Year 0 1 2 3 4 5 6

Sales 83.60 89.45 95.71 102.41 106.51 110.77 115.20

(COGS) 63.10 66.19 71.07 76.30 79.62 83.08 86.69
EBITDA 20.50 23.26 24.65 26.12 26.89 27.69 28.51
(Depreciation) 3.30 9.90 10.60 11.30 10.80 12.30 12.70
EBIT 17.20 13.36 14.05 14.82 16.09 15.39 15.81
(Tax @ 35%) 6.00 4.68 4.92 5.19 5.63 5.39 5.53
NOPAT 11.20 8.68 9.13 9.63 10.46 10.01 10.28
Depreciation 9.90 10.60 11.30 10.80 12.30 12.70
NWC 0.50 0.80 0.90 0.60 0.50 0.60
CAPEX 14.60 15.50 16.70 15.00 15.60 16.20
Op FCFF 3.48 3.43 3.33 5.66 6.21 6.18
Continuity Value
Final FCFF 3.48 3.43 3.33 5.66 6.21 6.18
Discounted final FCFF
Sum of Disc. Final FCFF 91.75

Value of Equity = Company Val - Net Debt

= 91.75 - 36
= 55.75

Value of Share = Value of Equity/No. of Shares

= 55.75/1.5
= 37.17
 7
118.66 Accumulated Depn NWC Gross Fixed Assets
89.59 29 11.1 95
29.07 38.9 9.9 11.6 0.5 109.6 14.6
13.10 49.5 10.6 12.4 0.8 125.1 15.5
15.97 60.8 11.3 13.3 0.9 141.8 16.7
5.59 72.6 11.8 13.9 0.6 156.8 15
10.38 84.9 12.3 14.4 0.5 172.4 15.6
13.10 97.6 12.7 15 0.6 188.6 16.2
0.40 110.7 13.1 15.4 0.4 204.5 15.9
15.90
7.18
123.28 CV
130.46 7.18*(1+3%)/(9%-3%)
g = 3%
WACC = 9%