Calculators
DCF Calculator
Fair value from free cash flow.
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$M
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Fair value per share
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Upside
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Equity value
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From terminal value
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How it works
Free cash flow grows at the growth rate for the growth years, then at the terminal growth rate forever. Each year is discounted back at the discount rate.
Present value = FCF × (1 + g)^t / (1 + r)^t
Terminal value = FCF in the last year × (1 + terminal g) / (r - terminal g)
The present values plus net cash give the equity value. Divided by shares, that is the fair value per share.