Key Inputs 2020 2021 2022 2023 2024

Sales Growth Rate 10% 9% 9% 9% 9%

Operating Cost as % Sales 87% 87% 86.00% 85.00% 85.00%
Growth in Net Fixed Assets 8% 8% 8% 8% 8%
Growth in Net working capital 8% 8% 8% 8% 8%
Depreciation as % of operating capital (Net fixed
6% 8% 7% 7% 7%
assets net working capital)
Tax Rate 40%
WACC 10%
Terminal Growth Rate 6%
Histori
cal
Amoun
t in $ Projected
Million Amount in $ Million
Year 2019 2020 2021 2022 2023 2024
Sales 3000 3300 3597 3920.73 4273.596 4658.219
Operating Costs 2616.2 2871 3129.39 3371.828 3632.556 3959.486
Depreciation 100 64.8 93.312 88.17984 95.23423 102.853

EBIT 283.8 364.2 374.298 460.7224 545.8051 595.8799

EBIT (1-T) 170.3 218.52 224.5788 276.4334 327.4831 357.528

Net Fixed Assets 1000 1080 1166.4 1259.712 1360.489 1469.328

Net Working Capital 800 864 933.12 1007.77 1088.391 1175.462
Total Operating Capital 1800 1944 2099.52 2267.482 2448.88 2644.791

Net capex(change in Net fixed assets) 130 80 86.4 93.312 100.777 108.8391
Capex (Net capex + depreciation) 230 144.8 179.712 181.4918 196.0112 211.6921
Change in NWC 150 64 69.12 74.6496 80.62157 87.07129

Free Cash Flow -109.7

3470

-133.8
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 istorical Projected
$ Million Amount in $ Million
Year 2019 2020 2021 2022 2023 2024
Sales 3000
Operating Cost 2616.2
Depreciation 100

EBIT 283.8

EBIT (1-T) 170.3

Net Fixed Asse 1000

Net Working Ca 800
Total Operating 1800

Net capex(chang 130

Capex (Net cap 230
Change in NW 150

Free Cash Flo -109.7

You can use this sheet to do the Sensitivity Analysis