Mergers & TribulationsTransaction Database
ContactSubscribe

DISCOUNTED CASH FLOW ASSUMPTIONS

Selected WACC Ranges

Discount-rate ranges selected by financial advisors in DCF analyses, with a time view of how those have moved across rate cycles.

The discount rate a bank selects is the single most consequential assumption in a DCF, and it is disclosed in the opinion. Collected across deals and years, these ranges show how sell-side WACC assumptions have tracked—and lagged—the actual rate cycle.

Analyses
92
Median Low
8.5%
Median High
9.9%
Mean Midpoint
9.68%
Filters
Sector
All
Advisor
All
Terminal method
All
Deal years
to

Advisor Selected WACC Ranges

92 included analyses

Median low 8.5%Median high 9.9%

DCF Assumptions

92 included of 92
Showing 1-20 of 92 ranges
Page 1 of 5
Analysis
UTZ FOUtz Brands, Inc.Intersnack Group GmbH & Co. KGJul 2026Packaged FoodsCiti7.9%8.5%Perpetuity growth1.5% – 2.5%Open
LEG FOLeggett & Platt, IncorporatedSomnigroup International Inc.Apr 2026Home & Office FurnishingsJPMorgan7.75%9.75%Perpetuity growth0.5% – 1.5%Open
UNF FOUniFirst CorporationCintas CorporationMar 2026ServicesJPMorgan7.5%8.5%Perpetuity growth2.0% – 3.0%Open
UNF FOUniFirst CorporationCintas CorporationMar 2026ServicesGoldman Sachs8.25%9.25%Perpetuity growth2.5% – 3.5%Open
OLPX FOOlaplexHenkelMar 2026HHP/Pers CareJPMorgan9.5%10.5%Perpetuity growth2.0% – 3.0%Open
STKL FOSunOptaRefrescoFeb 2026Packaged FoodsScotia Capital8.5%9.5%BothExit multiple 6.8x – 9.1x (terminal year Adjusted EBITDA); Perpetuity growth 1.5% – 2.5%Open
MCW FOMister Car WashLeonard Green PartnersFeb 2026General RetailBofA10.0%11.5%Exit multiple7.0x – 9.0x (FY2030E Adjusted EBITDA)Open
STKL FOSunOptaRefrescoFeb 2026Packaged FoodsLazard9.0%10.0%Perpetuity growth2.25% – 2.75%Open
EWCZ FOEuropean Wax CenterGeneral AtlanticFeb 2026Fitness & WellnessMoelis9.25%12.0%Exit multiple6.5x – 8.5x (Terminal year EBITDA (50% Achievability Case))Open
MCW FOMister Car WashLeonard Green PartnersFeb 2026General RetailCenterview10.0%12.0%Exit multiple7.5x – 9.5x (LTM EBITDA as of December 31, 2030)Open
CVGW FOCalavo Growers, Inc.Mission Produce, Inc.Jan 2026Packaged FoodsJefferies9.5%10.5%Perpetuity growth2.0% – 3.0%Open
THS FOTreeHouse Foods, Inc.InvestIndustrial SANov 2025Packaged FoodsGoldman Sachs7.5%8.5%BothExit multiple 7.0x – 8.0x (terminal year EV/EBITDA (FY2029, as reflected in the Forecasts)); Perpetuity growth -0.8% – 1.1%Open
PBPB FOPotbelly CorpRace TracSep 2025RestaurantsPiper Sandler12.8%17.8%Exit multiple10.3x – 12.3x (FY2029 Adjusted EBITDA)Open
SCS FOSteelcase Inc.HNI CorporationAug 2025Home & Office FurnishingsBofA9.75%11.75%Perpetuity growth1.0% – 2.5%Open
SCS FOSteelcase Inc.HNI CorporationAug 2025Home & Office FurnishingsJPMorgan8.0%9.0%Perpetuity growth1.0% – 2.0%Open
SCS FOSteelcase Inc.HNI CorporationAug 2025Home & Office FurnishingsGoldman Sachs9.5%11.0%Exit multiple5.0x – 7.0x (terminal year exit EV/Adjusted EBITDA on a mid-cycle estimate)Open
WBA FOWalgreens Boots AllianceSycamore PartnersAug 2025General RetailMorgan Stanley9.0%10.3%BothExit multiple 5.0x – 7.0x (LTM Adj. EBITDA); Perpetuity growth -1.2% – 2.6%Open
WBA FOWalgreens Boots AllianceSycamore PartnersAug 2025General RetailCenterview9.25%10.75%Exit multiple5.0x – 7.0x (LTM EBITDA ending August 31, 2029)Open
HBI FOHanesBrandsGildan ActivewearAug 2025Luxury & ApparelGoldman Sachs9.75%11.75%Perpetuity growth0.0% – 1.0%Open
KLG FOWK KelloggFerrero GroupJul 2025Packaged FoodsGoldman Sachs7.5%8.5%BothExit multiple 8.0x – 9.5x (Terminal year EV/LTM EBITDA); Perpetuity growth 0.2% – 2.2%Open
Showing 1-20 of 92 ranges
Page 1 of 5