Template

Document Sample
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Wikiwealth Home

Page



You Decide:





BUY Sample Company (SAM) -

This model

Fair Value per Share FCFF Analysis Historical Year Ended

calculates

2003 2004 2005 2006 2007



$14.2 the fair

market

Total Revenue (IS) $ 237.0 $ 246.9 $ 272.2 $ 338.0 $ 387.4







% growth rate n/a 4.2% 10.3% 24.2% 14.6%

Potential

Wiki Wealth:

- COGS (IS) 145.9 134.2 131.0 150.6 162.6



63% Cost of

% of revenue

Goods Sold

61.6% 54.4% 48.1% 44.5% 42.0%





Gross Profit (IS) 91.0 112.7 141.1 187.5 224.8

WACC % of revenue 38.4% 45.6% 51.9% 55.5% 58.0%





9% Wiki

- Total Oper Exp (IS)

Wealth.com:

% of revenue

Total

169.4

71.5%

132.1

53.5%

139.7

51.3%

156.0

46.2%

199.8

51.6%



Operating

Wiki

RATIO: POG EBIT (oper profits) (IS) (78.4) (19.5) 1.5 31.5 24.9

Wiki Wealth.com:

Price / OCF / Growth % of revenue -33.1% -7.9% 0.5% 9.3% 6.4%

Wealth.com: Earnings



2.3Price /

Operating

Expected

Before

- Taxes (IS)

corporate

% of EBIT

tax rate.

(20.3)

25.9%

0.2

-0.8%

(0.1)

-5.6%

(0.1)

-0.3%

1.3

5.3%



Wiki

See

RATIO: PFG NOPAT (58.1) (19.7) 1.6 31.5 23.6

Wiki Wealth.com:

Price/FCF/Growth % of revenue -24.5% -8.0% 0.6% 9.3% 6.1%

Wealth.com: Net



3.4 Price/ Free

Cash Flow /

Operating

FCF Analysis



Wiki

Key Inputs + D&A (CF) 60.4 24.1 25.6 27.4 34.7

Wealth.com:

% of revenue 25.5% 9.7% 9.4% 8.1% 9.0%

Depreciation

Stock Symbol SAM

WikiWealth.c

and

Company Name

Sample Company (SAM) 1 - CapEx (CF) 19.0 11.6 14.3 23.4 32.8

Wiki om: Capital

Valuation Date 1/1/2008 % of revenue 8.0% 4.7% 5.3% 6.9% 8.5%

Wealth Expenditures

Wiki

LT Growth Rate 3.0%

Wiki

.com:

Wealth -

Corp Tax Rate 40.0% Current Assets (BS) 134.3 141.7 133.6 197.1 161.5

.com:

Wealth

Wiki

Enter

Safety Margin 50.0% - Excess Cash (BS) 61.4 78.5 51.8 97.5 61.7

.com:

Typicall

Wealth

Discount Rate 9.0% - Current Liab (BS) 69.6 62.0 77.7 63.1 164.2

.com:is

40%

Shares Out. 151.2 + ST Debt (BS) 0.2 0.1 9.0 2.7 73.9

Conser

Stock Price 8.7 Working Capital 3.4 1.3 13.2 39.2 9.4

WikiW

Debt 78.3 % of revenue 1.5% 0.5% 4.8% 11.6% 2.4%

ealth.c

Capital 1,397.0

om:

Wiki - WC

Only Investment (BS) n/a (2.2) 11.9 26.0 (29.8)

Discount Rate % of

Interest revenue -0.9% 4.4% 7.7% -7.7%

Wealth.com:

Weighted Wiki

Risk Free Rate 4.5% Free Cash Flow n/a (5.1) 0.9 9.6 55.3

Average Wealth

Wiki

Required Ret (Debt) 5.5% % of revenue n/a -2.1% 0.3% 2.8% 14.3%

Cost of Wikiwe

Wealth

.com:

Equity Risk Prem 5.0%

Wikiwe

.com: Represents

30yr

alth.co

30yr

m:

alth.co the

Rate

m: decrease in

applica value of a

Wiki

Wealth

Wiki

Wealth

.com:

Wikiwe

alth.co

Wikiwe

.com: Represents

30yr

Country Risk Prem 0.0% Present Value Factor

30yr

alth.co the

m:

Wiki

Beta 1.00

Rate

m:

Wealth decrease in

Present Value of Free Cash Flow

.com: value of a

applica

% Capital (Debt) 5.6%

Found

Req Return (Debt) 3.3% Per Share Value



Value of

% Capital (Equity) 94.4% Invested Capital (Equity and Debt) Value

total firm,

Req Return (Equity) 9.5% + Cash

debt

Debt plus

- Interest Bearing Debt, Preferred and Minority Interest

equity.

assumed to

Debt 0.2% Equity Value (Net Present Value)

equal fair

Equity 9.0% Divide: Shares Outstanding

value.

WACC (rounded) 9.0% Fair Value per Share

An advance free cash flow to the firm template measures the value of

a public company based on the projection of cash flow discounted to

the current date. This model offers the most detailed projections and

assumption of future cash flows.





ompany (SAM) - January 1, 2008

Projected Year Ending

2008 2009 2010 2011 2012 2013 2014 2015 2016 Terminal





$ 406.7 $ 427.1 $ 448.4 $ 470.9 $ 494.4 $ 519.1 $ 545.1 $ 572.3 $ 600.9 $ 619.0







5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 3.0%





142.4 149.5 157.0 164.8 173.0 181.7 190.8 200.3 210.3 216.6

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%





264.4 277.6 291.5 306.1 321.4 337.4 354.3 372.0 390.6 402.3

65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0%





71.2 74.7 78.5 82.4 86.5 90.8 95.4 100.2 105.2 108.3

17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5%





193.2 202.9 213.0 223.7 234.8 246.6 258.9 271.9 285.4 294.0

47.5% 47.5% 47.5% 47.5% 47.5% 47.5% 47.5% 47.5% 47.5% 47.5%





77.3 81.1 85.2 89.5 93.9 98.6 103.6 108.7 114.2 117.6

40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%





115.9 121.7 127.8 134.2 140.9 147.9 155.3 163.1 171.3 176.4

28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5%









20.3 21.4 22.4 23.5 24.7 26.0 27.3 28.6 30.0 12.4

5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 2.0%





8.1 8.5 9.0 9.4 9.9 10.4 10.9 11.4 12.0 12.4

2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%









61.0 64.1 67.3 70.6 74.2 77.9 81.8 85.8 90.1

15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%





51.6 3.1 3.2 3.4 3.5 3.7 3.9 4.1 4.3 4.4

12.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%





76.5 131.5 138.1 145.0 152.2 159.8 167.8 176.2 185.0 172.0

18.8% 30.8% 30.8% 30.8% 30.8% 30.8% 30.8% 30.8% 30.8% 27.8%

0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.460





70.2 110.7 106.6 102.7 98.9 95.3 91.8 88.4 85.2 1,319.8









2,169.6 Per Share Value: Discount Rate vs. LT Growth Rate

61.7 $ 14.2 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

78.3 7.0% 14.6 16.2 18.3 21.5 26.9 37.6 69.7

2,152.9 8.0% 12.7 13.7 15.2 17.2 20.1 25.1 35.0

151.2 9.0% 11.2 11.9 12.9 14.2 16.1 18.9 23.5

10.0% 9.9 10.5 11.2 12.2 13.4 15.1 17.7

$ 14.2 11.0% 9.0 9.4 9.9 10.6 11.4 12.6 14.2


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