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Controlling-Excellence — Estimation of Market Value

Compare enterprise value calculated with discounted free cash-flows (Step 1-4)
and economic value added (Step 5)

Step 1: Enter values of opening Balance of year 1

Assets Opening year 1 Liabilities Opening year 1
Capital Employed Capital Employed
Fixed Assets Equity
Working Capital Net Debt

Step 2: Enter values from P&L-Statement and schedule Investment over time

There are two assumptions about investment for the terminal year (year 7):
1 Investment in fixed assets (CAPEX) = depreciation,
2 Investment in working capital = zero (no changes in working capital).
So in this type of estimation there is no influence on the market value by investment in the last year.
Description year 1 year 2 year 3 year 4 year 5 year 6 year 7
terminal
value
EBIT
- Income Tax
+ Change of Accrued Liabilities
= Net Operating Profit After Tax
+ Depreciation
= Operating Cash Flow
- Investment in Fixed Assets CAPEX
- Investment in Working Capital
= Free Cash Flow
Fixed Asset (Beginn of year)
Working Capital (Beginn of year)
Capital Employed (Beginn of year)

Step 3: WACC and discount factors
WACC = %
Discount (1+WACC)^Year

Step 4: Markets Value by DCF
Discounted Free CF
DCF = Market Value
Risk = Terminal value / DCF		 Risk =%

Step 5: Market Value by Economic Value Added
NOPAT
- Capital Cost
= Economic Value Added
Discounted Economic Value
Market Value Added (MVA)
Risk = Terminal value / MVA		 Risk =%
+ Opening Capital Employed
= Market Value multiple = * EBIT (year 1)
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Die Berechnungen dienen der Demonstration der Rechenwege und liefern gerundete Werte.
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