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MERGERS-ACQUISITIONS-BASICS6 MIN READ

Run a mini DCF sanity check

Calculate a simplified discounted cash-flow value and explain the sensitivity to assumptions.

A target is expected to generate free cash flow of $4M, $5M, and $6M over the next three years. You use a 12% discount rate and estimate a year-three exit value of $42M. The seller's requested enterprise value is $52M. Discounted Cash Flow: value equals expected future cash flows discounted for timing and risk, plus a terminal value when the explicit forecast ends. The common trap is treating DCF as precision. A simplified model can still be highly sensitive to discount rate, terminal value, and growth. If you do not name those sensitivities, the output looks more certain than it…

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