{"id":18436,"date":"2021-07-23T06:28:42","date_gmt":"2021-07-23T06:28:42","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=18436"},"modified":"2024-04-05T06:31:47","modified_gmt":"2024-04-05T06:31:47","slug":"estimating-a-companys-value","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/estimating-a-companys-value\/","title":{"rendered":"Estimating a Company\u2019s Value using the Free Cash Flow Model"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/A10ZXpSEZaM\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\r\n\r\n<p>The following two examples will do a good job at putting in application the theoretical models we have learned previously<\/p>\r\n<h4><span lang=\"EN-US\">Example: Simple Two-Step FCF Models<\/span><\/h4>\r\n<p>$$\\small{\\begin{array}{l|r}\\text{Current sales per share} &amp; 9 \\\\ \\hline\\text{Sales growth for the first three years} &amp; 15.0\\% \\\\ \\hline\\text{Sales growth for year four and thereafter} &amp; 4.0\\% \\\\ \\hline\\text{Net income margin} &amp; 7.5\\% \\\\ \\hline\\text{FCInv\/Sales growth} &amp; 30.0\\% \\\\ \\hline\\text{WCInv\/Sales growth} &amp; 18.8\\% \\\\ \u00a0\\hline\\text{Debt financing of FCInv and WCInv growth} &amp; 22.5\\% \\\\ \\hline\\text{Required rate of return} &amp; 7.5\\%\\\\ \\end{array}}$$<\/p>\r\n<p>The equity value of the firm is <em>closest<\/em> to:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\small{\\begin{array}{l|c|c|c|c|c}&amp; \\textbf{1} &amp; \\textbf{2} &amp; \\textbf{3} &amp; \\textbf{4} &amp;\\textbf{5} \\\\ \\hline\\text{Percentage sales growth} &amp; 15\\% &amp; 15\\% &amp; 15\\% &amp; 4\\% &amp; 4\\% \\\\ \\hline\\text{Sales per share} &amp; 10.350 &amp; 11.903 &amp; 13.688 &amp; 14.235 &amp; 14.805 \\\\ \\hline\\text{EPS} &amp; 1.150 &amp; 1.323 &amp; 1.521 &amp; 1.582 &amp; 1.645 \\\\ \\hline\\text{FCInv per share} &amp; 0.405 &amp; 0.466 &amp; 0.536 &amp; 0.164 &amp; 0.171 \\\\ \\hline\\text{WCInv per share} &amp; 0.253 &amp; 0.291 &amp; 0.335 &amp; 0.103 &amp; 0.107 \\\\ \\hline\\text{Debt financing per share} &amp; 0.148 &amp; 0.170 &amp; 0.196 &amp; 0.060 &amp; 0.062 \\\\ \\hline\\textbf{FCFE per share} &amp; \\bf{0.266} &amp; \\bf{0.306} &amp; \\bf{0.352} &amp; \\bf{0.861} &amp; \\bf{0.895} \\\\ \\hline\\text{Growth in FCFE} &amp; &amp; 15.0\\% &amp; 15.0\\% &amp; 144.5\\% &amp; 4.0\\\\ \\end{array}}$$<\/p>\r\n<p>FCFE for the first year is calculated as:<\/p>\r\n<p>$$\\begin{align*}\\text{FCFE}&amp; = (\\text{Sales} \u00d7 \\text{Net income margin})-\u2206\\text{FCInv}-\u2206\\text{WCInv}\\\\&amp;+\u2206\\text{Debt financing}\\\\ \\\\&amp;=(9\u00d71.15\u00d77.5\\%)-(9\u00d715\\%\u00d730\\%)-(9\u00d715\\%\u00d718.8\\%)\\\\&amp;+(9\u00d715\\%\u00d748.8\\%\u00d722.5\\%)= 0.266\\\\ \\\\<br \/>\r\n\\text{Equity value}&amp;= \u2211_{\\text{t}=1}^{\\text{n}}\\frac{\\text{FCFE}_{\\text{t}}}{(1+\\text{r})^{\\text{t}}} +\\frac{\\text{FCFE}_{\\text{n}+1}}{(\\text{r}-\\text{g})}\\frac{1}{(1+\\text{r})^{\\text{n}}}\\\\&amp;=\\frac{0.266}{1.075}+\\frac{0.306}{1.075^2} +\\frac{0.352}{1.075^3} +\\frac{0.861}{(0.075-0.04)}\\bigg(\\frac{1}{1.075^3}\\bigg)\\\\&amp;=20.60\\end{align*}$$<\/p>\r\n<h4>Example: Three Stage FCF Model<\/h4>\r\n<p>Consider the following information:<\/p>\r\n<p>$$\\small{\\begin{array}{l|r}\\text{Current FCFF}\\ (\\text{in \\$ million}) &amp; 175 \\\\ \\hline\\text{Outstanding shares}\\ (\\text{in million}) &amp; 525 \\\\ \\hline{\\text{Long-term debt value}\\\\ (\\text{in \\$ million})} &amp; 700 \\\\ \\hline\\text{FCFF growth for years 1 to 3} &amp; 45\\% \\\\ \\hline\\text{FCFF growth for year 4} &amp; 36\\% \\\\ \\hline\\text{FCFF growth for year 5} &amp; 18\\% \\\\ \\hline{\\text{FCFF growth for year 6}\\\\ \\text{and thereafter}} &amp; 7.5\\% \\\\ \\hline\\text{WACC} &amp; 15\\%\\\\ \\end{array}}$$<\/p>\r\n<p>Calculate:<\/p>\r\n<ul>\r\n\t<li>Firm value<\/li>\r\n\t<li>Equity value<\/li>\r\n\t<li>Equity value per share<\/li>\r\n<\/ul>\r\n<h4>Solution<\/h4>\r\n<p><strong><em>All figures in $ million except equity value per share.<\/em><\/strong><\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c|c|c|c|c}&amp; \\textbf{1} &amp; \\textbf{2} &amp;\\textbf{3} &amp; \\textbf{4} &amp; \\textbf{5} &amp; \\textbf{6} \\\\ \\hline\\text{FCFF growth rate} &amp; 45\\% &amp; 45\\% &amp; 45\\% &amp; 36\\% &amp; 18\\% &amp; 8\\% \\\\ \\hline\\text{FCFF} &amp; 253.8 &amp; 367.9 &amp; 533.5 &amp; 725.6 &amp; 856.2 &amp; 920.4 \\\\ \\hline\\text{PV of FCFF} &amp; 220.65 &amp; 278.21 &amp; 350.79 &amp; 414.85 &amp; 425.67 &amp;{}\\\\ \\end{array}}$$<\/p>\r\n<p>$$\\begin{align*}\\text{Terminal value}&amp;= \\frac{\\text{FCFF}_{\\text{n}-1}}{(\\text{WACC}-\\text{g})}\\frac{1}{(1+\\text{WACC}^{\\text{n}})}\\\\&amp;=\\frac{920.4}{(0.15-0.075)}\\frac{1}{(1+0.15)^{5}}=\\$6,101.35\\\\ \\\\ \\text{Firm value}&amp;=\\sum_{\\text{t}-1}^{\\text{n}}\\frac{\\text{FCFE}_{t}}{(1+\\text{WACC})^{\\text{t}}}+\\frac{\\text{FCFF}_{\\text{n}+1}}{(\\text{WACC}-\\text{g})}\\frac{1}{(1+\\text{WACC})^{\\text{n}}}\\\\&amp; =220.65 + 278.21 + 350.79 + 414.85 + 425.67 + 6,101.35 \\\\&amp;=\\$7,791.52\\\\ \\\\ \\text{Equity value}&amp;=\\text{Firm value}-\\text{Debt value}\\\\&amp;=7,791.52-700=\\$7,091.52\\\\ \\\\ \\text{Equity value per share}&amp;=\\frac{$7,091.52}{525 \\text{ shares}}=\\$13.51 \\text{ per share}\\end{align*}$$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>A company\u2019s current FCFF is $600,000. It is currently experiencing a growth rate of 8% that is expected to last for three years, after which its growth rate will decline to 4% and remain at that rate indefinitely. If its WACC is 9%, the value of the firm is <em>closest<\/em> to:<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>$13,907,095.<\/li>\r\n\t<li>$950,230.<\/li>\r\n\t<li>$18,750,300.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is A.<\/strong><\/p>\r\n<p>$$\\begin{align*}\\text{Firm value}&amp;=\\sum_{\\text{t}-1}^{\\text{n}}\\frac{\\text{FCFE}_{t}}{(1+\\text{WACC})^{\\text{t}}}+\\frac{\\text{FCFF}_{\\text{n}+1}}{(\\text{WACC}-\\text{g})}\\frac{1}{(1+\\text{WACC})^{\\text{n}}}\\\\ \\\\&amp;=\\frac{648,000}{(1+9\\%)^1} + \\frac{699,840}{(1+9\\%)^2}+\\frac{755,827}{(1+9\\%)^3} \\\\&amp; +\\frac{755,827(1+4\\%)}{(9\\%-4\\%)}\\frac{1}{(1+9\\%)^3}\\\\ \\\\&amp;=13,907,095\\end{align*}$$<\/p>\r\n<\/blockquote>\r\n<p>Reading 24: Free Cash Flow Valuation<\/p>\r\n<p><em>LOS 24 (j) Estimate a company\u2019s value using the appropriate free cash flow model(s).<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>\ufeff The following two examples will do a good job at putting in application the theoretical models we have learned previously Example: Simple Two-Step FCF Models $$\\small{\\begin{array}{l|r}\\text{Current sales per share} &amp; 9 \\\\ \\hline\\text{Sales growth for the first three years}&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[216,402,468,459],"class_list":["post-18436","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","tag-cfa-level-2","tag-equity-valuation","tag-estimating-a-companys-value","tag-reading-28-free-cash-flow-valuation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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