B

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Total Finance
Loan
Equity
tax
Kd
Depr.
Rf
Rp
Beta asset
growth
Perpetuity
NWC

1,100 Mn
900 Mn
200 Mn
36%
7%
20 Mn.
4%
6%
85%
3%
3%
3%

Year

EBIT
Interest
EBT
Tax
PAT
Depr (+)
Capex (-)
Delta NWC (-)
ECF

1
125.0
63.0
62.0
22.3
39.7
10.0
29.7

2
128.8
60.9
67.8
24.4
43.4
10.3
33.1

3
132.6
58.6
74.0
26.6
47.4
10.6
36.8

4
136.6
56.0
80.6
29.0
51.6
10.9
40.6

5
140.7
53.2
87.5
31.5
56.0
11.3
44.7

Op. Bal
Int. Paid
Pri. Rpymnt
Cl. Bal.

900.0
63.0
29.7
870.3

870.3
60.9
33.1
837.2

837.2
58.6
36.8
800.5

800.5
56.0
40.6
759.8

759.8
53.2
44.7
715.1

870.3
407.0
1,277.3

837.2
480.2
1,317.4

800.5
558.9
1,359.4

759.8
643.5
1,403.3

715.1
734.0
1,449.1

Debt
339.1 Equity
Total Value
Wd
We
Beta equity
Ke

900.0
200.0
1,100.0

68%
32%
2.67
20.01%

64%
36%
2.33
17.99%

59%
41%
2.07
16.40%

54%
46%
1.85
15.12%

49%
51%
1.68
14.07%