FORTY WINKS CASE

Balance Sheet in Million EUR at the end of N

ASSETS
NON CURRENT ASSETS 140
CURRENT ASSETS 110
Inventories 40
Receivables 30
Cash at Hand & in bank & Marketable Securities 40
TOTAL 250

P/L in Million EUR at the end of N

SALES FIGURE 160
PRODUCTION 170
ADDED VALUE 95
EBITDA 60
OPERATING INCOME 45
CURRENT INCOME 30
NET INCOME 19.175
EQUITY AND LIABILITIES
EQUITY 120
NON CURRENT LIABILITIES 80
CURRENT LIABILITIES 50
Operating Liailities 15
Banking Facilities 35
250
Corporate Tax 37%

Net Asset Value End Year N 120

Less market value of building by 1 -0.63
Loan to be paid in fine in N+3 at 4%, market rat -0.03

RNA 119
Corp Tax 37%
Risk-free rate
Net Income 12,401 GW premium
(Already Restated)
GW Rate
Risk-free revenue

YEAR
RNI
Risk-free Revenue
Extra Profit
Goodwill (GW)

Goodwill =

RNA+GW =
 6%
100%

12.00%
0.0

N+1 N+2 N+3 N+4 N+5

#NAME? #NAME? #NAME? #NAME? 16,721
0 0 0 0 0
#NAME? #NAME? #NAME? #NAME? 16,721
#NAME? #NAME? #NAME? #NAME? 9,488

#NAME?

#NAME?
 Company Avg. SE Price Expected EPS (N)Expected EPS (N+1)PER (N) PER (N+1)

Paris SE A 88.16 6.33 7.625 13.93 11.56

Paris SE B 18.75 1.296 1.52 14.47 12.34

Paris SE C 228 16.31 19.51 13.98 11.69

NY SE D 23.5 1.3 1.7 18.08 13.82

D Translated 15.37 11.75

NY SE E 59.6 2.7 4.3 22.07 13.86

E Translated 18.76 11.78

Paris PER/NY PER = 0.85

Benchmark Zone N+1

Median Average Prof's Answer

PER 11.75 11.82 11.80

PER Value #NAME? #NAME? #NAME?

 1 2 3 4 5
RNI #NAME? #NAME? #NAME? #NAME? 16,721

Dividends #NAME? #NAME? #NAME? #NAME? 8,361

PV of Dividends #NAME? #NAME? #NAME? #NAME? 4961.62

Sum of PV of Dividends #NAME?

Exit Value with RNA #NAME? NPV of Exit Value #NAME?

Fisher Value of LIS (RNA) #NAME?

P/E at the end of N+5 10

Exit Value with P/E #NAME? NPV of Exit Value #NAME?

Fisher Value of LIS (P/E) #NAME?

Beta of Company 1.667
Risk-free Rate 6%
Market Risk Premium 3%

Fisher Rate 11.00%

Net Financial Liabilities #NAME? < 0

WCR in N

Year (N+ ) 1 2 3 4 5
ROI (Restated Operating Income)
ROI after Tax
Depreciation
CAPEX
Change in WCR
FCF (Free Cash Flow)
DCF