JPMorgan Chase & Co. (JPM) Discounted Free Cash Flow - Exit Multiple

JPMorgan Chase & Co.

JPM (NYSE)

(%)

Valuation
JPMorgan Chase & Co. Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	8.21
Terminal EBITDA	160 Bil. USD
Terminal Enterprise Value	1,313 Bil. USD
Discounted Terminal Enterprise Value	767.2 Bil. USD
Sum of Discounted Free Cash Flow	112 Bil. USD
Present Enterprise Value	879.2 Bil. USD
Cash and Equivalents	729.3 Bil. USD
Total Debt	496.6 Bil. USD
Present Equity Value	1,112 Bil. USD
Shares Outstanding	2.79 Bil.
Estimated Value per Share	398.7 USD
Yield of the U.S. 10 Year Treasury Note	4.19%
Cost of Equity	8.96%
Equity Weight	64.94%
Cost of Debt	19.8%
Debt Weight	35.06%
Forecasted Revenue - 5 Year CAGR	10.45%
Forecasted Free Cash Flow - 5 Year CAGR

Historical and Forecasted Data

Monetary values in USD

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"y": -42012000000}, {"l": "2025", "x": "2025-12-31", "y": 22712989936, "oy": 22712989936, "e": true, "d": 2025, "g": -154.1, "og": -154.1}, {"l": "2026", "x": "2026-12-31", "y": 25086497384, "oy": 25086497384, "e": true, "d": 2026, "g": 10.45, "og": 10.45}, {"l": "2027", "x": "2027-12-31", "y": 27708036361, "oy": 27708036361, "e": true, "d": 2027, "g": 10.45, "og": 10.45}, {"l": "2028", "x": "2028-12-31", "y": 30603526161, "oy": 30603526161, "e": true, "d": 2028, "g": 10.45, "og": 10.45}, {"l": "2029", "x": "2029-12-31", "y": 33801594645, "oy": 33801594645, "e": true, "d": 2029, "g": 10.45, "og": 10.45}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2015", "x": "2015-12-31", "y": 35642000000}, {"l": "2016", "x": "2016-12-31", "y": 40014000000}, {"l": "2017", "x": "2017-12-31", "y": 42079000000}, {"l": "2018", "x": "2018-12-31", "y": 48555000000}, {"l": "2019", "x": "2019-12-31", "y": 53234000000}, {"l": "2020", "x": "2020-12-31", "y": 44429000000}, {"l": "2021", "x": "2021-12-31", "y": 67494000000}, {"l": "2022", "x": "2022-12-31", "y": 53217000000}, {"l": "2023", "x": "2023-12-31", "y": 69124000000}, {"l": "2024", "x": "2024-12-31", "y": 83019000000}, {"l": "2025", "x": "2025-12-31", "y": 107491670309, "oy": 107491670309, "e": true, "d": 2025, "g": 29.48, "og": 29.48}, {"l": "2026", "x": "2026-12-31", "y": 118724549857, "oy": 118724549857, "e": true, "d": 2026, "g": 10.45, "og": 10.45}, {"l": "2027", "x": "2027-12-31", "y": 131131265317, "oy": 131131265317, "e": true, "d": 2027, "g": 10.45, "og": 10.45}, {"l": "2028", "x": "2028-12-31", "y": 144834482542, "oy": 144834482542, "e": true, "d": 2028, "g": 10.45, "og": 10.45}, {"l": "2029", "x": "2029-12-31", "y": 159969685968, "oy": 159969685968, "e": true, "d": 2029, "g": 10.45, "og": 10.45}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2015", "x": "2015-12-31", "y": 73466000000}, {"l": "2016", "x": "2016-12-31", "y": 21884000000}, {"l": "2017", "x": "2017-12-31", "y": -10827000000}, {"l": "2018", "x": "2018-12-31", "y": 15614000000}, {"l": "2019", "x": "2019-12-31", "y": 4092000000}, {"l": "2020", "x": "2020-12-31", "y": -79910000000}, {"l": "2021", "x": "2021-12-31", "y": 78084000000}, {"l": "2022", "x": "2022-12-31", "y": 107119000000}, {"l": "2023", "x": "2023-12-31", "y": 12974000000}, {"l": "2024", "x": "2024-12-31", "y": -42012000000}, {"l": "2025", "x": "2025-12-31", "y": 22712989936, "oy": 22712989936, "e": true, "d": 2025, "g": -154.1, "og": -154.1}, {"l": "2026", "x": "2026-12-31", "y": 25086497384, "oy": 25086497384, "e": true, "d": 2026, "g": 10.45, "og": 10.45}, {"l": "2027", "x": "2027-12-31", "y": 27708036361, "oy": 27708036361, "e": true, "d": 2027, "g": 10.45, "og": 10.45}, {"l": "2028", "x": "2028-12-31", "y": 30603526161, "oy": 30603526161, "e": true, "d": 2028, "g": 10.45, "og": 10.45}, {"l": "2029", "x": "2029-12-31", "y": 33801594645, "oy": 33801594645, "e": true, "d": 2029, "g": 10.45, "og": 10.45}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2015", "x": "2015-12-31", "y": 0}, {"l": "2016", "x": "2016-12-31", "y": 0}, {"l": "2017", "x": "2017-12-31", "y": 0}, {"l": "2018", "x": "2018-12-31", "y": 0}, {"l": "2019", "x": "2019-12-31", "y": 0}, {"l": "2020", "x": "2020-12-31", "y": 0}, {"l": "2021", "x": "2021-12-31", "y": 0}, {"l": "2022", "x": "2022-12-31", "y": 0}, {"l": "2023", "x": "2023-12-31", "y": 0}, {"l": "2024", "x": "2024-12-31", "y": 0}, {"l": "2025", "x": "2025-12-31", "y": 0.0}, {"l": "2026", "x": "2026-12-31", "y": 0.0}, {"l": "2027", "x": "2027-12-31", "y": 0.0}, {"l": "2028", "x": "2028-12-31", "y": 0.0}, {"l": "2029", "x": "2029-12-31", "y": 0.0}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2015", "x": "2015-12-31", "y": 73466000000}, {"l": "2016", "x": "2016-12-31", "y": 21884000000}, {"l": "2017", "x": "2017-12-31", "y": -10827000000}, {"l": "2018", "x": "2018-12-31", "y": 15614000000}, {"l": "2019", "x": "2019-12-31", "y": 4092000000}, {"l": "2020", "x": "2020-12-31", "y": -79910000000}, {"l": "2021", "x": "2021-12-31", "y": 78084000000}, {"l": "2022", "x": "2022-12-31", "y": 107119000000}, {"l": "2023", "x": "2023-12-31", "y": 12974000000}, {"l": "2024", "x": "2024-12-31", "y": -42012000000}, {"l": "2025", "x": "2025-12-31", "y": 22712989936}, {"l": "2026", "x": "2026-12-31", "y": 22589211571}, {"l": "2027", "x": "2027-12-31", "y": 22406631504}, {"l": "2028", "x": "2028-12-31", "y": 22218981753}, {"l": "2029", "x": "2029-12-31", "y": 22039394114}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2025-12-31": 41, "2026-12-31": 42, "2027-12-31": 43, "2028-12-31": 44, "2029-12-31": 45}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2025-12-31	2026-12-31	2027-12-31	2028-12-31	2029-12-31

↳ Growth Rate

Estimated Future Data

Monetary values in USD amounts except #	2024 Dec 31	LTM Jan 09	2025 Dec 31	2026 Dec 31	2027 Dec 31	2028 Dec 31	2029 Dec 31
Revenue	270,789	277,728	299,086	330,341	364,862	402,990	445,102
Revenue Growth Rate	14.61%	2.56%	10.45%	10.45%	10.45%	10.45%	10.45%
EBITDA	83,019	81,015	107,492	118,725	131,131	144,834	159,970
EBITDA Margin	30.66%	29.17%	35.94%	35.94%	35.94%	35.94%	35.94%
Operating Cash Flow	-42,012	-119,748	22,713	25,086	27,708	30,604	33,802
Operating Cash Flow to EBITDA	-50.61%	-147.8%	21.13%	21.13%	21.13%	21.13%	21.13%
Capital Expenditure	0	0	0	0	0	0	0
Capital Expenditure to EBITDA	0%	0%	0%	0%	0%	0%	0%
Free Cash Flow	-42,012	-119,748	22,713	25,086	27,708	30,604	33,802
Free Cash Flow to EBITDA	-50.61%	-147.8%	21.13%	21.13%	21.13%	21.13%	21.13%
Compounded Discount Rate			0%	11.06%	23.66%	37.74%	53.37%
Discounted Free Cash Flow	-42,012	-119,748	22,713	22,589	22,407	22,219	22,039

Historical Data

Monetary values in USD amounts except #	Average	LTM Jan 09	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31	2016 Dec 31	2015 Dec 31
Revenue	162,728	277,728	270,789	236,273	153,824	127,238	129,843	142,515	129,824	114,579	106,387	101,006
Revenue Growth Rate	10.45%	2.56%	14.61%	53.6%	20.89%	-2.01%	-8.89%	9.78%	13.31%	7.7%	5.33%	-1.94%
Cost of Revenue	43,021	110,539	112,028	90,603	32,432	-3,667	27,372	32,380	25,912	19,164	15,179	11,290
Gross Profit	119,709	167,189	158,785	145,670	121,392	130,905	102,471	110,135	103,912	95,415	91,208	89,716
Gross Margin	77.85%	60.2%	58.64%	61.65%	78.92%	102.9%	78.92%	77.28%	80.04%	83.27%	85.73%	88.82%
EBITDA	56,166	81,015	83,019	69,124	53,217	67,494	44,429	53,234	48,555	42,079	40,014	35,642
EBITDA Margin	35.94%	29.17%	30.66%	29.26%	34.6%	53.05%	34.22%	37.35%	37.4%	36.72%	37.61%	35.29%
Net Income	38,519	58,028	58,471	49,552	37,676	48,334	29,131	36,431	32,474	24,441	24,733	24,442
Net Income to EBITDA	67.77%	71.63%	70.43%	71.69%	70.8%	71.61%	65.57%	68.44%	66.88%	58.08%	61.81%	68.58%
Cash from Operating Activities	5,521	-119,748	-42,012	12,974	107,119	78,084	-79,910	4,092	15,614	-10,827	21,884	73,466
Cash from Operating Activities to EBITDA	21.12%	-147.8%	-50.61%	18.77%	201.3%	115.7%	-179.9%	7.69%	32.16%	-25.73%	54.69%	206.1%
Capital Expenditure		0	0	0	0	0	0	0	0	0	0	0
Capital Expenditure to EBITDA		0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Free Cash Flow	5,521	-119,748	-42,012	12,974	107,119	78,084	-79,910	4,092	15,614	-10,827	21,884	73,466
Free Cash Flow to EBITDA	21.12%	-147.8%	-50.61%	18.77%	201.3%	115.7%	-179.9%	7.69%	32.16%	-25.73%	54.69%	206.1%

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Market is Open

After-Hours Quote

JPMorgan Chase & Co. Discounted Free Cash Flow - Exit Multiple

Estimated Value

USD

Market Price USD

Discounted Free Cash Flow - Exit EBITDA Multiple

Interactive Assumptions

Discount Rate

Cost of Equity

Cost of Debt

Equity & Debt Weights

Tax Rate

Beta

Risk-Free Rate

Market Premium

Tax Rate

Discount Rate

Revenue Growth Rate

Exit EBITDA Multiple

EBITDA Margin

Capital Expenditure to EBITDA

Operating Cash Flow to EBITDA

Historical Years

Projection Years

Results

Historical and Forecasted Data

Estimated Future Data

Historical Data