Liberal Markets — Minimal Finance Notes

TOOLS

Discounted Cash Flow (DCF)

A spreadsheet, but without the spreadsheet. Enter assumptions, edit year-by-year drivers, and get implied value.

Inputs

Base revenue (Year 0) In millions (or whatever unit you live by). The output uses the same unit.

Forecast years Tax rate Decimal (0.21 = 21%).

WACC Discount rate (decimal). Terminal growth Gordon growth (decimal).

Net debt Debt − cash. Negative means net cash. Shares outstanding In millions (match your unit).

Year-by-year drivers

Defaults fill the table. Edit per-year growth/margins, then recalc.

Year	Revenue growth	EBIT margin	D&A (% rev)	Capex (% rev)	NWC (% rev)

Results

Enterprise value

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Equity value

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Implied value / share

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PV of explicit FCF

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PV of terminal value

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Forecast cash flows

Year	Revenue	FCF	Discount factor	PV (FCF)

Sensitivity (WACC × Terminal g)

Because assumptions are doing most of the work anyway.