2002 2003 2004

Assumption
Revenue growth (%) 7.0 6.5 6.5
COGS/ Sales (%) 60.0 60.0 59.5
SG&A/Sales (%) 28.0 27.5 27.0
tax rate (%) 38.0 38.0 38.0
current assets/ sales (%) 38.0 38.0 38.0
Current liabilities/ sales (%) 11.5 11.5 11.5
Yearly depreciation and capex equal each other.
Cost of capital (%) 12.0
Terminal Growth rate (%) 3.0

Discounted cash flow

(in millions of dollars excepet per-share data)
operation income $ 1,218.40 $ 1,351.60 $ 1,554.60
Taxes 464.0 513.6 590.8
NOPAT 755.4 838.0 963.9
Capex, net of depreciation - - -
Change in NWC 8.8 -174.9 -186.3
Free cash flow 764.1 633.1 777.6
terminal value
total flows 764.1 633.1 777.6
present value of flows $ 682.30 $ 528.60 $ 553.50
Enterprise value $ 11,415.40
Less : Current outstanding debt $ 1,296.60
Equity Value $ 10,118.80
Current share outstanding $ 271.50
Equity value per share $ 37.27 Current share price

Sensitivity of equity value to discount rate :

Discount rate Equity value
8% $ 75.80
8.50% $ 67.85
9.00% $ 61.25
9.50% $ 55.68
10% $ 50.92
10.50% $ 46.81
11% $ 43.22
11.17% $ 42.09
11.50% $ 40.07
12% $ 37.27
 2005 2006 2007 2008 2009 2010 2011

6.5 6.0 6.0 6.0 6.0 6.0 6.0

59.5 59.0 59.0 58.5 58.5 58.0 58.0
26.5 26.0 25.5 25.0 25.0 25.0 25.0
38.0 38.0 38.0 38.0 38.0 38.0 38.0
38.0 38.0 38.0 38.0 38.0 38.0 38.0
11.5 11.5 11.5 11.5 11.5 11.5 11.5

$ 1,717.00 $ 1,950.00 $ 2,135.90 $ 2,410.40 $ 2,554.80 $ 2,790.10 $ 2,957.50

652.5 741.0 811.7 915.9 970.8 1,060.2 1,123.9
1,064.5 1,209.0 1,324.3 1,494.3 1,584.0 1,729.9 1,833.7
- - - - - - -
198.4 -195.0 -206.7 -219.1 -232.3 -246.2 -261.0
866.2 1,014.0 1,117.6 1,275.2 1,351.7 1,483.7 1,572.7
17,998.3
866.2 1,014.0 1,117.6 1,275.2 1,351.7 1,483.7 19,571.0
$ 550.50 $ 575.40 $ 566.20 $ 576.80 $ 545.90 $ 535.00 $ 6,301.20

42.1
Rf 5.74% 5.74%
Risk Premium 5.90% 5.90%
b 0.8 0.69
CAPM 10.46% 9.81%

Outstanding share 271.5

Current share price $ 42.09
Total Equity $ 11,427.44

Current portion of long-term debt $ 5.40

notes payable $ 855.30
long-term debt $ 435.90
Debt Balance 1296.6

Weighted for Equity (E/D+E) 89.8%

Weighted for debt (D/D+E) 10.2%

Joana
Tax rate (%) 38%
1-tax rate (%) 62%
Interest expense 58.7
average debt balance 1370.6
cost of debt (Post tax) 2.655%
cost of debt (Pre tax) 4.283%

post tax
wacc 9.04%
wacc Joana 9.66%
pake yang 2001 saja kalau joana meng-rata2 dari tahun 95-2001
Cost of equity

Coupon 6.75%
Current Price $ 95.60
term 20 year

Par Value Coupon Interest Rate Years to Maturity

$ -100.00 6.75% 20
 pre-tax
Current Value (Price) Interest Payment per Year Interest Payment YTM
$ 95.60 2 $ -3.38 3.6%
Post tax
2.2%
Cost of Debt