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Breakdown · V

Visa

WACC
FCF PROJECTION
SENSITIVITY
PER-YEAR CASH FLOWS
Year CF Discount factor PV Cumulative PV
1 12.48 0.9158 11.43 11.43
2 13.29 0.8386 11.15 22.58
3 14.15 0.7680 10.87 33.45
4 15.07 0.7033 10.60 44.04
5 16.04 0.6441 10.33 54.37
6 17.08 0.5898 10.07 64.45
7 18.18 0.5401 9.82 74.27
8 19.36 0.4946 9.58 83.84
9 20.61 0.4530 9.34 93.18
10 21.94 0.4148 9.10 102.28
11 22.49 0.3799 8.54 110.83
12 23.05 0.3479 8.02 118.85
13 23.63 0.3186 7.53 126.38
14 24.22 0.2918 7.07 133.44
15 24.83 0.2672 6.63 140.08
16 25.45 0.2447 6.23 146.30
17 26.08 0.2241 5.84 152.15
18 26.74 0.2052 5.49 157.63
19 27.40 0.1879 5.15 162.78
20 28.09 0.1721 4.83 167.62
REVERSE DCF

At $366.59, the market implies a stage-1 growth rate of 18.0%.

MARKET IMPLIES
18.0%
YOUR ASSUMPTION
6.5%
DELTA
+11.5pp

If $366.59 is correct and your other inputs (WACC 9.2%, 10+10y, terminal 2.5%) hold, the market needs V to grow cash flow at 18.0% annually for the next 10 years.