2001

Sales
EBITD
Depreciation
EBIT
Tax Expense
EBIAT
CAPX
Investment in WC
FCF
Terminal Value

40%

2002
1200
180
200
-20
8
-12
300
0
-112

2003
2400
360
225
135
-54
81
300
0
6

2004
3900
585
250
335
-134
201
300
0
151

2005
5600
840
275
565
-226
339
300
0
314

2006
7500
1125
300
825
-330
495
300
0
495
4812.5

Scenario-1
Unlevered Value 2728.49
Debt
500.00
PVTS
200.00
Levered Value
2928.49
Capex
1500
NPV
1428.49
Scenario-2
Debt Ratio
D/E
FCF Method
Terminal Value
EV
FCFE Method
Debt
Equity
Interest
Net Income
FCFE
Terminal Value
Equity
CCF Method

0.25
0.33

5637.2
3346.7 3934.58 4488.07 4975.28 5368.76 5637.20
3934.58 4488.07 4975.28 4769.52
836.67
983.64 1122.02 1243.82 1342.19 1409.30
2510.01 3934.58 4488.07 4975.28 5368.76 5637.20
56.89
66.89
76.3
84.58
91.27
-46.14
40.87
155.22
288.25
440.24
0.84
104.24
227.02
361.62
507.35
4227.9
2510.01

800% 1.5 5% 15.D Beta .1760 0.14 .15 0.25 1.14 0.80% 7.Rf Kd MRP Beta .75 0.20% 0.Asset Terminal growth rate Unlevered Ke Beta Levered Ke WACC-FCF WACC-CCF 5% 6.

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