Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered

Transdigm Group Incorporated Inc. (TDG)

$420.88

9.9 (+2.41%)

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	1,924.40	2,372.98	2,707.09	3,171.36	3,504.35	3,811.33	5,223.43	6,188.20	7,331.16	8,685.23	10,289.39
Revenue (%)
EBITDA	788.62	974.34	1,125.61	1,327.53	1,551.73	1,733.39	2,159.37	2,621.94	3,106.21	3,679.93	4,359.61
EBITDA (%)
EBIT	749.36	927.83	1,073.90	1,267.91	1,479.54	1,654.88	1,926.40	2,477.14	2,934.66	3,476.70	4,118.84
EBIT (%)
Depreciation	39.26	46.51	51.71	59.62	72.19	78.51	232.97	144.80	171.55	203.23	240.77
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Projected	2014 Projected	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	564.81	819.63	714.13	1,586.95	650.41	2,072.98	1,467.26	2,133.69	2,527.78	2,994.67	3,547.78
Total Cash (%)
Account Receivables	290.39	351.20	443.96	576.24	636.04	704.33	1,067.67	1,074.27	1,272.69	1,507.76	1,786.24
Account Receivables (%)
Inventories	413.55	459.17	591.50	724.02	730.66	805.33	1,232.73	1,335.41	1,582.06	1,874.27	2,220.45
Inventories (%)
Accounts Payable	106.80	115.80	142.93	156.03	148.93	173.42	276.84	306.93	363.63	430.79	510.35
Accounts Payable (%)
Capital Expenditure	35.60	34.17	54.95	44.08	71.14	73.18	101.33	111.39	131.96	156.33	185.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 420.88
Diluted Shares Outstanding	56.27
Cost of Debt
Tax Rate	16.29
After-tax Cost of Debt	-0.76
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.57
Total Debt	16,469.22
Total Equity	23,680.81
Total Capital	40,150.03
Debt Weighting	41.02
Equity Weighting	58.98
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	1,924.40	2,372.98	2,707.09	3,171.36	3,504.35	3,811.33	5,223.43	6,188.20	7,331.16	8,685.23	10,289.39
EBITDA	788.62	974.34	1,125.61	1,327.53	1,551.73	1,733.39	2,159.37	2,621.94	3,106.21	3,679.93	4,359.61
EBIT	749.36	927.83	1,073.90	1,267.91	1,479.54	1,654.88	1,926.40	2,477.14	2,934.66	3,476.70	4,118.84
Tax Rate	32.49%	31.57%	29.77%	23.66%	28.72%	2.89%	16.29%	23.63%	23.63%	23.63%	23.63%
EBIAT	505.92	634.91	754.15	967.98	1,054.56	1,607.03	1,612.67	1,891.86	2,241.29	2,655.26	3,145.68
Depreciation	39.26	46.51	51.71	59.62	72.19	78.51	232.97	144.80	171.55	203.23	240.77
Accounts Receivable	-	-60.81	-92.76	-132.27	-59.80	-68.29	-363.34	-6.60	-198.42	-235.07	-278.48
Inventories	-	-45.62	-132.33	-132.52	-6.64	-74.68	-427.40	-102.68	-246.65	-292.21	-346.18
Accounts Payable	-	9.00	27.13	13.10	-7.10	24.48	103.43	30.09	56.69	67.16	79.57
Capital Expenditure	-	1.43	-20.78	10.87	-27.06	-2.04	-28.16	-10.05	-20.57	-24.37	-28.87
UFCF	545.18	585.42	587.12	786.77	1,026.15	1,565.02	1,130.18	1,947.42	2,003.89	2,374.01	2,812.48
WACC
PV UFCF								1,671.15	1,592.96	1,748.20	1,918.57
SUM PV UFCF											8,783.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.95
Free cash flow (t + 1)	2,924.98
Terminal Value	74,050.24
Present Value of Terminal Value	50,514.17

Intrinsic Value

Enterprise Value	59,298.00
Net Debt	15,001.96
Equity Value	44,296.04
Shares Outstanding	56.27
Equity Value Per Share	787.28

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