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CPG Company - Financial Model and Valuation

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Formula Assumption

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Apollo Financial Models

Financial Model Build-Up

Unit Historicals Forecast

BoP 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 1/1/26 1/1/27 1/1/28 1/1/29 1/1/30 1/1/31 1/1/32 1/1/33
EoP 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25 31/12/26 31/12/27 31/12/28 31/12/29 31/12/30 31/12/31 31/12/32 31/12/33
Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Days 366 365 365 365 366 365 365 365 366 365 365 365 366 365

X Assumptions
Exchange Rate FX 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Raw Materials Inflation Var. % 3.6% 3.4% 5.7% 7.9% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%
CPI Inflation Var. % 1.8% 1.3% 4.7% 8.0% 4.2% 2.2% 1.9% 2.0% 2.1% 2.1% 2.1% 2.0% 2.2% 2.2%
Corporate Tax Rate Rate % 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%

x P&L Build-Up

x Consumer Packaged Goods - Product 1

Volume 000s units YoY Change 274.0 287.1 315.8 347.4 382.1 420.3 462.4 508.6 559.4 615.4 676.9 744.6
Growth Var. % 10.0% 4.8% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Product Price $ Price Growth 22.3 25.0 26.0 27.1 28.1 29.3 30.4 31.6 32.9 34.2 35.6 37.0
Growth Var. % 4.0% 12.1% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Revenues $000's 6,112.0 7,180.0 8,213.9 9,396.7 10,749.9 12,297.8 14,068.7 16,094.6 18,412.2 21,063.6 24,096.8 27,566.7
Growth Var. % 17.5% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4%

COGS (incl. D&A) $000's % of LoB D&A 4,406.0 5,752.0 6,676.0 7,629.4 8,694.0 9,896.8 11,244.8 12,718.8 14,359.9 15,689.2 17,684.0 19,936.4
D&A in COGS $000's 60.0% (387.6) (421.2) (494.4) (586.9) (691.2) (808.3) (940.1) (1,088.5) (1,255.6) (949.4) (1,068.7) (1,203.4)
COGS (excl. D&A) $000's 4,018.4 5,330.8 6,181.6 7,042.4 8,002.8 9,088.5 10,304.7 11,630.3 13,104.3 14,739.7 16,615.2 18,732.9
% Variab. COGS
Variable COGS (excl. D&A) $000's 95.0% 3,817.5 5,064.3 5,899.4 6,748.9 7,698.4 8,773.1 9,978.6 11,294.7 12,759.7 14,386.5 16,252.4 18,360.4
Average COGS per unit $ % Fixed COGS 13.9 17.6 18.7 19.4 20.1 20.9 21.6 22.2 22.8 23.4 24.0 24.7
Fixed COGS (excl. D&A) $000's 5.0% 200.9 266.5 282.3 293.6 304.4 315.4 326.1 335.6 344.6 353.2 362.8 372.6
Growth Var. % 32.7% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%

SG&A (incl. D&A) $000's % of LoB D&A 987.0 882.0 966.3 1,053.4 1,147.4 1,250.2 1,362.3 1,482.5 1,614.4 1,429.7 1,530.7 1,642.6
D&A in SG&A $000's 40.0% (258.4) (280.8) (329.6) (391.3) (460.8) (538.9) (626.7) (725.7) (837.1) (632.9) (712.5) (802.3)
SG&A (excl. D&A) $000's 728.6 601.2 636.7 662.1 686.6 711.4 735.5 756.9 777.3 796.7 818.3 840.3
Growth Var. % -17.5% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%

EBITDA $000's 1,365.0 1,248.0 1,395.6 1,692.2 2,060.4 2,498.0 3,028.5 3,707.5 4,530.7 5,527.1 6,663.3 7,993.4
EBITDA Margin Var. % 22.3% 17.4% 17.0% 18.0% 19.2% 20.3% 21.5% 23.0% 24.6% 26.2% 27.7% 29.0%
% of Total D&A
D&A $000's 37.8% (646.0) (702.0) (824.0) (978.2) (1,152.0) (1,347.2) (1,566.9) (1,814.2) (2,092.7) (1,582.4) (1,781.2) (2,005.7)
EBIT $000's 719.0 546.0 571.6 713.9 908.4 1,150.7 1,461.7 1,893.3 2,438.0 3,944.8 4,882.1 5,987.7
EBIT Margin Var. % 11.8% 7.6% 7.0% 7.6% 8.5% 9.4% 10.4% 11.8% 13.2% 18.7% 20.3% 21.7%

x Consumer Packaged Goods - Product 2

Volume 000s units YoY Change 1,676.1 1,725.6 1,898.1 2,088.0 2,296.7 2,526.4 2,779.1 3,057.0 3,362.7 3,698.9 4,068.8 4,475.7
Growth Var. % 10.0% 3.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Product Price $ Price Growth 3.8 4.3 4.6 5.0 5.4 5.9 6.3 6.8 7.4 8.0 8.6 9.3
Growth Var. % 8.0% 13.2% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Revenues $000's 6,369.0 7,420.0 8,815.0 10,472.2 12,440.9 14,779.8 17,558.4 20,859.4 24,781.0 29,439.8 34,974.5 41,549.7
Growth Var. % 16.5% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8%

COGS (incl. D&A) $000's % of LoB D&A 4,210.0 5,398.0 6,141.3 6,898.0 7,735.4 8,674.9 9,720.7 10,856.9 12,116.5 12,800.4 14,259.4 15,902.2
D&A in COGS $000's 80.0% (464.0) (605.6) (710.9) (843.9) (993.8) (1,162.2) (1,351.7) (1,565.0) (1,805.3) (1,365.1) (1,536.6) (1,730.3)
COGS (excl. D&A) $000's 3,746.0 4,792.4 5,430.4 6,054.0 6,741.6 7,512.7 8,369.0 9,291.9 10,311.2 11,435.3 12,722.8 14,171.9
% Variab. COGS
Variable COGS (excl. D&A) $000's 70.0% 2,622.2 3,354.7 3,907.9 4,470.6 5,099.6 5,811.5 6,610.0 7,481.9 8,452.3 9,529.9 10,766.0 12,162.3
Average COGS per unit $ % Fixed COGS 1.6 1.9 2.1 2.1 2.2 2.3 2.4 2.4 2.5 2.6 2.6 2.7
Fixed COGS (excl. D&A) $000's 30.0% 1,123.8 1,437.7 1,522.5 1,583.4 1,642.0 1,701.1 1,759.0 1,810.0 1,858.9 1,905.3 1,956.8 2,009.6
Growth Var. % 27.9% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%
 SG&A (incl. D&A) $000's % of LoB D&A 1,009.0 939.0 1,011.8 1,078.4 1,148.0 1,222.5 1,301.5 1,382.8 1,469.6 1,385.0 1,456.1 1,533.5
D&A in SG&A $000's 20.0% (116.0) (151.4) (177.7) (211.0) (248.4) (290.6) (337.9) (391.3) (451.3) (341.3) (384.2) (432.6)
SG&A (excl. D&A) $000's 893.0 787.6 834.1 867.4 899.5 931.9 963.6 991.5 1,018.3 1,043.8 1,071.9 1,100.9
Growth $ -11.8% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%

EBITDA $000's 1,730.0 1,840.0 2,550.5 3,550.7 4,799.8 6,335.3 8,225.8 10,576.0 13,451.5 16,960.8 21,179.8 26,276.9
EBITDA Margin Var. % 27.2% 24.8% 28.9% 33.9% 38.6% 42.9% 46.8% 50.7% 54.3% 57.6% 60.6% 63.2%
% of Total D&A
D&A $000's 40.8% (580.0) (757.0) (888.6) (1,054.9) (1,242.2) (1,452.8) (1,689.6) (1,956.3) (2,256.6) (1,706.3) (1,920.8) (2,162.8)
EBIT $000's 1,150.0 1,083.0 1,661.9 2,495.8 3,557.5 4,882.5 6,536.2 8,619.7 11,194.9 15,254.4 19,259.0 24,114.1
EBIT Margin Var. % 18.1% 14.6% 18.9% 23.8% 28.6% 33.0% 37.2% 41.3% 45.2% 51.8% 55.1% 58.0%

x Consumer Packaged Goods - Product 3

Volume 000s units YoY Change 404.0 477.1 524.8 577.3 635.0 698.5 768.3 845.2 929.7 1,022.7 1,124.9 1,237.4
Growth Var. % 10.0% 18.1% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Product Price $ Price Growth 11.4 12.0 13.0 14.0 15.1 16.3 17.6 19.0 20.6 22.2 24.0 25.9
Growth Var. % 8.0% 5.3% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Revenues $000's 4,606.0 5,725.0 6,801.3 8,079.9 9,599.0 11,403.6 13,547.5 16,094.4 19,120.1 22,714.7 26,985.1 32,058.3
Growth Var. % 24.3% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8% 18.8%

COGS (incl. D&A) $000's % of LoB D&A 4,010.0 4,914.0 1,904.2 2,045.2 2,194.5 2,355.8 2,529.1 2,710.4 2,906.3 2,709.6 2,871.4 3,049.2
D&A in COGS $000's 88.0% (195.4) (348.5) (409.1) (485.6) (571.9) (668.8) (777.8) (900.6) (1,038.8) (785.5) (884.2) (995.6)
COGS (excl. D&A) $000's 3,814.6 4,565.5 1,495.1 1,559.6 1,622.6 1,687.0 1,751.3 1,809.8 1,867.5 1,924.1 1,987.2 2,053.5
% Variab. COGS
Variable COGS (excl. D&A) $000's 70.0% 2,670.2 3,195.9 44.7 51.1 58.3 66.4 75.6 85.5 96.6 108.9 123.1 139.0
Average COGS per unit $ % Fixed COGS 6.6 6.7 7.1 7.4 7.7 7.9 8.2 8.4 8.7 8.9 9.1 9.4
Fixed COGS (excl. D&A) $000's 30.0% 1,144.4 1,369.7 1,450.5 1,508.5 1,564.3 1,620.6 1,675.7 1,724.3 1,770.9 1,815.1 1,864.1 1,914.5
Growth Var. % 19.7% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%

SG&A (incl. D&A) $000's % of LoB D&A 379.0 652.0 695.9 732.0 768.4 806.4 845.6 883.8 923.2 908.2 943.3 980.7
D&A in SG&A $000's 12.0% (26.6) (47.5) (55.8) (66.2) (78.0) (91.2) (106.1) (122.8) (141.7) (107.1) (120.6) (135.8)
SG&A (excl. D&A) $000's 352.4 604.5 640.1 665.8 690.4 715.2 739.6 761.0 781.5 801.1 822.7 844.9
Growth $ 71.6% 5.9% 4.0% 3.7% 3.6% 3.4% 2.9% 2.7% 2.5% 2.7% 2.7%

EBITDA $000's 439.0 555.0 4,666.0 5,854.6 7,286.0 9,001.3 11,056.6 13,523.5 16,471.1 19,989.5 24,175.1 29,159.8
EBITDA Margin Var. % 9.5% 9.7% 68.6% 72.5% 75.9% 78.9% 81.6% 84.0% 86.1% 88.0% 89.6% 91.0%
% of Total D&A
D&A $000's 21.3% (222.0) (396.0) (464.8) (551.8) (649.8) (760.0) (883.9) (1,023.4) (1,180.5) (892.6) (1,004.8) (1,131.4)
EBIT $000's 217.0 159.0 4,201.2 5,302.8 6,636.2 8,241.3 10,172.8 12,500.2 15,290.6 19,096.9 23,170.3 28,028.4
EBIT Margin Var. % 4.7% 2.8% 61.8% 65.6% 69.1% 72.3% 75.1% 77.7% 80.0% 84.1% 85.9% 87.4%

x Consolidated P&L
Revenues $000's 17,087.0 20,325.0 23,830.2 27,948.8 32,789.8 38,481.3 45,174.6 53,048.4 62,313.4 73,218.1 86,056.4 101,174.7
Growth % of Revenues 19.0% 17.2% 17.3% 17.3% 17.4% 17.4% 17.4% 17.5% 17.5% 17.5% 17.6%

COGS $000's (11,579.0) (14,688.7) (13,107.2) (14,656.1) (16,367.1) (18,288.2) (20,424.9) (22,732.0) (25,282.9) (28,099.1) (31,325.2) (34,958.4)
Intercompany Adjustments $000's 268.6 308.4 368.1 431.7 506.5 594.4 697.8 819.4 962.5 1,130.9 1,329.3 1,562.8
% of Revenues % of Revenues 1.6% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Gross Profit $000's 5,776.6 5,944.7 11,091.1 13,724.5 16,929.2 20,787.4 25,447.5 31,135.8 37,993.0 46,250.0 56,060.4 67,779.0
Gross Margin % of Revenues 33.8% 29.2% 46.5% 49.1% 51.6% 54.0% 56.3% 58.7% 61.0% 63.2% 65.1% 67.0%

SG&A $000's (1,974.0) (1,993.3) (2,110.9) (2,195.3) (2,276.5) (2,358.5) (2,438.7) (2,509.4) (2,577.2) (2,641.6) (2,712.9) (2,786.2)
Intercompany Adjustments $000's (421.4) (352.1) (500.3) (586.7) (688.3) (807.8) (948.3) (1,113.6) (1,308.1) (1,537.0) (1,806.5) (2,123.9)
% of Revenues % of Revenues -2.5% -1.7% -2.1% -2.1% -2.1% -2.1% -2.1% -2.1% -2.1% -2.1% -2.1% -2.1%
EBITDA $000's 3,381.2 3,599.3 8,480.0 10,942.5 13,964.3 17,621.1 22,060.4 27,512.8 34,107.7 42,071.3 51,540.9 62,869.0
EBITDA Margin % of Revenues 19.8% 17.7% 35.6% 39.2% 42.6% 45.8% 48.8% 51.9% 54.7% 57.5% 59.9% 62.1%

D&A $000's (1,448.0) (1,855.0) (2,177.5) (2,585.0) (3,044.1) (3,560.0) (4,140.3) (4,793.8) (5,529.8) (4,181.3) (4,706.8) (5,299.9)
Intercompany Adjustments $000's (55.1) (58.0) (72.4) (84.9) (99.6) (116.9) (137.3) (161.2) (189.3) (222.5) (261.5) (307.4)
% of Revenues % of Revenues -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3%
EBIT $000's 1,878.1 1,686.3 6,230.1 8,272.6 10,820.6 13,944.2 17,782.9 22,557.8 28,388.6 37,667.6 46,572.6 57,261.7
x EBIT Margin % of Revenues 11.0% 8.3% 26.1% 29.6% 33.0% 36.2% 39.4% 42.5% 45.6% 51.4% 54.1% 56.6%

x PP&E
x CapEx
PP&E BoP $000's 9,212 9,332 10,311 13,108 13,869 14,567 15,183 15,711 16,143 16,466 16,666 18,592 20,752
(+) CapEx $000's 1,812.6 890.3 1,934.7 2,965.3 2,706 3,042 3,410 3,826 4,296 4,825 5,419 6,081 6,836 7,685
(-) Asset Disposal $000's (573.0) (131.2) (203.5) (144.1)
(-) Depreciation $000's (315.4) (658.3) (696.1) (1,587.5) -1,873 -2,259 -2,694 -3,181 -3,727 -4,341 -5,030 -3,932 -4,414 -4,956
(-) Depreciation Interc. Adj. $000's -72 -85 -100 -117 -137 -161 -189 -222 -261 -307
PP&E EoP $000's 9,212 9,332 10,311 13,108 13,869 14,567 15,183 15,711 16,143 16,466 16,666 18,592 20,752 23,173

CapEx $000's % Breakdown 1,935 2,965 2,706 3,042 3,410 3,826 4,296 4,825 5,419 6,081 6,836 7,685
Product 1 $000's 34.7% 671 1,028 870 978 1,097 1,230 1,382 1,552 1,743 1,956 2,199 2,472
Unit CapEx US$/unit 2.45 3.58 2.76 2.82 2.87 2.93 2.99 3.05 3.12 3.18 3.25 3.32
Product 2 $000's 51.1% 671 1,028 855 961 1,077 1,209 1,358 1,525 1,712 1,921 2,160 2,428
Unit CapEx US$/unit 0.40 0.60 0.45 0.46 0.47 0.48 0.49 0.50 0.51 0.52 0.53 0.54
Product 3 $000's 14.2% 671 1,028 981 1,102 1,236 1,386 1,557 1,749 1,964 2,204 2,477 2,785
Unit CapEx US$/unit 1.66 2.16 1.87 1.91 1.95 1.98 2.03 2.07 2.11 2.15 2.20 2.25

x Depreciation
Depreciation $000's 315 658 696 1,588 1,873 2,259 2,694 3,181 3,727 4,341 5,030 3,932 4,414 4,956
Useful Life Years 7.0

Waterfall
Year CapEx
2023 13,108 $000's 1,873 1,873 1,873 1,873 1,873 1,873 1,873 0 0 0
2024 2,706 $000's 0 387 387 387 387 387 387 387 0 0
2025 3,042 $000's 0 0 435 435 435 435 435 435 435 0
2026 3,410 $000's 0 0 0 487 487 487 487 487 487 487
2027 3,826 $000's 0 0 0 0 547 547 547 547 547 547
2028 4,296 $000's 0 0 0 0 0 614 614 614 614 614
2029 4,825 $000's 0 0 0 0 0 0 689 689 689 689
2030 5,419 $000's 0 0 0 0 0 0 0 774 774 774
2031 6,081 $000's 0 0 0 0 0 0 0 0 869 869
2032 6,836 $000's 0 0 0 0 0 0 0 0 0 977
2033 7,685 $000's 0 0 0 0 0 0 0 0 0 0

x Intangibles

x Intangible Investments
Gross Intangibles $000's 5,691 5,643 5,657 7,134 6,976 6,822 6,674 6,531 6,396 6,270 6,154 6,355 6,592 6,871
Goodwill $000's (4,322.9) (4,322.9) (4,322.9) (5,000.0) -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000
Net Intangibles (EoP) $000's 1,369 1,320 1,334 2,134 1,976 1,822 1,674 1,531 1,396 1,270 1,154 1,355 1,592 1,871

Intangibles BOP $000's 1,369 1,320 1,334 2,134 1,976 1,822 1,674 1,531 1,396 1,270 1,154 1,355 1,592
(+) Investment in Intangibles $000's 95.2 3.8 72.1 250.0 147 172 202 237 278 326 383 451 530 623
(-) Amortization $000's (69.2) (50.0) (57.5) (1.0) -305 -326 -350 -379 -413 -453 -499 -249 -293 -344
Intangibles EoP $000's 1,369 1,320 1,334 2,134 1,976 1,822 1,674 1,531 1,396 1,270 1,154 1,355 1,592 1,871

Investment in Intangibles as % of Revenues % of Revenues 0.8% 0.0% 0.4% 1.2% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%

x Amortization

Amortization $000's 69 50 58 1 305 326 350 379 413 453 499 249 293 344
Useful Life Years 10.0

Waterfall
Year Invest. Int.
2023 2,134 $000's 305 305 305 305 305 305 305 0 0 0
2024 147 $000's 0 21 21 21 21 21 21 21 0 0
2025 172 $000's 0 0 25 25 25 25 25 25 25 0
2026 202 $000's 0 0 0 29 29 29 29 29 29 29
2027 237 $000's 0 0 0 0 34 34 34 34 34 34
2028 278 $000's 0 0 0 0 0 40 40 40 40 40
2029 326 $000's 0 0 0 0 0 0 47 47 47 47
2030 383 $000's 0 0 0 0 0 0 0 55 55 55
2031 451 $000's 0 0 0 0 0 0 0 0 64 64
2032 530 $000's 0 0 0 0 0 0 0 0 0 76
 2033 623 $000's 0 0 0 0 0 0 0 0 0 0

x Balance Sheet Turnover

x Working Capital
Accounts Receivables $000's 2,026 2,618 2,917 3,906 4,237 4,983 5,846 6,860 8,032 9,458 11,109 13,053 15,300 18,038
Inventories $000's 47 88 117 113 108 121 135 150 167 186 207 229 254 284
Accounts Payables $000's 551 939 1,361 2,183 1,422 1,592 1,775 1,981 2,202 2,453 2,722 3,019 3,349 3,738
Working Capital $000's 1,521 1,767 1,672 1,836 2,923 3,511 4,205 5,030 5,997 7,191 8,593 10,264 12,206 14,583
Change in WK $000's -245 94 -163 -1,087 -589 -694 -825 -967 -1,194 -1,403 -1,670 -1,942 -2,377

DSO Days 61.0 66.8 62.3 70.2 65.1 65.1 65.1 65.1 65.1 65.1 65.1 65.1 65.1 65.1
DIO Days 2.2 3.5 3.8 2.9 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1
DPO Days 26.4 37.7 43.9 55.4 40.9 40.9 40.9 40.9 40.9 40.9 40.9 40.9 40.9 40.9

x Other Balance Sheet Accounts

Short Term Investments $000's 126 140 128 151 177 207 243 286 335 394 463 544 639
Restricted Cash $000's 69 72 0 0 0 0 0 0 0 0 0 0 0 0
Other Receivables $000's 945 1,118 1,043 912 1,069 1,254 1,471 1,726 2,026 2,380 2,795 3,284 3,860 4,539
Prepayments $000's 101 126 179 0 0 0 0 0 0 0 0 0 0 0
Long Term Investments $000's 3 3 3 0 0 0 0 0 0 0 0 0 0 0
Derivative Investments $000's 0 0 44 73 86 101 118 139 163 191 224 264 310 364
Prepayments $000's 128 122 7 34 39 46 54 64 75 88 103 121 142 167
Restricted Cash $000's 0 67 152 126 148 174 204 239 281 330 387 455 535 629
Deferred Tax Assets $000's 370 251 172 279 327 383 449 528 619 727 854 1,004 1,180 1,387
Related Parties $000's 2 5 1 0 0 0 0 0 0 0 0 0 0 0
Taxes Payable $000's 632 780 663 935 1,096 1,285 1,508 1,769 2,077 2,439 2,865 3,367 3,957 4,652
Other Payable $000's 88 108 59 1,674 1,963 2,303 2,701 3,170 3,722 4,370 5,134 6,032 7,090 8,335
Provisions $000's 474 658 659 657 770 903 1,059 1,243 1,459 1,714 2,013 2,365 2,780 3,268
Deferred Liabilities $000's 64 79 43 0 0 0 0 0 0 0 0 0 0 0
Derivative and Hedging Liabilities $000's 52 41 4 0 0 0 0 0 0 0 0 0 0 0
Employee Provisions $000's 75 108 98 110 129 151 177 208 244 287 337 396 465 547
Deferred Tax Liabilities $000's 712 620 698 926 1,085 1,273 1,493 1,752 2,057 2,416 2,838 3,334 3,919 4,607
Other BS Accounts $000's -482 -514 -485 -2,749 -3,223 -3,780 -4,435 -5,205 -6,110 -7,175 -8,428 -9,903 -11,640 -13,685
Change in Other BS Accounts $000's 31 -29 2,265 474 557 655 770 905 1,065 1,253 1,475 1,736 2,045

As a % of Revenues
Short Term Investments % of Revenues 0.9% 0.8% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Restricted Cash % of Revenues 0.6% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Receivables % of Revenues 7.8% 7.8% 6.1% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
Prepayments % of Revenues 0.8% 0.9% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Long Term Investments % of Revenues 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Derivative Investments % of Revenues 0.0% 0.0% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Prepayments % of Revenues 1.1% 0.9% 0.0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Restricted Cash % of Revenues 0.0% 0.5% 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Deferred Tax Assets % of Revenues 3.0% 1.8% 1.0% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Related Parties % of Revenues 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Taxes Payable % of Revenues 5.2% 5.5% 3.9% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%
Other Payable % of Revenues 0.7% 0.8% 0.3% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2%
Provisions % of Revenues 3.9% 4.6% 3.9% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Deferred Liabilities % of Revenues 0.5% 0.6% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Derivative and Hedging Liabilities % of Revenues 0.4% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Employee Provisions % of Revenues 0.6% 0.8% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Deferred Tax Liabilities % of Revenues 5.9% 4.3% 4.1% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%

x Debt

Current Portion of LT Debt $000's 1,705 1,338 951 0 1,373 1,630 1,919 2,244 2,610 2,794 3,001 2,090 2,354 0
LT Debt $000's 4,445 5,575 6,360 9,160 7,783 7,438 6,963 6,344 5,564 4,830 4,150 4,673 5,265 8,588
Total Debt $000's 6,150 6,914 7,311 9,160 9,156 9,068 8,882 8,588 8,174 7,624 7,151 6,763 7,619 8,588

Debt BoP $000's 6,150 6,914 7,311 9,160 9,156 9,068 8,882 8,588 8,174 7,624 7,151 6,763 7,619
Debt Issuance $000's 763 397 1,849 1,141 1,286 1,445 1,625 1,830 2,061 2,321 2,612 2,946 3,323
Debt Repayment $000's -1,145 -1,373 -1,630 -1,919 -2,244 -2,610 -2,794 -3,001 -2,090 -2,354
Debt EoP $000's 6,150 6,914 7,311 9,160 9,156 9,068 8,882 8,588 8,174 7,624 7,151 6,763 7,619 8,588
 Financial Expenses 704 639 602 938 1,228 1,593 1,731 1,911 2,036 2,098 2,227 2,385 2,630 2,964
Implied Interest Rate Rate (%) 9.8% 8.5% 11.4% 9.9%

x Current Debt Refinanced at 8 years

Interest Rate Rate (%) 9.0%
Term Years 8.0

BoP $000's 9,160 8,015 6,870 5,725 4,580 3,435 2,290 1,145 0 0
Repayment $000's 1,145 1,145 1,145 1,145 1,145 1,145 1,145 1,145 0 0
Interest $000's 771 668 565 463 360 257 154 51 0 0
EoP $000's 8,015 6,870 5,725 4,580 3,435 2,290 1,145 0 0 0

x New Debt
Interest Rate Rate (%) 9.0%
Term Years 5.0

Total CapEx (PP&E and Intangibles) $000's % with debt 2,852 3,214 3,611 4,062 4,574 5,152 5,803 6,531 7,365 8,307
CapEx Financed $000's 40.0% 1,141 1,286 1,445 1,625 1,830 2,061 2,321 2,612 2,946 3,323

Waterfall
Year New Debt
2024 1,141 $000's 0 228 228 228 228 228 0 0 0 0
2025 1,286 $000's 0 0 257 257 257 257 257 0 0 0
2026 1,445 $000's 0 0 0 289 289 289 289 289 0 0
2027 1,625 $000's 0 0 0 0 325 325 325 325 325 0
2028 1,830 $000's 0 0 0 0 0 366 366 366 366 366
2029 2,061 $000's 0 0 0 0 0 0 412 412 412 412
2030 2,321 $000's 0 0 0 0 0 0 0 464 464 464
2031 2,612 $000's 0 0 0 0 0 0 0 0 522 522
2032 2,946 $000's 0 0 0 0 0 0 0 0 0 589
2033 3,323 $000's 0 0 0 0 0 0 0 0 0 0

BoP $000's 1,141 2,426 3,158 4,008 4,739 5,334 6,006 6,763 7,619 8,588
Repayment $000's 0 228 485 774 1,099 1,465 1,649 1,856 2,090 2,354
Interest $000's 456 925 1,166 1,448 1,676 1,841 2,073 2,334 2,630 2,964
EoP $000's 1,141 2,198 2,672 3,234 3,640 3,869 4,357 4,906 5,529 6,234

x Revolver
Interest Rate Rate (%) 5.0%
Minimum Cash $000's 200.0

CF from Operations $000's 5,139 7,314 9,467 12,045 15,239 19,148 23,883 28,906 35,523 43,283
CF from Investment $000's -2,852 -3,214 -3,611 -4,062 -4,574 -5,152 -5,803 -6,531 -7,365 -8,307
Debt Issuance/(Repayment) $000's -4 -88 -186 -294 -414 -549 -473 -389 856 969
Beginning Cash Balance $000's 996 200 200 200 200 200 200 200 200 200
Minimum Cash $000's -200 -200 -200 -200 -200 -200 -200 -200 -200 -200
CF Available for Distribution $000's 3,079 4,012 5,670 7,688 10,251 13,447 17,607 21,986 29,014 35,945

Revolver
Beginning Balance $000's 0.0 0 0 0 0 0 0 0 0 0
Issuance $000's 0 0 0 0 0 0 0 0 0 0
Repayment $000's 0 0 0 0 0 0 0 0 0 0
Interests $000's 0 0 0 0 0 0 0 0 0 0
Ending Balance $000's 0 0 0 0 0 0 0 0 0 0

x Equity & Dividends

CF Available for Distribution $000's 3,079 4,012 5,670 7,688 10,251 13,447 17,607 21,986 29,014 35,945
Revolver Repayment $000's 0 0 0 0 0 0 0 0 0 0
CF Available for Dividends $000's 3,079 4,012 5,670 7,688 10,251 13,447 17,607 21,986 29,014 35,945

xEnd
Financial Statements - Historicals and Forecasted

Unit Historicals Forecast

BoP 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 1/1/26 1/1/27 1/1/28 1/1/29 1/1/30 1/1/31 1/1/32 1/1/33
EoP 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25 31/12/26 31/12/27 31/12/28 31/12/29 31/12/30 31/12/31 31/12/32 31/12/33
Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Days 366 365 365 365 366 365 365 365 366 365 365 365 366 365

X Income Statement

Revenues $000's 12,154 14,298 17,086 20,325 23,830 27,949 32,790 38,481 45,175 53,048 62,313 73,218 86,056 101,175
Growth Var. % 17.6% 19.5% 19.0% 17.2% 17.3% 17.3% 17.4% 17.4% 17.4% 17.5% 17.5% 17.5% 17.6%
COGS $000's -7,637 -9,102 -11,310 -14,380 -12,739 -14,224 -15,861 -17,694 -19,727 -21,913 -24,320 -26,968 -29,996 -33,396
Gross Profit $000's 4,518 5,196 5,776 5,945 11,091 13,724 16,929 20,787 25,447 31,136 37,993 46,250 56,060 67,779
Gross Margin % of Revenues 37.2% 36.3% 33.8% 29.2% 46.5% 49.1% 51.6% 54.0% 56.3% 58.7% 61.0% 63.2% 65.1% 67.0%
SG&A $000's -2,072 -2,104 -2,395 -2,345 -2,611 -2,782 -2,965 -3,166 -3,387 -3,623 -3,885 -4,179 -4,519 -4,910
EBITDA $000's 2,446 3,092 3,381 3,599 8,480 10,942 13,964 17,621 22,060 27,513 34,108 42,071 51,541 62,869
EBITDA Margin % of Revenues 20.1% 21.6% 19.8% 17.7% 35.6% 39.2% 42.6% 45.8% 48.8% 51.9% 54.7% 57.5% 59.9% 62.1%
D&A $000's -1,296 -1,337 -1,503 -1,913 -2,250 -2,670 -3,144 -3,677 -4,278 -4,955 -5,719 -4,404 -4,968 -5,607
x EBIT $000's 1,150 1,756 1,878 1,686 6,230 8,273 10,821 13,944 17,783 22,558 28,389 37,668 46,573 57,262
EBIT Margin % of Revenues 9.5% 12.3% 11.0% 8.3% 26.1% 29.6% 33.0% 36.2% 39.4% 42.5% 45.6% 51.4% 54.1% 56.6%
Financial Expenses $000's -704 -639 -602 -938 -1,228 -1,593 -1,731 -1,911 -2,036 -2,098 -2,227 -2,385 -2,630 -2,964
Other Income/(Expense) $000's 81 -115 6
EBT $000's 527 1,002 1,282 749 5,003 6,679 9,089 12,033 15,747 20,460 26,162 35,282 43,943 54,297
Taxes $000's -78 -341 -432 -244 -1,501 -2,004 -2,727 -3,610 -4,724 -6,138 -7,848 -10,585 -13,183 -16,289
Net Income $000's 449 661 850 504 3,502 4,676 6,362 8,423 11,023 14,322 18,313 24,698 30,760 38,008
Net Margin % of Revenues 3.7% 4.6% 5.0% 2.5% 14.7% 16.7% 19.4% 21.9% 24.4% 27.0% 29.4% 33.7% 35.7% 37.6%

Revenue Growth % of Revenues 17.6% 19.5% 19.0% 17.2% 17.3% 17.3% 17.4% 17.4% 17.4% 17.5% 17.5% 17.5% 17.6%
Gross Profit Growth % of Revenues 15.0% 11.2% 2.9% 86.6% 23.7% 23.4% 22.8% 22.4% 22.4% 22.0% 21.7% 21.2% 20.9%
EBITDA Growth % of Revenues 26.4% 9.3% 6.5% 135.6% 29.0% 27.6% 26.2% 25.2% 24.7% 24.0% 23.3% 22.5% 22.0%
EBIT Growth % of Revenues 52.7% 7.0% -10.2% 269.4% 32.8% 30.8% 28.9% 27.5% 26.9% 25.8% 32.7% 23.6% 23.0%
Net Income Growth % of Revenues 47.3% 28.6% -40.6% 594.3% 33.5% 36.1% 32.4% 30.9% 29.9% 27.9% 34.9% 24.5% 23.6%

X Balance Sheet
Current Assets
Cash and Cash Equivalents $000's 511 1,525 1,261 996 200 200 200 200 200 200 200 200 200 200
Short Term Investments $000's 126 140 128 151 177 207 243 286 335 394 463 544 639
Restricted Cash $000's 69 72 0 0 0 0 0 0 0 0 0 0 0 0
Inventories $000's 47 88 117 113 108 121 135 150 167 186 207 229 254 284
Receivables $000's 2,026 2,618 2,917 3,906 4,237 4,983 5,846 6,860 8,032 9,458 11,109 13,053 15,300 18,038
Other Receivables $000's 945 1,118 1,043 912 1,069 1,254 1,471 1,726 2,026 2,380 2,795 3,284 3,860 4,539
Prepayments $000's 101 126 179 0 0 0 0 0 0 0 0 0 0 0
x Total Current Assets $000's 3,699 5,674 5,656 6,055 5,764 6,734 7,859 9,180 10,711 12,559 14,705 17,230 20,159 23,699
Non-Current Assets
PP&E $000's 9,212 9,332 10,311 13,108 13,869 14,567 15,183 15,711 16,143 16,466 16,666 18,592 20,752 23,173
Intangibles $000's 5,691 5,643 5,657 7,134 6,976 6,822 6,674 6,531 6,396 6,270 6,154 6,355 6,592 6,871
Long Term Investments $000's 3 3 3 0 0 0 0 0 0 0 0 0 0 0
Derivative Investments $000's 0 44 73 86 101 118 139 163 191 224 264 310 364
Prepayments $000's 128 122 7 34 39 46 54 64 75 88 103 121 142 167
Restricted Cash $000's 67 152 126 148 174 204 239 281 330 387 455 535 629
Deferred Tax Assets $000's 370 251 172 279 327 383 449 528 619 727 854 1,004 1,180 1,387
Total Non-Current Assets $000's 15,405 15,418 16,347 20,754 21,445 22,092 22,682 23,211 23,676 24,071 24,388 26,790 29,510 32,591
x Total Assets $000's 19,104 21,092 22,003 26,809 27,209 28,826 30,541 32,391 34,387 36,630 39,093 44,020 49,669 56,290
Current Liabilities
Revolver $000's 0 0 0 0 0 0 0 0 0 0
 Accounts Payable $000's 551 939 1,361 2,183 1,422 1,592 1,775 1,981 2,202 2,453 2,722 3,019 3,349 3,738
Related Parties $000's 2 5 1 0 0 0 0 0 0 0 0 0 0 0
Taxes Payable $000's 632 780 663 935 1,096 1,285 1,508 1,769 2,077 2,439 2,865 3,367 3,957 4,652
Other Payable $000's 88 108 59 1,674 1,963 2,303 2,701 3,170 3,722 4,370 5,134 6,032 7,090 8,335
Current Portion of Long Term Debt and Capital Lease $000's 1,705 1,338 951 0 0 0 0 0 0 0 0 0 0 0
Provisions $000's 474 658 659 657 770 903 1,059 1,243 1,459 1,714 2,013 2,365 2,780 3,268
Deferred Liabilities $000's 64 79 43 0 0 0 0 0 0 0 0 0 0 0
x Total Current Liabilities $000's 3,516 3,908 3,737 5,449 5,251 6,083 7,044 8,163 9,460 10,976 12,734 14,783 17,175 19,994
Non-Current Liabilities
Long Term Debt and Capital Lease Obligation $000's 4,445 5,575 6,360 9,160 9,156 9,068 8,882 8,588 8,174 7,624 7,151 6,763 7,619 8,588
Derivative and Hedging Liabilities $000's 52 41 4 0 0 0 0 0 0 0 0 0 0 0
Employee Provisions $000's 75 108 98 110 129 151 177 208 244 287 337 396 465 547
Deferred Tax Liabilities $000's 712 620 698 926 1,085 1,273 1,493 1,752 2,057 2,416 2,838 3,334 3,919 4,607
Total Non-Current Liabilities $000's 5,284 6,344 7,160 10,195 10,370 10,492 10,553 10,549 10,475 10,327 10,326 10,493 12,003 13,742
x Total Liabilities $000's 8,801 10,252 10,897 15,644 15,621 16,575 17,597 18,712 19,936 21,303 23,060 25,275 29,178 33,736
Equity
Capital Stock $000's 8,735 8,491 7,938 7,551 7,551 7,551 7,551 7,551 7,551 7,551 7,551 7,551 7,551 7,551
Retained Earnings $000's 1,189 1,822 2,661 3,614 4,037 4,700 5,393 6,128 6,900 7,775 8,481 11,193 12,939 15,003
Total Reserves $000's 5 36 105 0 0 0 0 0 0 0 0 0 0 0
Other Equity Interest $000's 375 490 402 0 0 0 0 0 0 0 0 0 0 0
Total Equity $000's 10,304 10,839 11,106 11,165 11,589 12,252 12,944 13,679 14,451 15,327 16,033 18,744 20,491 22,554
x Total Equity + Liabilities $000's 19,104 21,092 22,003 26,809 27,209 28,826 30,541 32,391 34,387 36,630 39,093 44,020 49,669 56,290

Check -- Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok Ok

X Cash Flow
Net Income $000's 3,502 4,676 6,362 8,423 11,023 14,322 18,313 24,698 30,760 38,008
Depreciation and Amortization $000's 2,250 2,670 3,144 3,677 4,278 4,955 5,719 4,404 4,968 5,607
Change in WK $000's -1,087 -589 -694 -825 -967 -1,194 -1,403 -1,670 -1,942 -2,377
Change in Other Accounts $000's 474 557 655 770 905 1,065 1,253 1,475 1,736 2,045
Operating Cash Flow $000's 5,139 7,314 9,467 12,045 15,239 19,148 23,883 28,906 35,523 43,283
CapEx $000's -2,706 -3,042 -3,410 -3,826 -4,296 -4,825 -5,419 -6,081 -6,836 -7,685
Investment in Intangibles $000's -147 -172 -202 -237 -278 -326 -383 -451 -530 -623
Investing Cash Flow $000's -2,852 -3,214 -3,611 -4,062 -4,574 -5,152 -5,803 -6,531 -7,365 -8,307
Debt Issuance $000's 1,141 1,286 1,445 1,625 1,830 2,061 2,321 2,612 2,946 3,323
Debt Repayment $000's -1,145 -1,373 -1,630 -1,919 -2,244 -2,610 -2,794 -3,001 -2,090 -2,354
Revolver $000's 0 0 0 0 0 0 0 0 0 0
Change in Equity $000's 0 0 0 0 0 0 0 0 0 0
Dividends $000's -3,079 -4,012 -5,670 -7,688 -10,251 -13,447 -17,607 -21,986 -29,014 -35,945
Financing Cash Flow $000's -3,083 -4,100 -5,856 -7,982 -10,665 -13,996 -18,080 -22,375 -28,157 -34,976
Total Cash Flow $000's -796 0 0 0 0 0 0 0 0 0
Ending Cash Balance $000's 996 200 200 200 200 200 200 200 200 200 200

xEnd
DCF Valuation

X DCF

Audited Financial Statements Forecasted Normal.

Unit 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2033E
Revenues $000's 12,154 14,298 17,086 20,325 23,830 27,949 32,790 38,481 45,175 53,048 62,313 73,218 86,056 101,175 101,175
Growth Var. % 17.6% 19.5% 19.0% 17.2% 17.3% 17.3% 17.4% 17.4% 17.4% 17.5% 17.5% 17.5% 17.6%
COGS $000's -7,637 -9,102 -11,310 -14,380 -12,739 -14,224 -15,861 -17,694 -19,727 -21,913 -24,320 -26,968 -29,996 -33,396
Gross Porfit $000's 4,518 5,196 5,776 5,945 11,091 13,724 16,929 20,787 25,447 31,136 37,993 46,250 56,060 67,779 67,779
Gross Margin % of Revenues 37.2% 36.3% 33.8% 29.2% 46.5% 49.1% 51.6% 54.0% 56.3% 58.7% 61.0% 63.2% 65.1% 67.0%
SG&A $000's -2,072 -2,104 -2,395 -2,345 -2,611 -2,782 -2,965 -3,166 -3,387 -3,623 -3,885 -4,179 -4,519 -4,910 -4,910
EBITDA $000's 2,446 3,092 3,381 3,599 8,480 10,942 13,964 17,621 22,060 27,513 34,108 42,071 51,541 62,869 62,869
EBITDA Margin 20.1% 21.6% 19.8% 17.7% 35.6% 39.2% 42.6% 45.8% 48.8% 51.9% 54.7% 57.5% 59.9% 62.1%
D&A $000's -1,296 -1,337 -1,503 -1,913 -2,250 -2,670 -3,144 -3,677 -4,278 -4,955 -5,719 -4,404 -4,968 -5,607 -5,607
EBIT $000's 1,150 1,756 1,878 1,686 6,230 8,273 10,821 13,944 17,783 22,558 28,389 37,668 46,573 57,262 57,262
EBIT Margin 9.5% 12.3% 11.0% 8.3% 26.1% 29.6% 33.0% 36.2% 39.4% 42.5% 45.6% 51.4% 54.1% 56.6%
Taxes $000's -345 -527 -563 -506 -1,869 -2,482 -3,246 -4,183 -5,335 -6,767 -8,517 -11,300 -13,972 -17,178 -17,178
NOPAT $000's 805 1,229 1,314 1,180 4,361 5,791 7,574 9,761 12,448 15,790 19,872 26,367 32,601 40,083 40,083
(+) D&A $000's 1,296 1,337 1,503 1,913 2,250 2,670 3,144 3,677 4,278 4,955 5,719 4,404 4,968 5,607 5,607
(-) Change in WK $000's -1,087 -589 -694 -825 -967 -1,194 -1,403 -1,670 -1,942 -2,377 -2,377
(-) CapEx $000's -2,852 -3,214 -3,611 -4,062 -4,574 -5,152 -5,803 -6,531 -7,365 -8,307 -5,607
FCF $000's 2,672 4,658 6,413 8,550 11,185 14,400 18,386 22,570 28,262 35,006 37,706

X Valuation

WACC 8.33% Exit Multiple 15.0x

Breaks 0.33% Breaks 1.0x
Mid Year Convention 0.50

Period 0.50 1.50 2.50 3.50 4.50 5.50 6.50 7.50 8.50 9.50 9.50 WACC DCF PV PV of Terminal Value Enterprise Value Net Debt Equity Value
Exit Multiple Exit Multiple Exit Multiple
WACC 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x
7.67% 2,575 4,170 5,331 6,602 8,021 9,591 11,374 12,968 15,081 17,350 18,688 7.67% 93,062 436,234 467,394 498,553 529,296 560,455 591,615 521,132 552,292 583,451
8.00% 2,571 4,150 5,291 6,532 7,911 9,431 11,150 12,673 14,694 16,853 18,153 8.00% 91,255 423,734 454,001 484,268 514,990 545,256 575,523 506,826 537,093 567,359
8.33% 2,567 4,131 5,250 6,462 7,803 9,274 10,931 12,387 14,318 16,371 17,634 8.33% 89,495 411,629 441,031 470,433 501,124 530,526 559,928 (+) Cash 996 492,960 522,362 551,764
8.66% 2,563 4,113 5,211 6,394 7,697 9,120 10,717 12,107 13,953 15,905 17,132 8.66% 87,779 399,905 428,469 457,034 487,684 516,248 544,813 (-) Financial Debt -9,160 479,520 508,085 536,650
8.99% 2,559 4,094 5,171 6,326 7,593 8,969 10,508 11,835 13,598 15,453 16,645 8.99% 86,106 388,549 416,302 444,056 474,655 502,408 530,162 Total Adjustments -8,164 466,491 494,245 521,998

WACC Implied Perp. Growth Rate Implied EV / 23E EBITDA Implied EV / 24E EBITDA Implied EV / 25E EBITDA
Exit Multiple Exit Multiple Exit Multiple Exit Multiple
14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x
7.67% 3.4% 3.7% 3.9% 62.4x 66.1x 69.8x 48.4x 51.2x 54.1x 37.9x 40.1x 42.4x
8.00% 3.7% 4.0% 4.3% 60.7x 64.3x 67.9x 47.1x 49.8x 52.6x 36.9x 39.0x 41.2x
8.33% 4.0% 4.3% 4.6% 59.1x 62.6x 66.0x 45.8x 48.5x 51.2x 35.9x 38.0x 40.1x
8.66% 4.4% 4.7% 4.9% 57.5x 60.9x 64.2x 44.6x 47.2x 49.8x 34.9x 37.0x 39.0x
8.99% 4.7% 5.0% 5.2% 56.0x 59.2x 62.5x 43.4x 45.9x 48.5x 34.0x 36.0x 38.0x

xEnd