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SENSITIVITY ANALYSIS |
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Implied share price under
varying assumptions |
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TABLE 1: WACC vs Terminal Growth
Rate (Gordon Growth Implied Share Price) |
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WACC ↓ / g → |
1.00% |
1.50% |
2.00% |
2.50% |
3.00% |
3.50% |
4.00% |
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9.00% |
$46.37 |
$49.07 |
$52.16 |
$55.72 |
$59.88 |
$64.79 |
$70.68 |
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9.50% |
$43.44 |
$45.79 |
$48.44 |
$51.48 |
$54.99 |
$59.08 |
$63.91 |
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10.00% |
$40.85 |
$42.91 |
$45.21 |
$47.83 |
$50.82 |
$54.27 |
$58.30 |
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10.50% |
$38.55 |
$40.36 |
$42.38 |
$44.65 |
$47.23 |
$50.17 |
$53.57 |
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11.00% |
$36.50 |
$38.10 |
$39.88 |
$41.87 |
$44.10 |
$46.64 |
$49.54 |
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12.00% |
$32.99 |
$34.26 |
$35.67 |
$37.22 |
$38.94 |
$40.87 |
$43.04 |
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13.00% |
$30.11 |
$31.14 |
$32.27 |
$33.51 |
$34.87 |
$36.37 |
$38.04 |
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TABLE 2: WACC vs Exit Multiple
(Exit Multiple Implied Share Price) |
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WACC ↓ / Mult → |
8.0x |
9.0x |
10.0x |
11.0x |
12.0x |
13.0x |
14.0x |
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9.00% |
$46.86 |
$51.61 |
$56.37 |
$61.12 |
$65.88 |
$70.63 |
$75.38 |
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9.50% |
$46.08 |
$50.74 |
$55.40 |
$60.06 |
$64.71 |
$69.37 |
$74.03 |
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10.00% |
$45.33 |
$49.89 |
$54.45 |
$59.02 |
$63.58 |
$68.14 |
$72.70 |
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10.50% |
$44.59 |
$49.06 |
$53.53 |
$58.00 |
$62.47 |
$66.94 |
$71.41 |
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11.00% |
$43.87 |
$48.25 |
$52.63 |
$57.01 |
$61.39 |
$65.77 |
$70.16 |
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12.00% |
$42.48 |
$46.69 |
$50.90 |
$55.11 |
$59.31 |
$63.52 |
$67.73 |
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13.00% |
$41.16 |
$45.21 |
$49.25 |
$53.29 |
$57.33 |
$61.38 |
$65.42 |
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Note: Highlighted cells
correspond approximately to base case assumptions. |
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