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DISCOUNTED CASH FLOW ASSUMPTIONS

DCF Assumptions

Discount-rate and terminal-value assumptions selected by financial advisors in DCF analyses, with a time view of how WACC ranges 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.

Observations
146
Median Low
8.25%
Median High
9.5%
Mean Midpoint
9.38%
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WACC Ranges Over Time

146 included analyses

Median low 8.25%Median high 9.5%

DCF Assumptions

146 included of 146
Showing 1-20 of 146 ranges
Page 1 of 8
Analysis
HZO FOMarineMax, Inc.Safe Harbor Marinas, LLCAug 2026LeisureWells Fargo Securities10.5%13.0%Perpetuity growth2.0% – 3.0%Open
CBZ FOCBIZ, Inc.Grant Thornton Advisors LLCJul 2026Business ServicesGoldman Sachs9.5%10.5%Exit multiple8.0x – 10.0x (EV/LTM EBITDA (terminal-year adjusted EBITDA, excl. SBC add-back))Open
UTZ FOUtz Brands, Inc.Intersnack Group GmbH & Co. KGJul 2026Packaged FoodsCiti7.9%8.5%Perpetuity growth1.5% – 2.5%Open
DSGR FODistribution Solutions Group, Inc.LKCM Headwater Investments, LLCJul 2026IndustrialsWilliam Blair9.0%11.0%Perpetuity growth2.0% – 3.0%Open
LEG FOLeggett & Platt, IncorporatedSomnigroup International Inc.Apr 2026Home & Office FurnishingsJPMorgan7.75%9.75%Perpetuity growth0.5% – 1.5%Open
UNF FOUniFirst CorporationCintas CorporationMar 2026Business ServicesJPMorgan7.5%8.5%Perpetuity growth2.0% – 3.0%Open
UNF FOUniFirst CorporationCintas CorporationMar 2026Business ServicesGoldman 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 2026Consumer ServicesBofA10.0%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 2026Consumer ServicesMoelis9.25%12.0%Exit multiple6.5x – 8.5x (Terminal year EBITDA (50% Achievability Case))Open
MCW FOMister Car WashLeonard Green PartnersFeb 2026Consumer ServicesCenterview10.0%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
NATH FONathan's FamousSmithfield FoodsJan 2026Packaged FoodsJefferies9.0%10.0%Perpetuity growth2.0% – 3.0%Open
DENN FODenny'sTri Artisan CapitalNov 2025RestaurantsTruist Securities11.5%12.5%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
Showing 1-20 of 146 ranges
Page 1 of 8