Tol Valuation Slides V0

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Tol Valuation Slides V0

  1. 1. Toll Brothers(NYSE: TOL)<br />Industrials Group<br />Lambert Wang<br />
  2. 2. Table of Contents<br />
  3. 3. Valuation Summary<br />Valuation Summary<br />52 Week Range: $13.55 – 24.30<br />Discounted Cash Flows:<br />Exit Multiple (EV/EBITDA): $12.37 – 15.86<br />Perpetuity Growth: $22.69 – 32.24<br />Trading Comparables: [TBA]<br />Valuation Range:$13.55 – 24.30<br />
  4. 4. Key Valuation Assumptions<br />Key Valuation Assumptions<br />52 Week Range:<br />P/E N/A (negative EPS)<br />P/B 1.2x (vs. 1.5x industry)<br />Discounted Cash Flows:<br />Exit Multiple: 6x EV/EBITDA (Implied terminal growth rate – 2.2%)<br />Perpetuity Growth: 5.0% terminal growth (Implied EV/EBITDA – 11.3x)<br />WACC: 8.1% (8.7% Cost of Equity, 4.8% Cost of Debt, after-tax)<br />Trading Comparables:<br />Companies:<br />[TBD]<br />[TBD]<br />[TBD] <br />[TBD]<br />Multiples [median]:<br />EV/Revenue: [TBD]<br />EV/EBITDA: [TBD]<br />EV/EBIT: [TBD]<br />
  5. 5. FCF Calculation<br />FCF Calculation<br />
  6. 6. WACC Calculation<br />WACC Calculation<br />
  7. 7. Equity Value Calculation<br />Equity Value Calculation<br />
  8. 8. Sensitivity Analysis<br />Sensitivity Analysis<br />
  9. 9. Industrials Group<br />industrials@gps100.com<br />www.gps100.com<br />

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