0 1 2 3 4 5 g

-1500 2002 2003 2004 2005 2006 Ka

FCFF -112 6 151 314 495 Rf
TV 4812.5 Rm-Rf
FCF -112 6 151 314 5307.5 Ba
DF 0.863558 0.745732 0.643983 0.556116 0.480239 Bd
-96.71848 4.474393 97.24141 174.6206 2548.867 Kd
Value of the unlevered firm 2728.485 D
Value [ITS (Fin rule 1)] Tax
Kd*Tc*D/Kd D/E
300 Ke
Firm Value Unlevered Va3028.485 Be

WACC
Fin rule 2 D/V 25%
0 1 2 3 4 5
-1500 2002 2003 2004 20052006
FCFF -112 6 151 314 495
TV 5135.87
FCFF -112 6 151 314 5630.87
DF 0.868659 0.754568 0.655462 0.569373 0.494591
-97.28978 4.527409 98.97479 178.7831 2784.977
2969.972
value [ITS (fin rule 2)] 241.4871

FCFF
2002 2003 2004
-112 0.8686588 -97.28978
6 0.7545681 4.527409 6 0.868659 5.211953
151 0.6554622 98.97479 151 0.754568 113.9398 151 0.868659 131.1675
314 0.569373 178.7831 314 0.655462 205.8151 314 0.754568 236.9344
5630.87 0.4945909 2784.977 5630.87 0.569373 3206.065 5630.87 0.655462 3690.822
Firm Value 2969.972 Firm Value 3531.032 Firm Value 4058.924
Debt 742.4931 Debt 882.758 Debt 1014.731
ITS 20.19581 ITS 24.01102 ITS 27.60068

2002 2003 2004 2005 2006

ITS 20.195811 24.01102 27.60068 30.74711 33.26087
TV 323.3696
DF 0.8635579 0.745732 0.643983 0.556116 0.480239
17.440251 17.90579 17.77437 17.09897 171.2678
241.48714

0 1 2 3 4 5
-1500 2002 2003 2004 2005 2006 g 5%
FCFF -112 6 151 314 495 K* 15.06%
5165.116
FCF -1500 -112 6 151 314 5660.116
Dis factor 0.869091 0.75532 0.656442 0.570508 0.495824
-97.33824 4.531919 99.12274 179.1395 2806.42
2991.876
ITS (ME) 263.3906
 5%
15.800% Rf+Beta*(Rm-Rf)
5%
7.20%
1.5
0.25
6.800%
750
40%
0.3333333333
18.80%
1.9166666667
18.800%
15.1200%

2005 2006

314 0.868659 272.7589

5630.87 0.754568 4248.875 5630.87 0.868659 4891.304
Firm Value 4521.633 Firm Value 4891.304
Debt 1130.408 Debt 1222.826
ITS 30.74711 ITS 33.26087
equity 10000 19444.45 2333.333
Mve 2142857 D 9444.447 755.5558 interest 1577.778
stake in ch 0.004667
income fro 1400