Question
13 Under the Base Case, what is the average implied enterprise value based using: 1. NPV 2. Value implied by comparable company analysis 3. Value
13 Under the Base Case, what is the average implied enterprise value based using:
1. NPV
2. Value implied by comparable company analysis
3. Value implied by precedent transactions
If the NPV value is given a weighting of 60%, the value implied by comparable company analysis is given a weighting of 25% and the value implied by precedent transactions a weighting of 15%. For comparable company analysis and precedent transactions, use 2021E amounts and the median EV/EBITDA. For NPV, assume the terminal value is based on the perpetual growth rate assumption outlined on the "Control Panel" tab.
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$90,468
$91,268
$91,071
$91,871
Model Inputs and Assumptions General Assumptions Forecast Scenario Transaction Date Fiscal Year-End Days Per Year 01-08-2021 31-12-2021 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $5,000 $60,000 $35,000 $1,00,000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 28% 2% 8.5x Risk-Free Rate Equity Risk Premium Interest Rate 3% 5% 4% Investment Amount $1,05,000 Weighted-Average Cost of Capital (WACC) All Figures in US$000's unless otherwise stated. Comparable Companies Beta Unlevered Beta Company Company A Company B Company C Company D Company E Median Levered Beta 1.45 0.92 1.26 1.03 0.88 Debt $567 $634 $321 Equity Debt / Equity $1,265 44.82% $914 69.37% $1,298 24.73% $1,021 42.80% $1,388 38.83% Tax Rate 36% 29% 30% 32% 31% $437 $539 Model Inputs and Assumptions General Assumptions Forecast Scenario Transaction Date Fiscal Year-End Days Per Year 01-08-2021 31-12-2021 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $5,000 $60,000 $35,000 $1,00,000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 28% 2% 8.5x Risk-Free Rate Equity Risk Premium Interest Rate 3% 5% 4% Investment Amount $1,05,000 Weighted-Average Cost of Capital (WACC) All Figures in US$000's unless otherwise stated. Comparable Companies Beta Unlevered Beta Company Company A Company B Company C Company D Company E Median Levered Beta 1.45 0.92 1.26 1.03 0.88 Debt $567 $634 $321 Equity Debt / Equity $1,265 44.82% $914 69.37% $1,298 24.73% $1,021 42.80% $1,388 38.83% Tax Rate 36% 29% 30% 32% 31% $437 $539
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