Sales annual growth 2% -1% 2% 3% 2%

Years 2020 2021E 2022E 2023E 2024E 2025E

Sales 28,325 28,892 28,603 29,175 30,050 30,651
EBIT 2,384 2,431 2,553 2,704 2,835
- Taxes 715 729 766 811 851
+ Depreciations&Provisions 1,445 1,430 1,459 1,502 1,533
1a - Capex 1,777 1,659 1,590 1,533 1,533
- Changes Working Capital 51 -26 51 79 54
1b = Cash Flow to the Firm 0 1,285 1,499 1,604 1,784 1,931

Discount Years
Discount Factor
Discounted Cash Flows

Enterprise Value
Net Debt 1,700
Financial Investments 2,750
Equity Value 1,050
Number of Shares 650
Value per share
Market Price 37
% Price Potential
Investment Decision

ASSUMPTIONS FOR CASH FLOW ESTIMATION 2020 2021E 2022E 2023E 2024E 2025E
Effective Tax rate 30.0%
EBIT Margin 8.0% 8.3% 8.5% 8.8% 9.0% 9.3%
Depreciations&Provisions/Sales 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Net Capex / Sales 6.5% 6.2% 5.8% 5.5% 5.1% 4.8%
Chg. W.Capital: % Chg. Sales 9.0%
 SOLUTIONS
TV WACC Calculation 1a
Assumption Value
Risk-free (10-year Treasury) 2.0%
Equity Beta 1.35
Equity risk premium 6.0%
Debt spread 3.0%
Tax rate 30.0%
33,257 Cost of Equity 10.1% 1b
Cost of Debt 3.5%
Debt/(Debt+Equity) 25%
WACC 8.5% 2a
Growth Rate 2.50%
2b

2c

2d

2e

Trend Change

0.25%

-0.35%
SOLUTIONS
Capex 1,533

Year 2020 2021E 2022E 2023E 2024E

FCF 0 1,285 1,499 1,604 1,784

Wacc

Terminal Value

Enterprise Value

Equity Value

Investment Decision
2025E
1930.554270835
 Company A B
Required rate of return (k) 8% 8%
DPS Expected nominal growth rate (g) 2.0% 4.5%
DPS 2021 0.40 0.25
EPS 2021 1.10 1.05

1) DPS 2022
k-g

PE 2021

2) PEG 2021