Discount cash flow analysis

Historical Data
Year
EBITDA
Depreciation &
Amortization
EBIT
Less: taxes
Plus:
Depreciation &
Amortization
Less: capital
spending &
investment
Unlevered free
cashflow
Increase of

2006 2007 2008 2009 2010 2011 2012

25,382 35,292 39,302 42,525 48,689 60,608 67,454
(11,983 (12,67 (14,35 (13,666
(5,262) (8,852) (9,269)
)
2)
1)
)
20,120 26,440 30,033 30,542 36,017 46,257 53,788
(10,728
(4,627) (6,488) (4,706) (5,436) (7,803) (8,281)
)

2013
88,043
(14,13
4)
73,909
(10,29
9)

5,262

8,852 9,269 11,983 12,672 14,351 13,666 14,134

(7,312)

(16,166 (19,15 (16,322 (19,15 (17,33 (19,480 (15,82

)
7)
)
9)
0)
)
2)

13,443 12,638 15,439 20,767 Source:

21,727Arseus
34,997
37,246 61,922
financial
statement