215204430.xls.

ms_office

Two-Stage FCFF Model Enter the following inputs for the two-stage FCFE Model
Current Inputs Current EBIT = Current Tax Rate = Current Depreciation = Current Capital Spending = Current Revenues = Working Capital as % of Revenues= High Growth Period Length of high-growth period (n) = Growth rate during period (g) = Cost of Equity during period = After-tax Cost of Debt = Debt Ratio (D / (D + E)) = Stable Growth Period Growth rate in steady state = Cost of Equity in steady state = After-tax Cost of Debt = Debt Ratio (D / (D + E)) = 5.00% 11.50% 4.00% 10.00% (in percent) (in percent) (in percent) (in percent) No 110% (Yes or No) (in percent) 5 6.00% 12.33% 5.00% 10.00% (Number of periods) (in percent) (in percent) (in percent) (in percent) $391.38 36.00% $461.00 $475.00 $13,046.00 15.00% (in $) (in percent) (in $) (in $) (in $) (in percent) ROC = Reinvestment Rate = Margin =

Is capital spending offset by depreciation in steady state ? If no, enter capital expenditures as % of depreciation

Output
PV of FCFF PV of Terminal Value = Value of Firm =

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215204430.xls.ms_office

7.34% 50% 3.00%

Cost of Capital = Year 1 2 3 4 5 Terminal Year New cost of capital = FCFF $133.26 $141.25 $149.73 $158.71 $168.24 $156.10

11.59% Terminal Value PV $118.68 $112.03 $105.76 $99.84 $2,717.35 $1,690.53 $2,126.83 10.75%

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Two-Stage FCFF Model Enter the following inputs for the two-stage FCFE Model
Current Inputs Current EBIT = Current Tax Rate = Current Depreciation = Current Capital Spending = Current Revenues = Working Capital as % of Revenues= High Growth Period Length of high-growth period (n) = Growth rate during period (g) = Cost of Equity during period = After-tax Cost of Debt = Debt Ratio (D / (D + E)) = Stable Growth Period Growth rate in steady state = Cost of Equity in steady state = After-tax Cost of Debt = Debt Ratio (D / (D + E)) = 5.00% 11.50% 4.00% 20.00% (in percent) (in percent) (in percent) (in percent) (Yes or No) (in percent) 5 10.00% 12.88% 5.25% 20.00% (Number of periods) (in percent) (in percent) (in percent) (in percent) $521.84 36.00% $461.00 $475.00 $13,046.00 15.00% (in $) (in percent) (in $) (in $) (in $) (in percent) ROC = Reinvestment Rate = Margin =

Is capital spending offset by depreciation in steady state ? If no, enter capital expenditures as % of depreciation

Output
PV of FCFF PV of Terminal Value = Value of Firm =

7.34% 50% 4.00%

Cost of Capital = Year 1 2 3 4 5 Terminal Year New cost of capital = FCFF $156.29 $171.91 $189.11 $208.02 $228.82 $156.50

11.35% Terminal Value PV $139.18 $136.35 $133.57 $130.85 $8,739.55 $4,896.00 $5,435.96 10.75%