clever

DCF Valuation

Discounted cash flow · build-up discount rate

Company

WACC must be higher than long-term growth. Lower the growth rate or raise the discount rate. Otherwise the terminal value math breaks.

Enterprise value — — —

Equity value — EV less net debt

WACC — — —

Weighted scenario EV — Bear / Base / Bull blend

The business

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Base revenue (year 0)Most recent full-year revenue $default

Sales growth, years 1–5Annual growth rate (CAGR) %default

EBITDA marginEarnings before interest, tax, depreciation & amortization %default

D&A, % of revenue %default

Capex, % of revenue %default

Working capital, % of revenueOnly the year-to-year change hits cash flow %default

Long-term growthTerminal growth after year 5 %default

Tax rate %default

Net debtDebt minus cash $default

Discount rate

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Risk-free rate—

Equity risk premium—

Beta source

BetaRe-levered from comps below

Size premium basis

Size bucket

Company-specific risk (CSRP)From the risk scorecard below —

Credit spread on debtAdded to risk-free for cost of debt %

Equity weight (E/V)Debt weight is the remainder %

Risk scorecard

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Comparable companies

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Each comp's beta is unlevered at its own debt-to-equity, averaged, then re-levered to the target capital structure. Blank or negative betas are excluded.

Ticker	Levered β	Debt	Market cap	D/E	Unlevered β

Average unlevered β → re-levered at target D/E—

Behind the numbers

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Where the value hides

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What the valuation gains if each risk on the scorecard were fully solved, holding everything else where it is. Unlocks are measured one at a time, so they don't add up exactly. Drag rows to set your own priority order.

Five-year cash flow

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Click any Revenue, EBITDA, NOPAT, Change in working capital, or Free cash flow cell in years 1-5 to override it; the model recomputes as if that value is correct. Discount factor and Present value stay derived.

Where the value sits

Years 1–5 cash flow Terminal value

Scenarios

Scenario	Weight	Growth	EBITDA %	Cost of equity	LT growth	WACC	EV	Weighted

Sensitivity

EV, $M

Clever take

What to watch

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This model taxes EBITDA directly when D&A and capex are zero (fine for asset-light services, optimistic if the business needs reinvestment to grow).
The risk-free rate and equity risk premium are snapshots (July 2026). Refresh them before quoting a valuation.
Comps betas come from Google Finance and can be unreliable for thinly traded names. Two comps carry betas near 0.1, which drags the average down.
The size premium and risk scorecard are judgment scales, not market data. Two reasonable people can land 200+ bps apart.
When terminal value is more than ~75% of EV, the answer is mostly the perpetuity assumption, not the forecast.