Project — 02
A valuation you can
A five-year DCF that runs in the browser. Move the drivers and the value per share, cash flows and sensitivity grid reprice instantly.
Type
Interactive model
Completed
Tools
Framer, Claude, React
(01)
Why I built it
Most DCFs live in a spreadsheet that only the person who built it ever opens. I wanted one anyone could pick up and understand in a minute: change an assumption, see what it does to the value, and see why.
It also forced me to prove I understood the mechanics. A model you can break by dragging a slider has nowhere to hide.
(02)
What I did
Set out the finance logic myself: revenue growth, EBIT margin, tax and reinvestment drive five years of free cash flow to the firm.
Valued the business with a Gordon growth terminal value, discounted everything at WACC, then bridged enterprise value to equity through net debt and down to a value per share.
Added bear, base and bull scenarios and a WACC by terminal growth sensitivity grid, because one number on its own isn’t a valuation.
Built in the guardrails a real model needs: terminal growth has to stay below WACC, and equity can’t fall below zero when the debt outweighs the business.
Used AI (Claude) as a build partner to turn that logic into a live, animated component, then checked the outputs against the maths by hand.
(03)
What it shows
How much of a DCF rests on the terminal value. In the base case it makes up about 77% of enterprise value, and moving WACC one point either way swings the value per share from about RM 8 to nearly RM 15. That’s a bigger move than anything in the five forecast years.
It also shows what leverage does. The company carries RM 800m of net debt, so in the bear case the business is worth less than it owes and the shares are worth nothing, even though it’s still generating cash.
(04)
What I learned
Knowing the formula and building something that holds up are different skills. Every slider exposed an edge case the textbook skips over: growth that beats the discount rate, or debt bigger than the business.
AI made the build fast, but it only worked because I could check what it produced against the finance. The model is deliberately simple. Next, I’d tie reinvestment to return on capital, so growth isn’t free in the terminal year.
The live model
Value and sensitivity
Mobile
Light mode