10-Year Free Cash Flow Projections(showing years 1, 3, 5, 7, 10)
| Year | Year 1 | Year 3 | Year 5 | Year 7 | Year 10 |
|---|
| Revenue | $4.9B | $5.5B | $6.5B | $7.2B | $7.9B |
| EBIT | $3.0B | $3.4B | $4.0B | $4.4B | $4.9B |
| Tax | $637M | $707M | $841M | $928M | $1.0B |
| NOPAT | $2.4B | $2.7B | $3.2B | $3.5B | $3.8B |
| + Depreciation | $995M | $1.1B | $1.3B | $1.4B | $1.6B |
| - Capex | $390M | $366M | $358M | $309M | $198M |
| - Δ NWC | $12M | $33M | $37M | $32M | $19M |
| Free Cash Flow | $3.0B | $3.4B | $4.1B | $4.6B | $5.2B |
| Discount Factor | 0.929 | 0.801 | 0.691 | 0.596 | 0.477 |
| Present Value | $2.8B | $2.7B | $2.8B | $2.7B | $2.5B |
FCF Formula: Free Cash Flow = NOPAT + Depreciation - Capex - Change in Net Working Capital
Sensitivity AnalysisPrice per Share
| WACC ↓ / Growth → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|
| 5.68% | $555.14 | $584.56 | $623.24 | $676.37 | $753.91 |
| 6.68% | $470.30 | $487.44 | $508.69 | $535.72 | $571.26 |
| 7.68% | $407.24 | $418.13 | $431.12 | $446.88 | $466.42 |
| 8.68% | $357.61 | $364.94 | $373.46 | $383.47 | $395.42 |
| 9.68% | $317.03 | $322.18 | $328.05 | $334.80 | $342.64 |
How to read: This table shows how the valuation changes with different WACC (discount rate) and terminal growth rate assumptions. Green = undervalued, Red = overvalued.
Key Assumptions & Drivers✓ Using Analyst Consensus Estimates• Real Estate Sector
Growth Assumptions (Select Years)
Year 1 Revenue Growth2.49%
Year 3 Revenue Growth6.46%
Year 5 Revenue Growth6.07%
Year 7 Revenue Growth4.64%
Year 10 Revenue Growth2.50%
Terminal Growth Rate2.50%
Margin & Efficiency
Current EBIT Margin61.38%
Tax Rate21.00%
Historical Capex / Rev7.88%
Terminal Capex / Rev2.50%
NWC / Revenue10.00%
Key Drivers: Revenue growth, operating margin expansion, capex efficiency, and working capital management are the primary drivers of cash flow generation. Terminal value assumptions significantly impact final valuation.
Institutional-Grade Methodology
Actual Company Data: Revenue, EBIT, Capex, NWC, Tax Rate, Interest Expense, Beta
Market Assumptions: Risk-free: 4.5% (10Y), MRP: 4.5% (Damodaran 2026), Exit: 22x EV/EBITDA (Real Estate sector)
This DCF model is for informational purposes only. Projections are based on assumptions that may not materialize. Past performance does not guarantee future results. Consult a financial advisor before making investment decisions.