Year 1 2 3 4 5

Sales volu 100000 100000 100000 100000 100000

Sales price 16 16 16 16 16
Variable co 11 11 11 11 11
Contributio 5 5 5 5 5
Contributio 500000 500000 500000 500000 500000
Fixed costs 160000 160000 160000 160000 160000
Residual value
PBIT 340000 340000 340000 340000 340000
Taxation 102000 102000 102000 102000
PAT 340000 238000 238000 238000 368000
Discount fa 0.901 0.812 0.731 0.659 0.593
PV 306340 193256 173978 156842 218224
Initial inv 890000
Total PV 994070 Sales reven 5913600
NPV 104070 Tax liabilit 1598446
IRR -890000 4315154
340000 0.024117
238000
238000
238000
368000
-102000
16%
4.8585142053899700%
44.168310958090700% Discount rate ucun
 6

102000
-102000
0.535
-54570
Current tra 2466000
Sales 15000000 60.006
Discount g 75000
Receivable 616438.4
Receivable 554794.5
Receivables 493200
Total recei 1664433
Decrease in801567.1
Decreasin f 48094.03
Net cost 26905.97

Purchases 540000
Ordering co 1800
Holding co 1800
Total cost 543600
Annual de 180000
Purchase pr 3
New price 2.94
New purch 529200
Ordering co 900
Holding co 3600
Total cost 533700
-9900
Dividend growth rate 1.040111816
Market price 7.16
Dividend paid 0.62
Cost of equity 13%

Value of equity 57280000

Cost of capital 12%
Value of bond 5171000
Discount @ 10% Discount @ 5%
Market value 103.42 -1 -103.42 -1 -103.42
Interest 5.95 3.791 22.55645 4.329 25.75755
Redeem value 100 0.621 62.1 0.784 78.4
-18.76355 0.73755
19.5011
IRR ###
Total value of debt and equi 62451000
WACC 7141928.605
0.114360516
Ungeared e 0.841621621621622
Geared equ 0.894806289634607
Cost of equ 8.4740314481730300%
 1300 1400 1500
January February March
Sales units 1250 1300 1400
Selling price 800 840 840
Sales revenue 960000 1000000 1092000
Raw materials -500000 -520000 -560000
Variable overheads -130000 -140000 -150000
Loan 300000
Machnine -400000
Net cash flow 330000 340000 282000
Beginning cash 40000 370000 710000
370000 710000 992000
Year 1 2 3 4 5
Sales volu 350000 380000 400000 400000
Sales price 5.92 6.2 6.48 6.79
Sales reve 2070443 2353560.72 2593871.66 2715784
Variable co 3.14 3.29 3.44 3.61
Fixed costs 151815 158950.305 166420.9693 174242.8
Contributi 971093 1103882 1216595 1273775
PBIT 819277.5 944932.158 1050173.703 1099532
Taxation -221204.93 -255131.683 -283547 -296874
PAT 819277.5 723727.233 795042.0204 815985 -296874
Resale value 200000
Working ca -7050 -7381.35 -7728.27345 -8091.502
Tax allowance 101250 75937.5 56953.13 116859.4
Net cash f 812227.5 817595.883 863251.2469 1064847 -180014
Discount fa 0.901 0.812 0.731 0.659 0.593
PV 731817 663887.857 631036.6615 701733.9 -106748
NPV 1121727

Working capital investment

Cost of ne 1500000
Resale val 200000
Depreciation Tax allowance
1 375000 101250
2 281250 75937.5
3 210937.5 56953.125
4 432812.5 116859.375
Current trade receivables 3500
Sales 21300
New trade receivables 2042.466
Bad debts 191.7
Finance cost 245

With resource Without resource

Bad debts decrease 127.8 63.9 Bad debts 191.7
Factor fee 159.75 -159.75 Factor fee -266.25
Finance cost 175.6521 69.34795 Admin cost saving 40
Admin cost saving 40 40 Finance cost 69.34795
13.49795 34.79795
Market price 7.5
Right issue price 6
New issued shares 15
Existing shares 60
TERP 7.2
current eps 0.455
P/E ratio 16.48352
New eps 0.423733
Market price ne 6.984615
Gain 0.215385
Year 1 2 3 4
Small hous 15 20 15 5
Selling pric 206000 212180 218545.4 225101.8
Revenue 3090000 4243600 3278181 1125509
Variable co 104500 109202.5 114116.6 119251.9
Contributi 1522500 2059550 1566432 529249.5
Large hous 7 8 15 15
Selling pric 360500 371315 382454.5 393928.1
Revenue 2523500 2970520 5736817 5908921
Variable co 209000 218405 228233.2 238503.7
Contributi 1060500 1223280 2313318 2331365
Total contr 2583000 3282830 3879750 2860615
Fixed costs 1530000 1560600 1591812 1623648
PBIT 1053000 1722230 2287938 1236967
Taxation -315900 -516669 -686381 -371090
Tax allowable dep 300000 300000 300000 300000
Discount fa 0.893 0.797 0.712 0.636 0.567
PV 940329 1359945 1474744 540972.2 -40308
NPV 275681.9
Initial inv 4000000 2000000
Average pro575033.7
0.287517
Value of eq 125
Cost of equ 10%
Share price 5
Market val 21
Market val 6.25 8%
Conversion 115.582
Market val 105
Discount @ 7% Discount @ 5%
Market val 105 -1 -105 -1 -105
Interest 4.9 4.1 20.09 4.329 21.2121
Redeem va 115.582 0.713 82.40998 0.784 90.61631
-2.500016 6.828408
9.328423826688
6.4640004137068500%
Total value 152.25
wacc 14.35744
0.094302
Year 1 2 3 4 5
Sales reve 1308.75 2817.257 7907.865 5443.584
Costs 523.5 1096.209 2869.327 2102.93
PBIT 785.25 1721.048 5038.538 3340.654
Taxation -235.575 -516.3144 -1511.561 -1002.196
Tax allowance 150 112.5 84.375 253.125
Working ca-150.8507 -509.0608 246.4281 544.3584
Net cash f 634.3993 1126.412 4881.152 2457.826 -749.0713
Discount
Real rate 1.069723
Initial inv 2000
Depreciation Tax allowance
1 500 150
2 375 112.5
3 281.25 84.375
4 843.75 253.125
Year 1 2 3 4
Sales units 9000 9000 9000 9000
Selling pric 676 703.04 731.1616 760.4081
Sales reve 6084000 6327360 6580454 6843673
Variables c 263.75 278.2563 293.5603 309.7062
Contributi 3710250 3823054 3938411 4056317
Fixed costs 262500 275625 289406.3 303876.6
PBIT 3447750 3547429 3649005 3752441
TAX 689550 709485.8 729801 750488.1
PAT 3447750 2857879 2939519 3022640 -750488
Workiing ca -23500 -24604.5 -25760.91 -26971.67
Residual value 250000
Tax allowance 250000 187500 140625 834375
Net cash f 3424250 3083274 3101258 3386293 83886.89
Discount fa 0.893 0.797 0.712 0.636 0.567
PV 3057855 2457370 2208096 2153682 47563.87
NPV 4424567
Nominal va 0.5
Number of 4000
Market val 4.7
Total value 37600
Dividend g 0.041087
Cost of equ 0.121494

Value of p 1200
Cost of pre 0.1
Discount @ 7% Discount @ 4%
Market val 104.5 -1 -104.5 -1 -104.5
Interest 4.9 4.767 23.3583 5.242 25.6858
Redeem va 105 0.666 69.93 0.79 82.95
-11.2117 4.1358
15.3475
0.03
4.808431%
Market val 3135
Bank loan 1000
Total value 42935
wacc 4878.933
0.113635
Year 1 2 3 4 Selling pric 1.042
Sales volu 95000 100000 150000 150000 Variable co 1.05
Selling pric 26.05 27.1441 29.41552 31.82985 Fixed cost 1.03
Sales reve 2474750 2714410 4412328 4774478
Variable co 11.55 13.23 13.8915 15.80158
Total varia 1097250 1323000 2083725 2370237
Contributi 1377500 1391410 2328603 2404241
Fixed costs 154500 159135 163909.1 168826.3
Cash flow b 1223000 1232275 2164694 2235415
Taxation 269060 271100.5 476232.6 491791.2
Cash flow a 1223000 963215 1893593 1759182 -491791
Tax allowance 99000 74250 55687.5 167062.5
Net cash f 1223000 1062215 1967843 1814869 -324729
Discount fa 0.893 0.797 0.712 0.636 0.567
Present va 1092139 846585.4 1401104 1154257 -184121
Sum of PV 4309964
NPV 2509964
Initial inv 1800000
Depreciation Tax allowance
1 450000 99000
2 337500 74250
3 253125 55687.5
4 759375 167062.5
Credit sales 24000000
New credit sales 28800000
Current bad debts 120000
New bad debts 108000
Current trade rec 3400000
Given discount 108000
Admin costs 35000
New trade receiva 2820000
Decrease in FC 23200
Net benefit 515200
Net cost 143000
Net cost -372200
Income 147 Current deNew
Cost of sales 0.250871 0.361428
Variable 70.56
Fixed 44.8 Interest cover
PBIT 31.64 10 7.190909
Interest 4.4
PBT 27.24 Operational gearing
Tax 8.172 2.6 2.415929
PAT 19.068
RE
Equity finance 25 0.122648 0.123066
Reserves 129.9408
Current liabiliti 39.449 Dividend
Non-current 56 7.04 7.6272
0.305088
Credit sale 26750000
Bad debts 267500
Current rec 4458000
New trade 2600694
Bad debt d 187250
Finance cos 222900
New FC 171645.8 51254.17
FEE 200625
Admin cost 50000
Net cost -87879.17
Year 1 2 3 4
Sales volu 200000 800000 900000 400000
Selling pric 15.6 19.4688 24.74701 25.73689
Sales reve 3120000 15575040 22272307 10294755
Variable co 9.45 9.9225 10.41863 10.93956
Total contr 1230000 7637040 12895545 5918933
Fixed costs 540000 583200 629856 680244.5
PBIT 690000 7053840 12265689 5238688
Taxation 138000 1410768 2453138 1047738
PAT 552000 5643072 9812551 4190951
Residual value 125000
Tax allowa 125000 93750 70312.5 185937.5
Working ca -90000 -95400 -57240 1742640
Discount fa 0.893 0.797 0.712 0.636
Net cash f 587000 5641422 9825623 6244528
PV 524191 4496213 6995844 3971520
NPV 11987768.2
Initial inv 2500000
Scrap valu 125000
Depreciation Tax allowance
1 625000 125000
2 468750 93750
3 351562.5 70312.5
4 929687.5 185937.5
Inventory 455000
Trade rece 408350 180000 108350 120000 470000
Trade paya 186700 130690 250000 306010
Overdraft 240250 Cash outfl 146500
Sales 3500000 299090
Cost of sal 2100000
Inventory 78
Payable da 32.00571
Receivale 42.00171
Cash operat 87.996
Payment
Year 1 2 3 4 5
Sales volu 440000 550000 720000 400000
Selling pric 27.4275 30.52991 33.26154 29.8356
Sales reve 12068100 16791452 23948306 11934239
Variable co 12.48 12.9792 13.49837 14.0383
Contributi 6576900 9652892 14229481 6318918
Fixed costs 1100000 1121000 1155000 1200000
PBIT 5476900 8531892 13074481 5118918
Taxation 1533532 2388930 3660855 1433297
PAT 5476900 6998360 10685551 1458063 -1433297
Tax allowance 1400000 1050000 787500 2362500
Net cash f 5476900 8398360 11735551 2245563 929202.9
Discount fa 0.909 0.826 0.751 0.683 0.621
PV 4978502 6937045 8813399 1533720 577035
NPV 2839701
Probability 0.45 0.35 0.2
Variable co 10.8 12 14.7
expected va 4.86 4.2 2.94
Average cos 12

Initial inv 20000000

Depreciation Tax allowance
1 5000000 1400000
2 3750000 1050000
3 2812500 787500
4 8437500 2362500
Nominal va 0.5 Market value of preference shr 0.31
Number of 24 Nominal value of share 0.5
Market pric 7.07 Cost of preference shares 0.080645
Total value 169.68 Value of preference shares 3.1
Dividend g 1.05137
Current di 0.43
Cost of equ 0.115315

Discount PV Discount@PV
4%
Market valu 102.34 -1 -102.34 -1 -102.34
Interest ra 4.9 3.387 16.5963 3.63 17.787
Redeem va 105 0.763 80.115 0.855 89.775
-5.62870000000001 5.222
10.8507
IRR 5.4437778207857500%
Market value of loan 10.234
Bank loan 3
Total value 186.014
WACC 20.53703
0.110406