paramountvalue_2014
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7/25/2019 paramountvalue_2014
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DCF Valuation: Paramount before Takeover
Given Data
Year EBITDA Depreciation CapEx WCapital A!!et "ee!timate# Terminal
Inve!tment $ale! EBITDA Value
1994 660.6 162 160.1 45.6 0 660.6
1995 737 172 177.3 62.1 900 737
1996 790.8 184 176.7 66.5 0 751.26
1997 848.4 196 202.9 71.2 0 805.98
1998 910.1 209 216.6 76.2 0 864.595 12741.4
Calculations
Year Tc %&'Tc(x %Tc(xDep Free Ca!) Terminal PV Factor PV
EBITDA Flo* %FCF( Value at &+ ,
1994 0.5 330.3 81 205.6 0.9090909091 186.9090909091
1995 368.5 86 1115.1 0.826446281 921.5702479339
1996 395.4 92 244.2 0.7513148009 183.4710743802
1997 424.2 98 248.1 0.6830134554 169.4556382761
1998 455.05 104.5 266.75 12741.4 0.6209213231 8077.037708552
Total Firm Value -./0122/34++.&5
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