Publication number: ELQ-54243-1
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DCF Valuation Model Template - 3 Scenarios, WACC Build & Dual Terminal Value
10-year unlevered DCF in Excel: Base/Bull/Bear switch, CAPM WACC build, perpetuity and exit-multiple terminal value, two 2-way sensitivity grids.
by FinModelAILender-grade Excel financial models - real estate, project finance and corporate valuationFollow
Further information
Value a company with a defensible, fully traceable unlevered DCF. You set the operating and capital-cost drivers once; the workbook carries them through revenue, EBITDA, working capital, capex and free cash flow to an enterprise value, an equity bridge and an implied share price, under three scenarios and two terminal-value methods, with 14 automated integrity checks running on every recalculation.
You need a 10-year unlevered DCF you can hand to an investment committee, a lender or a client and defend line by line. You want Base / Bull / Bear cases driven from one switch rather than three copies of a file. You want the cost of capital built from its CAPM components instead of a hardcoded rate. You want perpetuity growth and exit multiple side by side rather than a toggle. You work in Excel and cannot use macros or add-ins.
You need SaaS-specific mechanics (cohorts, churn, billings, deferred revenue). You need stock-based compensation detail, NOL carryforwards, mid-year discounting convention, or unlevered/relevered beta calculations - none of these are modelled. You want gross margin as a direct input: this model is EBITDA-driven and derives COGS as (1 - EBITDA% - SG&A% - R&D%). You need a levered / equity-FCF DCF, a full three-statement build, or an LBO.
