Discounted Cash Flow

Lincoln Educational Services Corp.

LINC · 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 $196.9m $-28.3m $-9.7m -14.4% $-1.21
2017 $261.9m (33.0%) $-11.5m (59.4%) $-16.1m (-65.7%) -4.4% (69.5%) $-0.48 (60.3%)
2018 $263.2m (0.5%) $-6.5m (43.0%) $-6.4m (60.2%) -2.5% (43.3%) $-0.27 (43.7%)
2019 $273.3m (3.9%) $2.0m (130.8%) $-4.4m (31.2%) 0.7% (129.6%) $0.08 (129.6%)
2020 $293.1m (7.2%) $48.6m (2310.2%) $17.9m (507.2%) 16.6% (2147.7%) $1.49 (1762.5%)
2021 $335.3m (14.4%) $34.7m (-28.5%) $19.9m (11.2%) 10.4% (-37.5%) $1.04 (-30.2%)
2022 $348.3m (3.9%) $12.6m (-63.6%) $-8.1m (-140.7%) 3.6% (-65.0%) $0.36 (-65.4%)
2023 $378.1m (8.6%) $26.0m (105.8%) $-15.1m (-86.8%) 6.9% (89.6%) $0.86 (138.9%)
2024 $440.1m (16.4%) $9.9m (-62.0%) $-27.6m (-82.0%) 2.2% (-67.3%) $0.32 (-62.8%)
2025 $518.2m (17.8%) $20.0m (102.2%) $-27.3m (0.9%) 3.9% (71.7%) $0.65 (103.1%)

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