1 9% 40%

cost of equity 3.6%

0.8 4%
cost of debt 1.9%
WACC 5.52%

2
2021 2022 2023 2024
Revenues 2,250,000 2,750,000 3,250,000 3,500,000
Variable COGS 562,500 687,500 812,500 875,000
Fixed COGS 750,000 750,000 750,000 750,000
Gross profit 937,500 1,312,500 1,687,500 1,875,000
Variable OPEX 450,000 550,000 650,000 700,000
Fixed OPEX 200,000 200,000 200,000 200,000
Operating income 287,500 562,500 837,500 975,000
20% 57500 112500 167500 195000
Net income 230,000 450,000 670,000 780,000

3 Farthest NCF 1,400,000 TV 56000 1,456,000

r 5.52% 95789474
g 4%
4 Net income 230,000 450,000 670,000 780,000
COGS-deprec. 500,000 500,000 500,000 500,000
OPEX- deprec. 100,000 100,000 100,000 100,000
capital investment 200,000 200,000 200,000 200,000
NCF- FIRM 630,000 850,000 1,070,000 1,180,000
5 proceeds fr. Borrowing 2,000,000 2,000,000 2,000,000 2,000,000
NCF-Equity 2,630,000 2,850,000 3,070,000 3,180,000
2026
6 Revenues 4,160,000
Variable COGS 1000000 0.25
Fixed COGS 750,000
Gross profit 2,410,000
Variable OPEX 800000 0.20
Fixed OPEX 200,000
Operating income 1,410,000
25543478
 2025
4,000,000
1,000,000
750,000
2,250,000
800,000
200,000
1,250,000
250000
1,000,000

1,000,000
500,000
100,000
200,000
1,400,000
2,000,000
3,400,000