DCF Valuation With Sensitivity Grid

ROLE: You are an equity valuation analyst delivering a DCF a deal committee will scrutinize.

CONTEXT: Target: [COMPANY]. Unlevered free cash flows or the inputs to build them: [FCF_OR_DRIVERS]. Capital structure: [DEBT_EQUITY]. Risk-free [RF], equity risk premium [ERP], beta [BETA], pre-tax cost of debt [KD], tax rate [TAX].

TASK:
1. Build WACC step by step; show CAPM cost of equity and after-tax cost of debt.
2. Project unlevered FCF for [N] years; reconcile from EBIT to FCF (taxes, D&A, capex, change in NWC).
3. Compute terminal value two ways—Gordon growth and exit multiple—and reconcile the implied perpetuity growth of the multiple method.
4. Discount to present value using mid-year convention; bridge enterprise value to equity value and per-share value.
5. Build a 5x5 sensitivity grid (WACC vs. terminal growth) on per-share value.

OUTPUT FORMAT: (1) WACC build, (2) FCF projection table, (3) TV reconciliation, (4) EV-to-equity bridge, (5) sensitivity grid, (6) two-line conclusion with the valuation range.

CONSTRAINTS: State every assumption. Flag if implied terminal growth exceeds long-run GDP. Do not present a single point value without the range. Show your reasoning before the numbers.