1 2 3 4

2018A 2019E 2020E 2021E 2022E

Sales 50359 54387.72 58738.74 63437.84 68512.86
EBITDA 8845 9552.6 10316.81 11142.15 12033.52
less:DA 0 0 0 0 0
EBIT 8845 9552.6 10316.81 11142.15 12033.52
Less: Tax 2865.78 3095.042 3342.646 3610.057
EBIT *1-t 6686.82 7221.766 7799.507 8423.467
Pluse: DA 0 0 0 0
Less:CapEXp 3331 3597.48 3885.278 4196.101 4531.789
Less:Change in WC 6.61% 266.2984 287.6023 310.6104 335.4593
FCFF 2823.042 3048.885 3292.796 3556.219
WACC 8%
PV 13069.637 2613.927 2613.927 2613.927 2613.927

TV 141152.08
Enterprice Value 154221.72
less :Net Debt 24000
Net Astes value 130221.72
Market price per share 5.4945872
 5 6 infinit
2023E
73993.89
12996.21
0
12996.21
3898.862
9097.345
0
4894.332
362.296
3840.717 4147.974

2613.927

TV 207398.7
207398.7