current Liabilities
Accounts Payable
Accrued Expenses
Other Current Liabilities
Current Assets
Other Long Term Liabilities
Total Assets
Revoliving Line of Credit
Senior Loan
Subordinated Debt
Equity
Common and add'l paid in capital
Retained earnings
Total Liabilities & Owners Equity
Check
Working Capital Ratios
Working Capital
Change in WC
AR Days
Inventory Turnover
Other current assets as % of Sales
Other Long Term Assets as % of Sales
A/P Days Outstanding
Accrued Expenses as a % of COGS
Other Current Liabilities as a % of COGS
Other Long Term Liabilities as a % of COGS
18
Pro forma
Opening
2011
2012
2013
2014
2015
0
3,750
4,000
1,323
9,073
50
4,125
4,400
1,455
10,030
50
4,538
4,840
1,600
11,028
50
4,991
5,324
1,760
12,125
50
5,490
5,856
1,936
13,333
50
6,039
6,442
2,130
14,661
4,100
0
70
4,100
18,718
70
4,314
18,593
77
4,329
18,468
85
4,143
18,343
93
3,757
18,218
102
3,171
18,094
113
13,610
15,543
31,960
33,014
33,909
34,705
35,411
36,039
1,000
1,500
500
3,000
1,100
1,725
575
3,400
1,200
1,984
661
3,845
1,200
1,984
661
3,845
1,320
2,182
727
4,230
1,452
2,400
800
4,652
1,597
2,640
880
5,118
1,757
2,904
968
5,629
1,933
3,195
1,065
6,192
65
70
75
75
83
91
100
110
121
0
1,135
6,000
525
935
6,200
653
650
6,400
40
10,000
6,000
815
8,324
6,120
1,485
6,336
6,242
2,053
4,039
6,367
2,506
1,398
6,495
1,164
0
6,624
1,000
100
11,300
0.000
1,000
1,480
13,610
0.000
1,000
2,920
15,543
0.000
0
12,000
31,960
0.000
0
13,442
33,014
0.000
0
15,102
33,909
0.000
0
17,028
34,705
0.000
0
19,274
35,411
(0.000)
0
21,937
36,039
0.000
3,000
4,050
1,050
46.33
5.20
4.4%
0.2%
25.74
11.1%
3.7%
0.4%
5,228
1,178
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
5,228
5,750
523
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
6,325
575
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
6,958
633
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
7,654
696
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
8,419
765
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
43.80
7.50
4.0%
0.2%
24.33
10.0%
3.3%
0.4%
48.88
4.20
4.7%
0.3%
26.07
11.8%
3.9%
0.4%
DISCOUNTED CASH FLOW
Acme Manufacturing
DCF
($ in 000's)
1
2011
2
3
2012
2013
4
5
2014
2015
Terminal
EBIT
less: Taxes (40.0%)
Not Operating Profit After Tax (NOPAT)
40.00%
0
0
0
0
0
0
0
0
0
0
0
0
add: Depreciation
add: Amortization
less: Capital Expenditures
less: Working Capital Requirements
Cash Flow
Weighted Average Cost of Capital:
Ind. Avg. % of
Capital Structure - Industry:
Total Cap Struct.
Senior Debt Rate
50.00%
Subordinated Debt
25.00%
Common Stock
Cost
Cost
(Pre-tax) (After-tax)
WACC
Ind. Avg. WACC =
0.00%
25.00%
100.00%
Present Value of Cash Flows
Present Value Factor
Present Value
Total Present Value of Interim Cash Flows
Present Value Factor for Terminal Value
Terminal Value Calculated using:
Terminal EBIDA Multiple:
Gordon Growth Model:
Terminal EBITDA
Terminal Growth Rate
Terminal EBITDA Multiple
Terminal Net Debt Free Cash Flow
Residual Enterprise Value
Residual TIC Value
Discounted Terminal Enterprise Value
Discounted Terminal Enterprise Value
Enterprise Value Conclusion :
19
Based on Terminal EBITDA Multiple
0
Based on Gordon Growth Model
0
DISCOUNTED CASH FLOW
Acme Manufacturing
DCF
($ in 000's)
1
2011
EBIT
less: Taxes (40.0%)
Not Operating Profit After Tax (NOPAT)
add: Depreciation
add: Amortization
less: Capital Expenditures
less: Working Capital Requirements
Cash Flow
20
40.00%
2
2012
3
2013
4
2014
5
2015
Terminal
3,929
4,213
4,546
4,932
5,376
5,376
(1,572)
(1,685)
(1,818)
(1,973)
(2,150)
(2,150)
2,358
2,528
2,728
2,959
3,225
3,225
786
986
1,186
1,386
1,586
= capex
125
125
125
125
125
125
(1,000)
(1,000)
(1,000)
(1,000)
(1,000)
= deprec
(523)
(575)
(633)
(696)
(765)
(638)
1,745
2,064
2,406
2,774
3,171
2,712
DISCOUNTED CASH FLOW
Weighted Average Cost of Capital:
Ind. Avg. % of
Capital Structure - Industry:
Total Cap Struct.
Cost
Cost
(Pre-tax) (After-tax)
WACC
Senior Debt Rate
50.00%
8.00%
4.80%
2.40%
Subordinated Debt
25.00%
12.00%
12.00%
3.00%
Common Stock
25.00%
25.00%
25.00%
6.25%
Ind. Avg. WACC =
11.65%
100.00%
21
DISCOUNTED CASH FLOW
Acme Manufacturing
DCF
($ in 000's)
1
2011
EBIT
2
3
2012
2013
4
5
2014
2015
Terminal
3,929
4,213
4,546
4,932
5,376
5,376
(1,572)
(1,685)
(1,818)
(1,973)
(2,150)
(2,150)
2,358
2,528
2,728
2,959
3,225
3,225
add: Depreciation
786
986
1,186
1,386
1,586
= capex
add: Amortization
125
125
125
125
125
less: Taxes (40.0%)
Not Operating Profit After Tax (NOPAT)
less: Capital Expenditures
less: Working Capital Requirements
Cash Flow
40.00%
125
(1,000)
(1,000)
(1,000)
(1,000)
(1,000)
= deprec
(523)
(575)
(633)
(696)
(765)
(638)
1,745
2,064
2,406
2,774
3,171
2,712
Weighted Average Cost of Capital:
Ind. Avg. % of
Capital Structure - Industry:
Cost
Total Cap Struct.
Cost
(Pre-tax) (After-tax)
WACC
Senior Debt Rate
50.00%
8.00%
4.80%
2.40%
Subordinated Debt
25.00%
12.00%
12.00%
3.00%
Common Stock
25.00%
25.00%
25.00%
6.25%
Ind. Avg. WACC =
11.65%
100.00%
Present Value of Cash Flows
Present Value Factor
89.6%
80.2%
71.8%
64.4%
57.6%
Present Value
1,563
1,655
1,728
1,785
1,827
Total Present Value of Interim Cash Flows
8,559
Present Value Factor for Terminal Value
57.6%
Terminal Value Calculated using:
Terminal EBIDA Multiple:
Terminal EBITDA
Terminal EBITDA Multiple
Gordon Growth Model:
7,086
3.0%
Residual Enterprise Value
Terminal Net Debt Free Cash Flow2,712
32,293
Residual TIC Value
Discounted Terminal Enterprise Value
25,063
18,613
Discounted Terminal Enterprise Value
Enterprise Value Conclusion :
22
Terminal Growth Rate
6.14x
43,484
Based on Terminal EBITDA Multiple
33,622
Based on Gordon Growth Model
27,172