Year 0 Year 1 Year 2 Year 3

Net Sales BDT 100,000 BDT 105,000 BDT 110,250

Operating Profit (OP)
before depreciation BDT 10,000 BDT 10,500 BDT 11,025
OP margin (ex depn)%
Lost Contribution BDT 8,000 BDT 8,000 BDT 3,000

Depreciation BDT 2,000 BDT 2,000 BDT 2,000

Operating Profit
BDT 0 BDT 500 BDT 6,025
Before Tax

Tax (30%) BDT 0 BDT 150 BDT 1,808

NOPAT BDT 0 BDT 350 BDT 4,218

Initial investment BDT 40,000
Add depreciation BDT 2,000 BDT 2,000 BDT 2,000

Less sustaining capex, BDT 2,000 BDT 2,000 BDT 2,000

Working capital BDT 10,000 BDT 500 BDT 525 BDT 551
change (working 1)
Free cash flow -BDT 50,000 -BDT 500 -BDT 175 BDT 3,667
Terminal value
(working 2)
Total amount to
-BDT 50,000 -BDT 500 -BDT 175 BDT 3,667
discount

Discount rate 1.00 0.9216590 0.8494553 0.7829081

Rounded 1.0000 0.9217 0.8495 0.7829

Present value -BDT 50,000 -BDT 461 -BDT 149 BDT 2,871
Net Present Value BDT 32,644

Tax rate 30%

Discount rate 8.50%
Cash flow groth rate
0%
after year 5
 Year 4 Year 5
BDT 115,763 BDT 121,551

BDT 13,892 BDT 14,586

BDT 2,000 BDT 2,000

BDT 11,892 BDT 12,586

BDT 3,567 BDT 3,776

BDT 8,324 BDT 8,810

BDT 2,000 BDT 2,000

BDT 2,000 BDT 2,000

BDT 579 BDT 0

BDT 7,745 BDT 8,810

BDT 103,650

BDT 111,395

0.7215743

0.7216

BDT 80,383