Discounted Cash Flow

Korn Ferry

KFY · 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)
2016 $1.3b $30.9m 2.3% $0.58
2017 $1.6b (20.4%) $84.2m (172.3%) $56.0m 5.2% (126.1%) $1.48 (155.2%)
2018 $1.8b (12.2%) $133.8m (58.9%) $177.1m (216.4%) 7.4% (41.6%) $2.39 (61.5%)
2019 $2.0b (8.5%) $102.7m (-23.3%) $212.1m (19.8%) 5.2% (-29.3%) $1.84 (-23.0%)
2020 $2.0b (0.2%) $104.9m (2.2%) $194.9m (-8.1%) 5.3% (2.1%) $1.91 (3.8%)
2021 $1.8b (-8.0%) $114.5m (9.1%) $220.3m (13.0%) 6.3% (18.5%) $2.11 (10.5%)
2022 $2.6b (45.2%) $326.4m (185.1%) $452.3m (105.3%) 12.3% (96.3%) $6.04 (186.3%)
2023 $2.9b (8.3%) $209.5m (-35.8%) $273.5m (-39.5%) 7.3% (-40.7%) $3.98 (-34.1%)
2024 $2.8b (-2.4%) $169.2m (-19.3%) $228.8m (-16.3%) 6.1% (-17.3%) $3.25 (-18.3%)
2025 $2.8b (-1.2%) $246.1m (45.5%) $301.9m (31.9%) 8.9% (47.3%) $4.69 (44.3%)

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