Valuation Of Air Thread Connections

2008
2009
2010

2011

Revenue Projections:
Service Revenue
Service Revenue Growth
Equipment Revenue
Total Revenue

4194.3
14%
314.8
4509.1

4781.5
14%
358.8
5140.3

5379.2
12.50%
403.7
5782.9

5917.2
10%
444.1
6361.3

Operating Expenses:
System Operating Expenses
Cost of Equipment Sold
SG&A
Total Expenses
EBITDA

838.9
755.5
1803.6
3398
1111.1

956.3
861.2
2056.2
3873.7
1266.6

1075.8
968.9
2313.2
4357.9
1425

1183.4
1065.8
2544.5
4793.7
1567.6

705.2
405.9
162.36
243.54
705.2
25.83
631.3
291.61

804
462.6
185.04
277.56
804
19.66
719.7
342.2

867.4
557.6
223.04
334.56
867.4
20.01
867.4
314.55

922.4
645.2
258.08
387.12
922.4
18.01
970.1
321.41

Less Dep & Amort

Less Tax (40%)
EBIT
Plus D&A
less increase in NWC
Less Capex
Free Cash Flow
BL

D/E
1-T
0.86
58.30%
0.89
41.90%
1.17
24.10%
0.97
31.70%
1.13
44.40%

(1+(1-T)D/E
BL/{1+(1-T)D/E
0.6
1.3498
0.6371314269
0.6
1.2514
0.7112034521
0.6
1.1446
1.0221911585
0.6
1.1902
0.8149890775
0.6
1.2664
0.8922931143
Average
Rf
Risk Premium
Asset Return

0.8155616459
4.25%
5.00%
8.328%

2012
6331.4
7%
475.2
6806.6

1266.3
1140.4
2722.6
5129.3
1677.3
952.9
724.4
289.76
434.64
952.9
13.87
1055
318.67

P.Exp
A.R
S.EQ
T.A
A.P
D. S.R
AL
T.L
W.C
C. N.W

46.8924
521.9283
134.9792
703.8
335.4581
163.2282
64.65639
563.3427
140.4573
25.83

Change in
53.45706
594.9897
153.8455
802.2923
382.4203
186.08
73.7079
642.2082
160.084
19.62674

Working
60.13902
669.3707
173.0976
902.6073
430.2216
209.3405
82.92115
722.4833
180.124
20.03999

66.15306
736.3205
190.4202
992.8937
473.2447
230.2777
91.21346
794.7359
198.1579
18.03385

70.78434
787.864
203.7552
1062.403
506.3759
246.397
97.59918
850.3721
212.0314
13.87356

Accounts Receivables
Sales Equipment Rev
Prepaid Expenses
Accounts Payables
Deferred Serv. Revenue
Accrued Liablities

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85