Valuation Final Exam
Valuation Final Exam
Balance Sheet
Cash 200,000 200,000 200,000 200,000 206,000
AR 20,000 45,000 67,500 75,000 206,000
Inventory 12,000 18,000 36,000 45,000 46,350
Total Asset 232,000 263,000 303,500 320,000 458,350
Liabilities:
Accounts Payable 3,000 4500 9000 11250 11587.5
Total Liabilities 3,000 4,500 9,000 11,250 11,588
NWC 229,000 258,500 294,500 308,750 446,763
Changes in NWC 29,500 36,000 14,250 138,013
DISCOUNTED CASH FLOW OF PHOENIX PETROLEUM PHILIPPINES INCORPORATED.
Assumptions
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Tax Rate 34% Cash Flow
Discount Rate 10% $0 Editing this shape or saving this workbook int
Perpetural Growth Rate 3.00% -$20,000
1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 different file format will permanently break th
EV/EBITDA Mulltiple 15.0x -$40,000 -$32,531
-$60,000 -$49,798
Transaction Date 1/1/2021 -$63,007
-$80,000 -$70,513
Calendar Year End 12/31/2021 -$100,000
Current Price 25.00 -$120,000
Shares Outstanding 80,000 -$140,000
-$160,000
Debt 30,000
-$180,000 -$174,627
Cash 200,000 -$200,000
Capex -
Discounted Cash Flow Entry 2021 2022 2023 2024 2025 Exit Terminal Value
Date 1/1/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2025 Perpetural Growth
Time Periods 0 1 2 3 4 EV/EBITDA
Year Fraction 1.00 1.00 1.00 1.00 1.00 Average
EBIT (127,378) (131,199) (135,135) (139,189) (143,365)
Less: Cash Taxes (43,309) (44,608) (45,946.01) (47,324.39) (48,744.121)
Plus: D&A 51,538 53,084 54,677 56,317 58,006
Less: Capex - - - - -
Less: Changes in NWC - 29,500 36,000 14,250 138,013
Unlevered FCF (32,531) (63,007) (70,513) (49,798) (174,627)
(Entry)/Exit (1,830,000) (1,925,106)
Transaction CF - (32,531) (63,007) (70,513) (49,798) (174,627) (1,925,106)
Transaction CF (1,830,000) (32,531) (63,007) (70,513) (49,798) (174,627) (1,925,106)
Terminal Value
Perpetural Growth (2,569,834)
(1,280,378.82)
(1,925,106)
Rate of Return
Target Price Upside -165%
Internal Rate of Return (IRR) Err:502