Assumptions

Risk Free Rate(Rf)

Market Risk Premium
Tax rate
Debt beta
Asset Beta
Debt ratio
Terminal Growth rate

5%
7%
40%
0.25
1.5
25%
5%
2001A

Sales
EBITDA
Depriciation
EBIT
Tax on EBIT
NOPAT
Capex
Inv in wking capital
Free Cash Flow
Terminal value
Enterprise Value
NPV
Debt
Equity
Interest
PBT
Tax
Net income
FCFE
Terminal Equity Value
Equity Value

-1500

Cost of debt
Unlevered cost of Equity
Cost of equity
Levered beta
Cost of capital
Debt equity
ccf cost of capital
2002E
1200
180
200
-20
-8
-12
300
0
-112

2003E
2400
360
225
135
54
81
300
0
6

$3,346.68 $3,934.58
$4,488.07
1846.67985
$836.67
$983.64
$1,122.02
2510.00989 2950.93329 3366.056009
$56.89
($76.89)
($30.76)
($46.14)
$0.84

$66.89
$68.11
$27.24
$40.87
$104.24

($89.24)

$32.76

$2,510.01

CCF Method
CCF
Terminal value
Enterprise value

$3,346.68

6.800%
15.80000%
17.60%
1.75 HOW??
14.22%
0.3333333333
14.900%

vered cost of Equity

ost of capital
2004E
3900
585
250
335
134
201
300
0
151

$4,975.28

2005E
5600
840
275
565
226
339
300
0
314

2006E
7500
1125
300
825
330
495
300
0
495

5637.2017354
$5,368.76
$5,637.20

$1,243.82
$1,342.19
$1,409.30
3731.459173624 4026.5726681 4227.9013015
$76.30
$258.70
$103.48
$155.22
$227.02

$84.58
$480.42
$192.17
$288.25
$361.62

$91.27
$733.73
$293.49
$440.24
$507.35
4227.9013015

$181.52

$347.83

$531.51
5637.2017354