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DCF Analysis
DCF Analysis
2007A
EBIT
Plus: Non-deductible Goodwill Amort.
EBITA
Less: Provision for Taxes
Unlevered Net Income
Plus: D&A (excl. non-deductible GW amort.)
Less: Capital Expenditures
Less: Increase in Net Working Capital
Unlevered Free Cash Flow
$120.0
$120.0
(42.0)
$78.0
$126.2
$126.2
(44.2)
$82.0
$133.2
$133.2
(46.6)
$86.6
$137.7
$137.7
(48.2)
$89.5
$142.4
$142.4
(49.9)
$92.6
15.3
(18.0)
(9.5)
$65.8
15.9
(16.0)
8.3
$90.2
16.7
(14.1)
3.1
$92.3
16.0
(14.6)
3.2
$94.2
15.6
(15.1)
3.3
$96.4
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
er 31,
2012E
$147.3
$147.3
(51.6)
$95.8
15.4
(15.6)
3.4
$99.0
CAGR
2008-2012
3.9%
3.9%
3.9%
2.3%
Tax Rate
Net Debt
Shares
35.0%
$83.4
35.021