5 hrs due- business finance essay
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| Self-study | Training The Street self-study course packs deliver the high-powered materials | Training The Street, Inc. | |||
| ● Financial Accounting | and instruction style featured at live seminars in an innovative combination of a | 275 Madison Avenue Suite 1201 | |||
| ● Corporate Valuation | reference book, on-demand online companion and dynamic Excel modeling | New York, NY 10016 USA | |||
| ● Financial Modeling | drills. Our materials are designed to equip or enhance your financial modeling | Tel: +1 (800) 887-1320 (in the United States) | |||
| ● Merger Modeling | and corporate valuation skills to best prepare you for an interview, a new | +1 (704) 927-9688 (outside the United States) | |||
| ● Excel Best Practices | profession or a specific job function. | Fax:+1 (704) 547-3261 | |||
| and more... | For more detail à https://www.ttsuniversity.com | Email: [email protected] | |||
| Open Enrollment, | Corporate Valuation and Financial Modeling workshops ideal for industry | ||||
| Evening & Weekend | professionals, students and perspective new hires. Everyone is eligible for an | ||||
| Classes | additional refund for referring a friend. | ||||
| http://trainingthestreet.com/public_courses | |||||
| Public Comparables, Acquisition Comparables, Financial Modeling | |||||
| Discounted Cash Flow, Merger Modeling, Leveraged Buyouts | |||||
| TTS on Udemy | Wide range of course offereings. For more information, please visit | ||||
| On-line learning | https://www.udemy.com/collection/training-the-street | ||||
| TTS Macros List? | Do you want us to send you our latest updates? | ||||
| Email: [email protected] | |||||
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WACC_Analysis
| Version 14.0.1 | ||||||||||||||||||||||||||||||||||||||||
| Unprinted Area | Risk Free | Competitors Betas | ||||||||||||||||||||||||||||||||||||||
| Rates: | "Short-term" | "Long-term" | ST | LT | Betas | R Squared | 1 Year | 2 Year | 5 Year | |||||||||||||||||||||||||||||||
| Subject Company | Model Notes: | US | 1.76% | 2.24% | 10 year | 30 year | U.S. Government Bond | 1.228 | 1 Year | 0.157 | 1 | TSE:9437 | 0.143 | 0.214 | 0.542 | |||||||||||||||||||||||||
| Input | Blue cells with yellow fill are for data input | UK | 0.58% | 1.16% | 10 year | 30 year | United Kingdom Government Bond | 1.053 | 2 Year | 0.143 | 2 | TSE:9433 | (0.035) | 0.327 | 0.505 | |||||||||||||||||||||||||
| Ticker: | TSE:9984 | CIQ Formula | Dark Red cells are values that download from S&P Capital IQ. Use the right click to "Audit Data" | Euro Area | (0.10%) | 0.21% | 10 year | 30 year | European Central Bank Bond | 1.635 | 5 Year | 0.329 | 3 | SEHK:941 | 0.940 | 0.663 | 0.804 | |||||||||||||||||||||||
| Reference | Green cells are links to between different worksheets. | Germany | (0.43%) | 0.09% | 10 year | 30 year | German Government Bond | 4 | SHSE:600050 | 0.904 | 0.873 | 1.132 | ||||||||||||||||||||||||||||
| Name: | SoftBank Group Corp. | Formula | Black cells are formulas. NOTE: For the summary pages, black cells were used for links to between different worksheets. | Canada | 1.57% | 1.57% | 7 year | 10 year | Canadian Government Bond | 5 | SEHK:728 | 0.475 | 0.382 | 0.932 | ||||||||||||||||||||||||||
| Australia | 0.79% | 1.11% | 5 year | 10 year | Australian Government Bond | 6 | TSE:4755 | 1.390 | 0.891 | 1.596 | ||||||||||||||||||||||||||||||
| Sector: | Communication Services | This template is designed for instructional purposes only. Simplifications have been made to teach the | Japan | (0.15%) | 0.39% | 10 year | 30 year | Japan Government Bond | 7 | LSE:VOD | 0.414 | 0.614 | 0.605 | |||||||||||||||||||||||||||
| fundamentals of Discounted Cash Flow Analysis (DCF). To learn more about DCF and other valuation techniques | China | 3.00% | 3.19% | 5 year | 10 year | China Government Bond | 8 | TSE:4689 | 0.447 | 0.595 | 1.396 | |||||||||||||||||||||||||||||
| Last FYE: | 31-Mar-2019 | see the TTS worksheet within this file. | Hong Kong | 1.44% | 1.48% | 5 year | 10 year | Hong Kong Government Bond | 9 | NasdaqGS:TMUS | 0.986 | 0.924 | 0.408 | |||||||||||||||||||||||||||
| 10 year | 10 | KOSE:A017670 | (0.100) | 0.102 | 0.097 | |||||||||||||||||||||||||||||||||||
| Filing currency: | JPY | 30 year | 11 | 0 | ||||||||||||||||||||||||||||||||||||
| 12 | 0 | |||||||||||||||||||||||||||||||||||||||
| Trading currency: | JPY | TSE:9984 | 1.228 | 1.053 | 1.635 | |||||||||||||||||||||||||||||||||||
| Day count: | 365 | |||||||||||||||||||||||||||||||||||||||
| SoftBank Group Corp. Weighted Average Cost of Capital Calculation | ||||||||||||||||||||||||||||||||||||||||
| JPY in millions as of 24-Oct-19 | ||||||||||||||||||||||||||||||||||||||||
| WACC | ||||||||||||||||||||||||||||||||||||||||
| Cost of debt: | Cost of debt | |||||||||||||||||||||||||||||||||||||||
| Cost of debt | 5.00% Training The Street: Training The Street: Cost of debt Ideally, observable in market and a current rate ● If the company has a bond outstanding, use the yield to maturity ("YTM") from long-term bond (usually 10+ years) as an estimate ● Could also estimate the cost of debt as a “spread” or "premium' over the risk-free rate ● Another approach is to examine the debt footnote and use the interest rate on a recent issuance or the weighed average cost of debt historically | 5.00% | After tax | |||||||||||||||||||||||||||||||||||||
| Marginal tax rate | 38.00% Training The Street: Training The Street: KPMG has a popular website to source marginal tax rates. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online.html | x | cost of debt | Weighted cost | ||||||||||||||||||||||||||||||||||||
| After-tax cost of debt: 5.00% x (1 - 38.00%) = | 3.10% | 1 – Tax rate | 3.10% | of debt | ||||||||||||||||||||||||||||||||||||
| 38.00% | x | 2.05% | ||||||||||||||||||||||||||||||||||||||
| Cost of equity: | % of debt | Weighted average | ||||||||||||||||||||||||||||||||||||||
| Risk free rate(1) | 2 | 1 | 0.58% Training The Street: Training The Street: Risk free rate ● Typically the yield on the government bond related to the country where the company is incorporated. | 66.1% | cost of capital | |||||||||||||||||||||||||||||||||||
| Beta | 2 | 1.053 Training The Street: Training The Street: Beta ● Beta "measures" the degree to which a company’s equity returns vary with the return of the overall market ● Beta of 1.0 = risky as overall market ● S&P Capital IQ beta is the slope of the monthly regression line of the percentage price change of the stock relative to the percentage price change for its benchmark. The benchmarks are the S&P 500 for all US stocks, the S&P/TSX Composite for all Canadian Stocks, the MSCI EAFE (Developed Markets) and MSCI Emerging Markets for all other international stocks. | Risk free rate | + | 4.68% | |||||||||||||||||||||||||||||||||||
| Market risk premium | 6.80% Training The Street: Training The Street: Market risk premium ● Total return of stocks over the risk-free rate ● Estimation of reward for bearing equity risk Popular sources: Long-term equity risk premium from Duff and Phelps Valuation Handbook® or from Equity Research | 0.58% | ||||||||||||||||||||||||||||||||||||||
| Other | 0.00% Training The Street: Training The Street: Size Premium ● Many people add an addition premium based on size. Typically the smaller the size of the company the more risk. Duff and Phelps Valuation Handbook® is a popular source for obtaining this premium. Country Risk or Political Risk Premium ● Another risk often added to the cost of equity is some measure of country risk or political risk. There are many different techniques to measure this risk. One simple measure is to look at the difference between the yields on government debt. For example if you live in the USA and you want to value an asset in Greece. As of February 2012, Greece's 10 year government bond was trading at about 34.0%. The US 10 year was around 1.8%. The spread or difference is 32.2%. You would add 32.2% to the cost of equity here. As of Sept. 2014 the spread between the US 10 year and Greece's 10 year came down considerably. It was about 3.15%. | + | % of equity | Weighted cost | ||||||||||||||||||||||||||||||||||||
| Cost of equity = 0.58% + (1.053 x 6.80%) + 0.00% = | 7.74% | Beta | 33.9% | of equity | ||||||||||||||||||||||||||||||||||||
| 1.053 | X | 2.63% | ||||||||||||||||||||||||||||||||||||||
| Percentage of capital: | x | Cost of equity | ||||||||||||||||||||||||||||||||||||||
| Total debt | 17,329,562.0 | 66.1% | Market risk premium | 7.74% | ||||||||||||||||||||||||||||||||||||
| Market value of equity | 8,901,835.8 | 33.9% | 6.80% | |||||||||||||||||||||||||||||||||||||
| Total capital | 26,231,397.8 | 100.0% | + | |||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||||
| Weighted average cost of capital: | 0.00% | |||||||||||||||||||||||||||||||||||||||
| WACC = (3.10% x 66.1%) + (7.74% x 33.9%) = | 4.68% | |||||||||||||||||||||||||||||||||||||||
| 1) | Yield on the 10 year United Kingdom Government Bond | |||||||||||||||||||||||||||||||||||||||
| x | Peer Group Weighted Average Cost of Capital Calculation | |||||||||||||||||||||||||||||||||||||||
| JPY in millions as of 24-Oct-19 | DO NOT DELETE | DO NOT DELETE | DO NOT DELETE | DO NOT DELETE | ||||||||||||||||||||||||||||||||||||
| Keep = 1 | Levered | Mkt. Val. | Debt / | Debt / | Marginal | Unlevered | Levered | Mkt. Val. | Debt / | Debt / | Marginal | Unlevered | ||||||||||||||||||||||||||||
| Quick Comps | Exclude = 0 | Comparable Companies | Ticker | Beta | Debt | Equity | Mkt. Cap. | Total Cap. | Tax Rate Training The Street: Training The Street: KPMG has a popular website to source marginal tax rates. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online.html |
Training The Street: Training The Street: Cost of debt Ideally, observable in market and a current rate ● If the company has a bond outstanding, use the yield to maturity ("YTM") from long-term bond (usually 10+ years) as an estimate ● Could also estimate the cost of debt as a “spread” or "premium' over the risk-free rate ● Another approach is to examine the debt footnote and use the interest rate on a recent issuance or the weighed average cost of debt historically |
Training The Street: Training The Street: KPMG has a popular website to source marginal tax rates. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online.html |
Training The Street: Training The Street: Risk free rate ● Typically the yield on the government bond related to the country where the company is incorporated. |
Training The Street: Training The Street: Beta ● Beta "measures" the degree to which a company’s equity returns vary with the return of the overall market ● Beta of 1.0 = risky as overall market ● S&P Capital IQ beta is the slope of the monthly regression line of the percentage price change of the stock relative to the percentage price change for its benchmark. The benchmarks are the S&P 500 for all US stocks, the S&P/TSX Composite for all Canadian Stocks, the MSCI EAFE (Developed Markets) and MSCI Emerging Markets for all other international stocks. |
Training The Street: Training The Street: Market risk premium ● Total return of stocks over the risk-free rate ● Estimation of reward for bearing equity risk Popular sources: Long-term equity risk premium from Duff and Phelps Valuation Handbook® or from Equity Research |
Training The Street: Training The Street: Size Premium ● Many people add an addition premium based on size. Typically the smaller the size of the company the more risk. Duff and Phelps Valuation Handbook® is a popular source for obtaining this premium. Country Risk or Political Risk Premium ● Another risk often added to the cost of equity is some measure of country risk or political risk. There are many different techniques to measure this risk. One simple measure is to look at the difference between the yields on government debt. For example if you live in the USA and you want to value an asset in Greece. As of February 2012, Greece's 10 year government bond was trading at about 34.0%. The US 10 year was around 1.8%. The spread or difference is 32.2%. You would add 32.2% to the cost of equity here. As of Sept. 2014 the spread between the US 10 year and Greece's 10 year came down considerably. It was about 3.15%. | Beta | Country | Beta | Debt | Equity | Mkt. Cap. | Total Cap. | Tax Rate | Beta | ||||||||||||||||
| _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | ||||||||||||||||||||||||
| TSE:9437 | 1 | NTT DOCOMO, INC. | TSE:9437 | 0.214 | 308,275.0 | 9,338,016.2 | 3.3% | 3.2% | 38.00% | 0.210 | Japan | 0.214 | 308,275.0 | 9,338,016.2 | 3.3% | 3.2% | 38.0% | 0.210 | ||||||||||||||||||||||
| TSE:9433 | 1 | KDDI Corporation | TSE:9433 | 0.327 | 1,517,643.0 | 6,862,624.5 | 22.1% | 18.1% | 38.00% | 0.288 | Japan | 0.327 | 1,517,643.0 | 6,862,624.5 | 22.1% | 18.1% | 38.0% | 0.288 | ||||||||||||||||||||||
| SEHK:941 | 1 | China Mobile Limited | SEHK:941 | 0.663 | 1,257,983.4 | 18,749,616.0 | 6.7% | 6.3% | 38.00% | 0.637 | Hong Kong | 0.663 | 1,257,983.4 | 18,749,616.0 | 6.7% | 6.3% | 38.0% | 0.637 | ||||||||||||||||||||||
| SHSE:600050 | 1 | China United Network Communications Limited | SHSE:600050 | 0.873 | 963,460.4 | 2,899,823.5 | 33.2% | 24.9% | 38.00% | 0.723 | China | 0.873 | 963,460.4 | 2,899,823.5 | 33.2% | 24.9% | 38.0% | 0.723 | ||||||||||||||||||||||
| SEHK:728 | 1 | China Telecom Corporation Limited | SEHK:728 | 0.382 | 1,877,785.7 | 4,066,841.5 | 46.2% | 31.6% | 38.00% | 0.297 | Hong Kong | 0.382 | 1,877,785.7 | 4,066,841.5 | 46.2% | 31.6% | 38.0% | 0.297 | ||||||||||||||||||||||
| TSE:4755 | 1 | Rakuten, Inc. | TSE:4755 | 0.891 | 1,509,199.0 | 1,428,443.7 | 105.7% | 51.4% | 38.00% | 0.538 | Japan | 0.891 | 1,509,199.0 | 1,428,443.7 | 105.7% | 51.4% | 38.0% | 0.538 | ||||||||||||||||||||||
| LSE:VOD | 1 | Vodafone Group Plc | LSE:VOD | 0.614 | 7,119,076.1 | 5,999,294.3 | 118.7% | 54.3% | 38.00% | 0.353 | United Kingdom | 0.614 | 7,119,076.1 | 5,999,294.3 | 118.7% | 54.3% | 38.0% | 0.353 | ||||||||||||||||||||||
| TSE:4689 | 1 | Z Holdings Corporation | TSE:4689 | 0.595 | 454,587.0 | 1,591,082.6 | 28.6% | 22.2% | 38.00% | 0.505 | Japan | 0.595 | 454,587.0 | 1,591,082.6 | 28.6% | 22.2% | 38.0% | 0.505 | ||||||||||||||||||||||
| NasdaqGS:TMUS | 1 | T-Mobile US, Inc. | NasdaqGS:TMUS | 0.924 | 4,664,503.7 | 7,519,917.8 | 62.0% | 38.3% | 38.00% | 0.667 | United States | 0.924 | 4,664,503.7 | 7,519,917.8 | 62.0% | 38.3% | 38.0% | 0.667 | ||||||||||||||||||||||
| KOSE:A017670 | 1 | SK Telecom Co.,Ltd | KOSE:A017670 | 0.102 | 1,016,198.9 | 1,579,070.6 | 64.4% | 39.2% | 38.00% | 0.073 | South Korea | 0.102 | 1,016,198.9 | 1,579,070.6 | 64.4% | 39.2% | 38.0% | 0.073 | ||||||||||||||||||||||
| 1 | 38.00% | |||||||||||||||||||||||||||||||||||||||
| 1 | 38.00% | |||||||||||||||||||||||||||||||||||||||
| Average | 0.558 | 2,068,871.2 | 6,003,473.1 | 49.1% | 28.9% | 38.00% | 0.429 | 0.558 | 2,068,871.2 | 6,003,473.1 | 49.1% | 28.9% | 38.0% | 0.429 | ||||||||||||||||||||||||||
| Re-levered Beta = Averaged Unlevered Beta x (1 + Debt / Equity x (1 - Tax Rate)) 0.429 x (1 + 194.7% x (1 - 38.0%)) = 0.947 | Re-levered Beta | 0.947 | ||||||||||||||||||||||||||||||||||||||
| SoftBank Group Corp. | TSE:9984 | 1.053 | 17,329,562.0 | 8,901,835.8 | 194.7% | 66.1% | 38.00% | 0.477 | ||||||||||||||||||||||||||||||||
| WACC via Comparables | ||||||||||||||||||||||||||||||||||||||||
| Cost of Debt: | Cost of debt | |||||||||||||||||||||||||||||||||||||||
| Historical weighted average cost of debt | 5.00% | 5.00% | After tax | |||||||||||||||||||||||||||||||||||||
| Marginal tax rate | 38.00% | x | cost of debt | Weighted cost | ||||||||||||||||||||||||||||||||||||
| After-tax cost of debt: 5.00% x (1 - 38.00%) = | 3.10% | 1 – Tax rate | 3.10% | of debt | ||||||||||||||||||||||||||||||||||||
| 38.00% | x | 2.05% | ||||||||||||||||||||||||||||||||||||||
| Cost of Equity: | % of debt | Weighted average | ||||||||||||||||||||||||||||||||||||||
| Risk free rate(1) | 0.58% | 66.1% | cost of capital | |||||||||||||||||||||||||||||||||||||
| Re-levered beta | 0.947 | Risk free rate | + | 4.43% | ||||||||||||||||||||||||||||||||||||
| Market risk premium | 6.80% | 0.58% | ||||||||||||||||||||||||||||||||||||||
| Other | 0.00% | + | % of equity | Weighted cost | ||||||||||||||||||||||||||||||||||||
| Cost of equity = 0.58% + (0.947 x 6.80%) + 0.00% = | 7.02% | Beta | 33.9% | of equity | ||||||||||||||||||||||||||||||||||||
| 0.947 | X | 2.38% | ||||||||||||||||||||||||||||||||||||||
| Percentage of Capital | x | Cost of equity | ||||||||||||||||||||||||||||||||||||||
| Total debt | 17,329,562.0 | 66.1% | Market risk premium | 7.0% | ||||||||||||||||||||||||||||||||||||
| Market value of equity | 8,901,835.8 | 33.9% | 6.80% | |||||||||||||||||||||||||||||||||||||
| Total capital | 26,231,397.8 | 100.0% | + | |||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||||
| Weighted Average Cost of Capital: | 0.00% | |||||||||||||||||||||||||||||||||||||||
| WACC = (3.10% x 66.1%) + (7.02% x 33.9%) = | 4.43% | |||||||||||||||||||||||||||||||||||||||
| 1) | Yield on the 10 year United Kingdom Government Bond | |||||||||||||||||||||||||||||||||||||||
| This model is provided "as is". Training The Street, Inc., S&P Capital IQ, Inc. and their affiliates have no liability arising out of the use of this model. | ||||||||||||||||||||||||||||||||||||||||
| x | End |
&8COPYRIGHT 2015 © by Training The Street, Inc &G &8For training purposes only!
DCF
| (Invalid Identifier) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discounted Cash Flow Analysis for SoftBank Group Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| JPY in millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Historical year ending March 31, | Projected year ending March 31, | 2019-2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR | |||||||||||||||||||||||||||||||||||||||||||||
| Sales | 8,901,004.0 | 9,158,765.0 | 9,602,236.0 | 9,973,741.9 | 10,387,823.1 | 10,848,468.6 | 11,360,216.7 | 11,928,227.5 | 4.4% | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of goods sold | 5,472,238.0 Training The Street: Training The Street: "Cost of Revenues" is a line item in S&P Capital IQ's Standard template with the following components: Cost Of Goods Sold + Finance Div. Operating Exp. + Insurance Div. Operating Exp. + Interest Expense (Finance Division) = Cost of Revenues | 5,527,577.0 | 5,747,671.0 | 5,970,045.6 | 6,217,904.8 | 6,493,636.3 | 6,799,956.6 | 7,139,954.4 | |||||||||||||||||||||||||||||||||||||||||||||
| Gross Profit | 3,428,766.0 | 3,631,188.0 | 3,854,565.0 | 4,003,696.3 | 4,169,918.3 | 4,354,832.3 | 4,560,260.1 | 4,788,273.1 | 4.4% | ||||||||||||||||||||||||||||||||||||||||||||
| SG&A | 948,285.0 | 1,044,867.0 | 1,239,349.0 | 1,287,298.8 | 1,340,743.8 | 1,400,198.7 | 1,466,249.4 | 1,539,561.9 | |||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 2,480,481.0 | 2,586,321.0 | 2,615,216.0 | 2,716,397.4 | 2,829,174.5 | 2,954,633.6 | 3,094,010.7 | 3,248,711.2 | 4.4% | ||||||||||||||||||||||||||||||||||||||||||||
| EBITDA Margin | 27.9% | 28.2% | 27.2% | 27.2% | 27.2% | 27.2% | 27.2% | 27.2% | |||||||||||||||||||||||||||||||||||||||||||||
| Less: Depreciation | (1,472,669.0) | (1,585,873.0) | (1,694,187.0) | (1,759,375.7) | (1,709,859.3) | (1,657,687.1) | (1,601,850.8) | (1,541,208.3) | |||||||||||||||||||||||||||||||||||||||||||||
| Less: Amortization | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||
| EBIT | 1,007,812.0 | 1,000,448.0 | 921,029.0 | 957,021.8 | 1,119,315.2 | 1,296,946.4 | 1,492,159.8 | 1,707,502.9 | 13.1% | ||||||||||||||||||||||||||||||||||||||||||||
| Less: Taxes @ 38.0% | (382,968.6) | (380,170.2) | (349,991.0) | (363,668.3) | (425,339.8) | (492,839.6) | (567,020.7) | (648,851.1) | |||||||||||||||||||||||||||||||||||||||||||||
| Tax-effected EBIT | 624,843.4 | 620,277.8 | 571,038.0 | 593,353.5 | 693,975.4 | 804,106.8 | 925,139.1 | 1,058,651.8 | 13.1% | ||||||||||||||||||||||||||||||||||||||||||||
| Plus: Depreciation and amortization | 1,585,873.0 | 1,694,187.0 | 1,759,375.7 | 1,709,859.3 | 1,657,687.1 | 1,601,850.8 | 1,541,208.3 | ||||||||||||||||||||||||||||||||||||||||||||||
| Less: Capital expenditures | (1,064,835.0) | (1,364,954.0) | (1,288,675.5) | (1,342,177.6) | (1,401,696.1) | (1,467,817.5) | (1,541,208.3) | ||||||||||||||||||||||||||||||||||||||||||||||
| Less: Additions to intangibles | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||||||||||||
| (Increase)/decrease in working capital | 959,188.0 | 2,052,061.0 | 79,057.3 | 88,117.5 | 98,026.5 | 108,901.2 | 120,874.1 | ||||||||||||||||||||||||||||||||||||||||||||||
| Unlevered Free Cash Flow | 2,100,503.8 | 2,952,332.0 | 1,143,111.1 | 1,149,774.6 | 1,158,124.3 | 1,168,073.7 | 1,179,525.8 | (16.8%) | |||||||||||||||||||||||||||||||||||||||||||||
| Assumptions | Steps | Year 5 growth rate? | |||||||||||||||||||||||||||||||||||||||||||||||||||
| x | Sales growth | NA | 2.9% | 4.8% | 3.9% | 4.2% | 4.4% | 4.7% | 5.0% | 0.3% | 5.0% Training The Street: Training The Street: Steady state indicator: Sales growth rate in the terminal year should be a reasonably sustainable growth rate based on underlying results (i.e. excluding the impact of FX). Consider long-term economic assumptions. |
||||||||||||||||||||||||||||||||||||||||||
| Cost of goods sold (as a % sales) | 61.5% | 60.4% | 59.9% | 59.9% | 59.9% | 59.9% | 59.9% | 59.9% | 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
| SG&A (as a % sales) | 10.7% | 11.4% | 12.9% | 12.9% | 12.9% | 12.9% | 12.9% | 12.9% | 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
| CapEx (as a % sales) | NA | 11.6% | 14.2% | 12.9% | 12.9% | 12.9% | 12.9% | 12.9% | 0.0% | Year 5 Depr. as a % of CapEx | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation (as a % of CapEx) | NA | 148.9% | 124.1% | 136.5% | 127.4% | 118.3% | 109.1% | 100.0% | (9.1%) | 100.0% Training The Street: Training The Street: Steady state indicator: ● Shows when a company is only sustaining its capital investments (i.e. maintenance capex) rather than expanding them (i.e. discretionary) – All new spending in a year goes to replacing fixed assets lost from depreciation ● Typically depreciation approaches 100% of capital expenditures in the terminal year |
|||||||||||||||||||||||||||||||||||||||||||
| Additions to intangibles (amount) | NA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization (amount) | NA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Unlevered Free Cash Flow | 1,143,111.1 | 1,149,774.6 | 1,158,124.3 | 1,168,073.7 | 1,179,525.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Discount period | 1.0 | 2.0 | 3.0 | 4.0 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
| WACC | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Discount factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Present value of each Unlevered Free Cash Flow | 1,058,436.2 | 985,746.4 | 919,356.4 | 858,569.0 | 802,765.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Perpetuity Growth Rate Method | Multiple Method | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average cost of capital: | 8.0% | Weighted average cost of capital: | 8.0% | Current | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net present value of free cash flow | 4,624,873.5 | Net present value of free cash flow | 4,624,873.5 | TEV / EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||||
| Terminal growth rate | 2.5% Training The Street: Training The Street: Terminal growth rate: ● Assumes the business grows at a constant rate beyond the forecasted period and into perpetuity – Considered the company's "steady state" growth rate ● Often assumed to be close to GDP growth or an inflation rate – Typically between 1% and 5% | Terminal multiple | 8.0x Training The Street: Training The Street: Terminal multiple: ● Determine a reasonable multiple by considering; – The current multiple of the company and sector comparables – Any temporary effects of industries and macroeconomic cycles – Ranges and rolling averages of EBITDA multiples over time ● Remember you want a "Steady State" multiple or "Sustainable" multiple | 8.0x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Terminal value | 21,982,072.6 | Terminal value | 26,122,691.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Present value of the terminal value | 14,960,629.2 | Present value of the terminal value | 17,778,665.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Enterprise value | 19,585,502.7 | Enterprise value | 22,403,538.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net debt* | (15,654,790.0) Training The Street: Training The Street: Net (debt) / Net Cash Represents total debt, noncontrolling interest and preferred stock, less cash & equivalents. | Less: Net debt* | (15,654,790.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity value | 3,930,712.7 | Equity value | 6,748,748.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted shares: | 2,155.693 | Current share price | Diluted shares: | 2,155.693 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Value Per Share | 1,823.41 | 4,299.00 | Equity Value Per Share | 3,130.66 | |||||||||||||||||||||||||||||||||||||||||||||||||
| x | Current CY+1 P/E | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Implied CY+1 P/E Multiple | 4.2x | 9.9x | Implied CY+1 P/E Multiple | 7.2x | |||||||||||||||||||||||||||||||||||||||||||||||||
| * Note: Net debt represents total debt plus noncontrolling interest plus preferred stock, less cash & short term investments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Price Sensitivity Analysis for SoftBank Group Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share price in JPY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Perpetuity Growth Rate Method | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| WACC step | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average cost of capital | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1,823.41 Training The Street: Training The Street: Data table inputs: Output cell:I60 Row input cell: I47 Column input cell: I50 | 7.50% | 7.75% | 8.00% | 8.25% | 8.50% | 8.75% | 9.00% | Growth rate step | |||||||||||||||||||||||||||||||||||||||||||||
| 1.00% | 834.33 | 534.69 | 256.46 | (2.59) | (244.37) | (470.55) | (682.60) | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||
| 1.25% | 1,086.46 | 765.99 | 469.25 | 193.71 | (62.84) | (302.29) | (526.30) | ||||||||||||||||||||||||||||||||||||||||||||||
| 1.50% | 1,359.61 | 1,015.79 | 698.42 | 404.54 | 131.65 | (122.43) | (359.58) | ||||||||||||||||||||||||||||||||||||||||||||||
| Terminal | 1.75% | 1,656.51 | 1,286.41 | 945.92 | 631.60 | 340.55 | 70.28 | (181.36) | |||||||||||||||||||||||||||||||||||||||||||||
| growth | 2.00% | 1,980.40 | 1,580.57 | 1,214.04 | 876.82 | 565.52 | 277.27 | 9.59 | |||||||||||||||||||||||||||||||||||||||||||||
| rate | 2.25% | 2,335.13 | 1,901.46 | 1,505.48 | 1,142.47 | 808.49 | 500.18 | 214.69 | |||||||||||||||||||||||||||||||||||||||||||||
| 2.50% | 2,725.34 | 2,252.92 | 1,823.41 | 1,431.23 | 1,071.70 | 740.92 | 435.56 | ||||||||||||||||||||||||||||||||||||||||||||||
| 2.75% | 3,156.62 | 2,639.52 | 2,171.62 | 1,746.23 | 1,357.81 | 1,001.72 | 674.10 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3.00% | 3,635.83 | 3,066.81 | 2,554.66 | 2,091.24 | 1,669.92 | 1,285.20 | 932.52 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3.25% | 4,171.41 | 3,541.58 | 2,978.01 | 2,470.75 | 2,011.76 | 1,594.46 | 1,213.41 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3.50% | 4,773.94 | 4,072.21 | 3,448.40 | 2,890.20 | 2,387.78 | 1,933.16 | 1,519.83 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3.75% | 5,456.81 | 4,669.17 | 3,974.13 | 3,356.26 | 2,803.38 | 2,305.74 | 1,855.44 | ||||||||||||||||||||||||||||||||||||||||||||||
| Multiple Method | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average cost of capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| x | 3,130.66 Training The Street: Training The Street: Data table inputs: Output cell:O60 Row input cell: O47 Column input cell: O50 |
Training The Street: Training The Street: Steady state indicator: ● Shows when a company is only sustaining its capital investments (i.e. maintenance capex) rather than expanding them (i.e. discretionary) – All new spending in a year goes to replacing fixed assets lost from depreciation ● Typically depreciation approaches 100% of capital expenditures in the terminal year |
Training The Street: Training The Street: Terminal growth rate: ● Assumes the business grows at a constant rate beyond the forecasted period and into perpetuity – Considered the company's "steady state" growth rate ● Often assumed to be close to GDP growth or an inflation rate – Typically between 1% and 5% |
Training The Street: Training The Street: Net (debt) / Net Cash Represents total debt, noncontrolling interest and preferred stock, less cash & equivalents. |
Training The Street: Training The Street: Steady state indicator: Sales growth rate in the terminal year should be a reasonably sustainable growth rate based on underlying results (i.e. excluding the impact of FX). Consider long-term economic assumptions. |
Training The Street: Training The Street: "Cost of Revenues" is a line item in S&P Capital IQ's Standard template with the following components: Cost Of Goods Sold + Finance Div. Operating Exp. + Insurance Div. Operating Exp. + Interest Expense (Finance Division) = Cost of Revenues |
Training The Street: Training The Street: Terminal multiple: ● Determine a reasonable multiple by considering; – The current multiple of the company and sector comparables – Any temporary effects of industries and macroeconomic cycles – Ranges and rolling averages of EBITDA multiples over time ● Remember you want a "Steady State" multiple or "Sustainable" multiple | 7.50% | 7.75% | 8.00% | 8.25% | 8.50% | 8.75% | 9.00% | Exit multiple | ||||||||||||||||||||||||||||||||||||||
| 9.50x | 4,855.89 | 4,740.73 | 4,627.17 | 4,515.17 | 4,404.72 | 4,295.78 | 4,188.33 | 0.25x | |||||||||||||||||||||||||||||||||||||||||||||
| 9.75x | 5,118.32 | 5,000.14 | 4,883.59 | 4,768.64 | 4,655.28 | 4,543.47 | 4,433.20 | ||||||||||||||||||||||||||||||||||||||||||||||
| 10.00x | 5,380.76 | 5,259.54 | 5,140.00 | 5,022.11 | 4,905.84 | 4,791.17 | 4,678.07 | ||||||||||||||||||||||||||||||||||||||||||||||
| Terminal | 10.25x | 5,643.19 | 5,518.95 | 5,396.42 | 5,275.58 | 5,156.41 | 5,038.87 | 4,922.94 | |||||||||||||||||||||||||||||||||||||||||||||
| multiple | 10.50x | 5,905.63 | 5,778.35 | 5,652.84 | 5,529.05 | 5,406.97 | 5,286.56 | 5,167.80 | |||||||||||||||||||||||||||||||||||||||||||||
| 10.75x | 6,168.06 | 6,037.76 | 5,909.25 | 5,782.52 | 5,657.53 | 5,534.26 | 5,412.67 | ||||||||||||||||||||||||||||||||||||||||||||||
| 11.00x | 6,430.50 | 6,297.16 | 6,165.67 | 6,035.99 | 5,908.09 | 5,781.95 | 5,657.54 | ||||||||||||||||||||||||||||||||||||||||||||||
| 11.25x | 6,692.93 | 6,556.57 | 6,422.08 | 6,289.46 | 6,158.65 | 6,029.65 | 5,902.41 | ||||||||||||||||||||||||||||||||||||||||||||||
| 11.50x | 6,955.37 | 6,815.97 | 6,678.50 | 6,542.93 | 6,409.22 | 6,277.34 | 6,147.28 | ||||||||||||||||||||||||||||||||||||||||||||||
| This model is provided "as is". Training The Street, Inc., S&P Capital IQ, Inc. and their affiliates have no liability arising out of the use of this model. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| x | End |
&8COPYRIGHT 2015 © by Training The Street, Inc &8&G &8For training purposes only!
Press F9 to update the data table
Press F9 to update the data table
DCF_WorkingCapital
| Working Capital Schedule for SoftBank Group Corp. | ||||||||||||||||
| JPY in millions | ||||||||||||||||
| Historical year ending March 31, | Projected year ending March 31, | |||||||||||||||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||||||||
| Sales | 8,901,004.0 | 9,158,765.0 | 9,602,236.0 | 9,973,741.9 | 10,387,823.1 | 10,848,468.6 | 11,360,216.7 | 11,928,227.5 | ||||||||
| Cost of sales | 5,472,238.0 | 5,527,577.0 | 5,747,671.0 | 5,970,045.6 | 6,217,904.8 | 6,493,636.3 | 6,799,956.6 | 7,139,954.4 | ||||||||
| Accounts receivable, net | 2,213,185.0 | 2,459,362.0 | 2,838,003.0 | 2,947,804.0 | 3,070,188.4 | 3,206,335.1 | 3,357,585.6 | 3,525,464.9 | ||||||||
| Inventories | 341,344.0 | 362,041.0 | 365,260.0 | 379,391.7 | 395,143.0 | 412,665.5 | 432,131.9 | 453,738.5 | ||||||||
| Other current assets | 986,344.0 | 718,809.0 | 696,207.0 | 723,142.9 | 753,165.7 | 786,564.7 | 823,668.8 | 864,852.3 | ||||||||
| Total non-cash current assets: | 3,540,873.0 | 3,540,212.0 | 3,899,470.0 | 4,050,338.6 | 4,218,497.1 | 4,405,565.3 | 4,613,386.3 | 4,844,055.6 | ||||||||
| Accounts payable | 1,607,453.0 | 1,816,010.0 | 1,909,608.0 | 1,983,489.8 | 2,065,838.6 | 2,157,447.8 | 2,259,219.7 | 2,372,180.7 | ||||||||
| Accrued liabilities | 206,859.0 | 247,840.0 | 271,956.0 | 282,477.8 | 294,205.5 | 307,252.0 | 321,745.8 | 337,833.1 | ||||||||
| Other current liabilities | 758,691.0 | 1,467,680.0 | 3,761,285.0 | 3,906,807.3 | 4,069,006.8 | 4,249,445.9 | 4,449,902.4 | 4,672,397.5 | ||||||||
| Total non-debt current liabilities | 2,573,003.0 | 3,531,530.0 | 5,942,849.0 | 6,172,775.0 | 6,429,050.9 | 6,714,145.6 | 7,030,867.9 | 7,382,411.3 | ||||||||
| Net working capital / (deficit) | 967,870.0 | 8,682.0 | (2,043,379.0) | (2,122,436.3) | (2,210,553.8) | (2,308,580.3) | (2,417,481.5) | (2,538,355.6) | ||||||||
| (Increase)/decrease in working capital | 959,188.0 | 2,052,061.0 | 79,057.3 | 88,117.5 | 98,026.5 | 108,901.2 | 120,874.1 | |||||||||
| Working Capital Assumptions | Steps | |||||||||||||||
| x | Accounts receivable (days collection period) | 90.8 | 98.0 | 107.9 | 107.9 | 107.9 | 107.9 | 107.9 | 107.9 | 0.0 | ||||||
| Inventories (days outstanding) | 22.8 | 23.9 | 23.2 | 23.2 | 23.2 | 23.2 | 23.2 | 23.2 | 0.0 | |||||||
| Accounts payable (days outstanding) | 107.2 | 119.9 | 121.3 | 121.3 | 121.3 | 121.3 | 121.3 | 121.3 | 0.0 | |||||||
| Other current assets (as % of sales) | 11.1% | 7.8% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 0.0% | |||||||
| Accrued liabilities (as % of sales) | 2.3% | 2.7% | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% | 0.0% | |||||||
| Other current liabilities (as % of sales) | 8.5% | 16.0% | 39.2% | 39.2% | 39.2% | 39.2% | 39.2% | 39.2% | 0.0% | |||||||
| This model is provided "as is". Training The Street, Inc., S&P Capital IQ, Inc. and their affiliates have no liability arising out of the use of this model. | ||||||||||||||||
| x | End |
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