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Year
Sales
EBITDA
Tax
Investment:
Stock change
Debtors change
Creditors change
Fixed Assets: Enhancing
Fixed Assets: Sustaining
Other
Free Cash Flow
Base year
286,334
550
2009
1
1,500,000
-300,000
0
2010
2
1,950,000
195,000
-68,250
2011
3
2,535,000
380,250
-133,088
2012
4
3,042,000
608,400
-212,940
5
3,650,400
1,825,200
-638,820
6
4,380,480
0
0
7
4,599,504
459,950
-160,983
8
4,829,479
724,422
-253,548
9
5,070,953
760,643
-266,225
10
5,324,501
798,675
-279,536
Terminal year
3,133,260
469,989
-164,496
0
0
0
-337,500
-75,000
0
0
0
0
-292,500
-97,500
0
0
0
0
-126,750
-126,750
0
0
0
0
-121,680
-152,100
0
0
0
0
-146,016
-182,520
0
0
0
0
-43,805
-219,024
0
0
0
0
-45,995
-229,975
0
0
0
0
-48,295
-241,474
0
0
0
0
-50,710
-253,548
0
0
0
0
-50,710
-266,225
0
0
0
0
0
-156,663
0
-712,500
-263,250
-6,338
121,680
857,844
-262,829
22,998
181,105
190,161
202,204
Terminal adjustment
148,830
1,814,998
Discount Factor
0.8993
0.8087
0.7273
0.6540
0.5881
0.5289
0.4756
0.4277
0.3846
0.3459
0.6540
Discounted flow
-640,737
-212,892
-4,609
79,579
504,527
-139,009
10,938
77,463
73,144
69,943
1,187,017
408,358
601,813
188,672
821,499
2000
5
20%
2001
6
20%
2002
7
5%
2003
8
5%
2004
9
5%
2005
10
5%
Terminal
0.15
0.15
0.35
0.35
1,000,000
0.82
Value Drivers
Year
Sales growth rate
2009
1
424%
1997
2
30%
1998
3
30%
1999
4
20%
-20%
10%
15%
20%
0.35
0.35
0.35
NA
NA
0.5
NA
Income tax rate
NA
0.35
NA
Stock change
(% of sales growth)
Debtors changes
(% of sales growth)
Trade creditor changes
(-% of sales growth)
Capital equip investment
(enhancing: % of sales growth)
Capital equip investment
(sustaining: % of sales)
Cost of Capital
0.75
0.5
0.25
0.2
0.05
0.05
0.05
0.05
0.132
0.132
0.132
0.132
NA
NA
NA
NA
0.05
NA
NA
0.132
NA
NA
NA
NA
NA
StrategyExpert.com
NA
0.05
0.05
0.132
0.132
NA
0.132
NA
0.2
NA
0.05
0.132
NA
NA
0.2
0.05
0.132
NA
NA
0
0.2
0.05
0.132
NA
NA
NA
NA
NA
0
0.2
0.05
NA
NA
NA
0.2
NA
0
NA
0.35
NA
NA
NA
NA
NA
0.2
NA
3%
NA
0.15
0.35
NA
NA
NA
NA
NA
NA
0.15
0.35
NA
0
NA
NA
0.1
0.35
NA
NA
NA
0
NA
4 years
Value Drivers
Sales growth rate
2009
1
424%
2010
2
30%
2011
3
30%
2012
4
20%
-20%
10%
15%
20%
0%
35%
35%
35%
Stock change
(% of sales growth)
Debtors changes
(% of sales growth)
Trade creditor changes
(-% of sales growth)
Capital equip investment
(enhancing: % of sales growth)
Capital equip investment
(sustaining: % of sales)
Cost of Capital
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
75%
50%
25%
20%
5%
5%
5%
5%
11.2%
11%
11%
11%
Year
4 years
0.05
0.08
1.3
0.07
0.154
2013
5
20%
NA
50%
NA
35%
NA
0%
NA
0%
NA
0%
NA
20%
NA
5%
NA
11%
NA
0.5
0.5
1
2014
6
20%
NA
0%
NA
35%
NA
0%
NA
0%
NA
0%
NA
20%
NA
5%
NA
11%
NA
2015
7
5%
NA
10%
NA
35%
NA
0%
NA
0%
NA
0%
NA
20%
NA
5%
NA
11%
NA
2016
8
5%
NA
15%
NA
35%
NA
0%
NA
0%
NA
0%
NA
20%
NA
5%
NA
11%
NA
2017
9
5%
NA
15%
NA
35%
NA
0%
NA
0%
NA
0%
NA
20%
NA
5%
NA
11%
NA
2018
10 Terminal
5%
3%
NA
15%
15%
NA
35%
35%
NA
0%
0%
NA
0%
0%
NA
0%
0%
NA
20%
0%
NA
5%
5%
NA
11%
11%
NA
After year
Terminal sales
3
2611050
4
3133260
5
6
7
8
3759912 4511894.4 4737489.1 4974363.6
4
5
6
0.6540047 0.5881337 0.5288972
7
8
9
0.475627 0.4277221 0.3846422
9
10
5223081.8 5484235.8
10
0.3459012