DCF Valuation Model with WACC & Sensitivity
Five-year unlevered free cash flow DCF with a CAPM-built WACC, Gordon and exit-multiple terminal values and a WACC x growth grid.
DCF Valuation Model with WACC & Sensitivity is a free Excel workbook: 4 sheets, 165 live formulas and realistic sample data throughout, 15 KB as .xlsx.
The formulas are printed on this page, unedited, so you can check the method before downloading anything. Swap in your own numbers and the whole file recalculates — which is the part no chat window can hand you. Opens in Excel, Google Sheets, Numbers and LibreOffice; no add-in and no macro.
A look inside
This is a real slice of the DCF sheet from the actual file — not a screenshot, and not a mock-up. Cells shown in violet are live formulas, exactly as they arrive.
| # | Line | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|---|
| 2 | Year | 0 | 1 | 2 | 3 | 4 | 5 |
| 3 | Revenue | =Assumptions!B2 | =B3*(1+Assumptions!$B$3) | =C3*(1+Assumptions!$B$4) | =D3*(1+Assumptions!$B$5) | =E3*(1+Assumptions!$B$6) | =F3*(1+Assumptions!$B$7) |
| 4 | Growth | =C3/B3-1 | =D3/C3-1 | =E3/D3-1 | =F3/E3-1 | =G3/F3-1 | |
| 5 | EBITDA | =C3*Assumptions!$B$8 | =D3*Assumptions!$B$8 | =E3*Assumptions!$B$8 | =F3*Assumptions!$B$8 | =G3*Assumptions!$B$8 | |
| 6 | D&A | =C3*Assumptions!$B$9 | =D3*Assumptions!$B$9 | =E3*Assumptions!$B$9 | =F3*Assumptions!$B$9 | =G3*Assumptions!$B$9 | |
| 7 | EBIT | =C5-C6 | =D5-D6 | =E5-E6 | =F5-F6 | =G5-G6 | |
| 8 | Tax on EBIT | =C7*Assumptions!$B$10 | =D7*Assumptions!$B$10 | =E7*Assumptions!$B$10 | =F7*Assumptions!$B$10 | =G7*Assumptions!$B$10 | |
| 9 | NOPAT | =C7-C8 | =D7-D8 | =E7-E8 | =F7-F8 | =G7-G8 |
What’s in the file
What it explains
- Unlevered free cash flow, and why interest is not in it
- Terminal value is most of the answer
- WACC from CAPM
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