Discounted Cash Flow

Shift4 Payments, Inc.

FOUR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $560.6m $55.4m $23.9m 9.9%
2019 $731.4m (30.5%) $56.6m (2.2%) $18.5m (-22.6%) 7.7% (-21.7%)
2020 $766.9m (4.9%) $-18.4m (-132.5%) $18.6m (0.5%) -2.4% (-131.0%) $-0.86
2021 $1.4b (78.3%) $-48.2m (-162.0%) $21.0m (12.9%) -3.5% (-46.9%) $-1.78 (-107.0%)
2022 $2.0b (45.8%) $75.1m (255.8%) $267.4m (1173.3%) 3.8% (206.9%) $2.68 (250.6%)
2023 $2.6b (28.7%) $86.2m (14.8%) $374.6m (40.1%) 3.4% (-10.8%) $2.90 (8.2%)
2024 $3.3b (29.9%) $229.6m (166.4%) $493.2m (31.7%) 6.9% (105.1%) $6.72 (131.7%)
2025 $4.2b (25.5%) $119.0m (-48.2%) $624.0m (26.5%) 2.8% (-58.7%) $2.30 (-65.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model