No Item Current Year1 Year2 Year3

1 1 1

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 723.2 766.6

3 Op. Margin 20% 20% 20%
4 EBIT 2 x 3 133.9 144.6 153.3
5 EBIT (1-T) 80.4 86.8 92.0
6 WCR/Sales 20% 20% 20% 20%
7 WCR 2 x 6 124.0 133.9 144.6 153.3
8 DWCR 9.9 10.7 8.7
9 FCF 5 - 8 70.4 76.1 83.3
Terminal
10
Value
Total FCF
11 70.4 76.1 83.3
9+10
WACC 11.87%
Debt 280
Equity
$730
value
Base
$730
case
Value
$0
add
Year4 Year5
1 1

6% 4%

812.6 845.1
20% 20%
162.5 169.0
97.5 101.4
20% 20%
162.5 169.0
9.2 6.5
88.3 94.9

1,205.9

1,294.2
No Item Current Year1 Year2 Year3
1 1.025 1.05

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 724.5 770.2

3 Op. Margin 20% 20% 20%
4 EBIT 2 x 3 133.9 144.9 154.0
5 EBIT (1-T) 80.4 86.9 92.4
6 WCR/Sales 20% 20% 20% 20%
7 WCR 2 x 6 124.0 133.9 144.9 154.0
8 DWCR 9.9 11.0 9.1
9 FCF 5 - 8 70.4 76.0 83.3
Terminal
10
Value
Total FCF
11 70.4 76.0 83.3
9+10
WACC 11.87%
Debt 280
Equity
$776
value
Base
$730
case
Value
$46
add
Year4 Year5
1.075 1.1

6% 4%

819.8 855.9
20% 20%
164.0 171.2
98.4 102.7
20% 20%
164.0 171.2
9.9 7.2
88.4 95.5

1,278.4

1,366.8
No Item Current Year1 Year2 Year3
1 1 1

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 723.2 766.6

3 Op. Margin 21% 21% 21%
4 EBIT 2 x 3 140.6 151.9 161.0
5 EBIT (1-T) 84.4 91.1 96.6
6 WCR/Sales 20% 20% 20% 20%
7 WCR 2 x 6 124.0 133.9 144.6 153.3
8 DWCR 9.9 10.7 8.7
9 FCF 5 - 8 74.4 80.4 87.9
Terminal
10
Value
Total FCF
11 74.4 80.4 87.9
9+10
WACC 11.87%
Debt 280
Equity
$784
value
Base
$730
case
Value
$55
add
Year4 Year5
1 1

6% 4%

812.6 845.1
21% 21%
170.6 177.5
102.4 106.5
20% 20%
162.5 169.0
9.2 6.5
93.2 100.0

1,270.3

1,363.5
No Item Current Year1 Year2 Year3
1 1 1

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 723.2 766.6

3 Op. Margin 20% 20% 20%
4 EBIT 2 x 3 133.9 144.6 153.3
5 EBIT (1-T) 80.4 86.8 92.0
6 WCR/Sales 20% 15% 15% 15%
7 WCR 2 x 6 124.0 100.4 108.5 115.0
8 DWCR (23.6) 8.0 6.5
9 FCF 5 - 8 103.9 78.7 85.5
Terminal
10
Value
Total FCF
11 103.9 78.7 85.5
9+10
WACC 11.87%
Debt 280
Equity
$778
value
Base
$730
case
Value
$48
add
Year4 Year5
1 1

6% 4%

812.6 845.1
20% 20%
162.5 169.0
97.5 101.4
15% 15%
121.9 126.8
6.9 4.9
90.6 96.5

1,226.6

1,317.2
No Item Current Year1 Year2 Year3
1 1 1

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 723.2 766.6

3 Op. Margin 20% 20% 20%
4 EBIT 2 x 3 133.9 144.6 153.3
5 EBIT (1-T) 80.4 86.8 92.0
6 WCR/Sales 20% 20% 20% 20%
7 WCR 2 x 6 124.0 133.9 144.6 153.3
8 DWCR 9.9 10.7 8.7
9 FCF 5 - 8 70.4 76.1 83.3
Terminal
10
Value
Total FCF
11 70.4 76.1 83.3
9+10
WACC 10.57%
Debt 280
Equity
$933
value
Base
$730
case
Value
$203
add
Year4 Year5
1 1

6% 4%

812.6 845.1
20% 20%
162.5 169.0
97.5 101.4
20% 20%
162.5 169.0
9.2 6.5
88.3 94.9

1,444.5

1,532.8
No Item Current Year1 Year2 Year3
1 1.025 1.05

1 Sales Growth 8% 8% 6%

2 Sales 620.0 669.6 724.5 770.2

3 Op. Margin 21% 21% 21%
4 EBIT 2 x 3 140.6 152.1 161.7
5 EBIT (1-T) 84.4 91.3 97.0
6 WCR/Sales 20% 15% 15% 15%
7 WCR 2 x 6 124.0 100.4 108.7 115.5
8 DWCR (23.6) 8.2 6.8
9 FCF 5 - 8 107.9 83.1 90.2
Terminal
10
Value
Total FCF
11 107.9 83.1 90.2
9+10
WACC 10.57%
Debt 280
Equity
$1,127
value
Base
$730
case
Value
$398
add
Individu
$353
al sum
Year4 Year5
1.075 1.1

6% 4%

819.8 855.9
21% 21%
172.2 179.7
103.3 107.8
15% 15%
123.0 128.4
7.5 5.4
95.8 102.4

1,660.2

1,756.0