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Year20222023202420252026202720282029203020312032Terminal Value
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FIGMA ARR (M)$400$600$900$1,350$1,755$2,282$2,966$3,559$4,271$5,125$5,638$6,201
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ARR growth50%50%50%30%30%30%20%20%20%10%10%6%
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FCF Margin-10%0%4%8%12%16%20%24%28%32%36%40%
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FCF (M)-$40$0$36$108$211$365$593$854$1,196$1,640$2,030$2,481
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Terminal Value (M)$43,824
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Net Present Value (M)-$40$0$29$77$134$207$301$386$483$591$653$12,598
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Years away1234567891011
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Total Net present Value (M)$15,419.57
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Discount rate12%
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terminal growth rate6%
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20222023202420252026202720282029203020312032Terminal Value
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Adobe Free Cash Flows (M)-$3,000$7,840$8,781$9,834$11,015$12,336$13,323$14,389$15,540$16,784$18,126$19,576
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Adobe FCF growth12%12%12%12%12%8%8%8%8%8%8%3%
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Figma Free Cash Flow-$40$0$36$108$211$365$593$854$1,196$1,640$2,030$2,481
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Combined entity FCF (M)-$3,040$7,840$8,817$9,942$11,225$12,701$13,916$15,243$16,736$18,424$20,156$22,057
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Terminal value (M)$252,429
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Net Present Value (M)-$3,040$7,000$7,029$7,077$7,134$7,207$7,051$6,895$6,759$6,644$6,490$72,567
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1234567891011
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Total Net Present Value (M)$138,812
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6% of NPV (M)$9,716.87
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Total Cost of deal (M)$19,716.87
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Discount Rate12%
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Terminal Growth Rate3%
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