Terminal Value

Terminal value represents the present value of all future cash flows beyond the explicit forecast period in a DCF model. It captures the ongoing value of a business assumed to continue operating indefinitely.

公式

範例

If the final year FCF is $20M, the perpetuity growth rate is 2.5%, and WACC is 10%, the terminal value = $20M × 1.025 / (0.10 - 0.025) = $273.3M.

為什麼重要

Terminal value typically accounts for 60-80% of total DCF value, making it the most influential component. Choosing between perpetuity growth and exit multiple methods can lead to significantly different stock valuations.

MiniValuator 如何使用 Terminal Value

MiniValuator supports both perpetuity growth and exit multiple terminal value methods. Users can switch between them and see how the choice affects the final intrinsic value estimate.

實戰應用

• DCF 模型如何計算內在價值
• Consumer Cyclical 板塊內在價值分析
• Industrials 板塊內在價值分析

相關術語

• Discounted Cash Flow (DCF) — Discounted Cash Flow (DCF) is a fundamental stock valuation methodology that estimates the present v...
• Weighted Average Cost of Capital (WACC) — WACC is the blended rate of return that a company must earn on its invested capital to satisfy all o...
• Exit Multiple — An exit multiple is a stock valuation ratio (such as EV/EBITDA or EV/FCF) applied to a financial met...
• Perpetuity Growth Rate — The perpetuity growth rate (also called the terminal growth rate) is the constant rate at which a co...

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