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DCF MODELING RETAKE
ACTUAL EXAM -
FROM WALL STREET PREP/
WALL STREET DCF
MODELING RETAKE EXAM
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Review: DCF Modeling Retake Exam
Question 1
The next two questions use the data below. The data will be repeated on the next question:
You have been tasked with building a stand-alone DCF valuation for Milner Beverages, a publicly traded company, using the unlevered two-
stage approach. You calculate the following:
$ in millions 2017 2018 2019 2020 Unlevered free cash flow 110.0 120.0 150.0 170.0 200.0 250.0 280.0
In addition, you calculate the following:
WACC = 8.00%
Perpetuity growth rate (annual growth rate of unlevered free cash flows after = 3.00%
Calculate enterprise value at the beginning of 2017 assuming all cash flows occur at year-end. Use whole numbers (i.e. 1 year exactly equals
- period when calculating returns and discounting).
$4,173.30
$4,271.40
$4,540.60
$6,505.80
$6,673.80
Question 2
This question uses the same data as the previous question, shown below.
You have been tasked with building a stand-alone DCF valuation for Milner Beverages, a publicly traded company, using the unlevered two-
stage approach. You calculate the following:
$ in millions 2017 2018 2019 2020 Unlevered free cash flow 110.0 120.0 150.0 170.0 200.0 250.0 280.0
In addition, you calculate the following:
WACC = 8.00%
Perpetuity growth rate (annual growth rate of unlevered free cash flows after = 3.00%
Using the mid-year convention, calculate the enterprise value as of December 31, 2016. Assume all cash flows, including perpetuity cash flows, occur midyear.
$4,110.10
$4,306.90
$4,438.90
$6,709.30
$6,717.90
Question 3
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