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Appendix 1

Conservative Approach
Estimation of Firm Value
(in FFr million)
Sales
Cost of Goods Sold
General Admin Expense
EBIT
Tax rate on EBIT
NOPLAT
Depreciation
Amortization
Increase in Working Capital
Capital Expenditure
Free Cash Flow

1989
337.4
(104.9)
(197.6)
34.9
37%
22.0
11.7
-

Terminal Value (1994)


WACC, based on beta = 0.8
Discounted Cash Flow
PV (end of 1990)
FCF
Terminal Value
Entity Value
Debt
Non-Operating Assets
Firm Value

832.2
1,671.9
2,504.0
(37.0)
2,467.0

If Beta =
Cost of Equity =
WACC =
Firm value =

0.8
14.06%
13.22%
422.9

13.22%

1990
380.0
(114.4)
265.6
37%
167.3
19.0
3.3
(20.0)
169.7

1991
380.0
(125.1)
254.9
37%
160.6
20.0
3.3
183.9

1992
380.0
380.0
37%
239.4
3.3
242.7

1993
380.0
380.0
37%
239.4
239.4

1994
380.0
380.0
37%
239.4
239.4
2,746.8
4
145.7

0
169.7

1
162.4

2
189.4

3
165.0

0.9
14.56%
13.66%
401.2

1
15.06%
14.11%
381.5

1.1
15.56%
14.55%
363.6

1.2
16.06%
15.00%
347.1

Estimation of WACC
Rf
Rm
Beta
Cost(E)
Cost(D)
Eff. Tax%
Cost(D) net
Debt
Equity
Debt/Value
WACC

10.06%
5%
0.8
14.06%
10.00%
37.00%
6.30%
37
303
10.88%
13.22%

Long term Gov. bond


(the range of 0.8 - 1.2 would be used as sensitivity analysis)
Assume AA grade for now

(*)

Page 1

Appendix 1
Conservative Approach

1995
380.0
380.0
37%
239.4
239.4
4.5%

-500

169.6706

183.8981

242.73

239.4

34%
5

vity analysis)

Page 2

239.4

Appendix 1
Conservative Approach

239.4

Page 3

Appendix 2
Baring's Approach
Estimation of Firm Value
(in FFr million)
Sales
Cost of Goods Sold
General Admin Expense
EBIT
Tax rate on EBIT
NOPLAT
Depreciation
Amortization
Increase in Working Capital
Capital Expenditure
Free Cash Flow

1989
337.4
(104.9)
(197.6)
34.9
0%
34.9
11.7
-

1990
380.0
(114.4)
265.6
0%
265.6
19.0
3.3
(20.0)
268.0

1991
419.9
(125.1)
294.8
0%
294.8
20.0
3.3
318.1

Terminal Value (1994), based on P/E multiple as 13


13
WACC, based on beta = 0.8
0.00%
0
Discounted Cash Flow
268.0
PV (end of 1990)
FCF
2,125.2
Terminal Value
7,298.6
Entity Value
9,423.7
Debt
(37.0)
Non-Operating Assets
Firm Value
9,386.7
If Beta =
Cost of Equity =
WACC =
Firm value =

0.8
14.06%
13.22%
6,012.3

0.9
14.56%
14.56%
5,767.6

Rf
Rm
Beta
Cost(E)
Cost(D)
Eff. Tax%
Cost(D) net
Debt
Equity
Debt/Value
WACC

10.06%
5%
0.8
14.06%
10.00%
37.00%
6.30%
37
303
10.88%
13.22%

1992
464.0
464.0
0%
464.0
3.3
467.3

1993
510.4
510.4
0%
510.4
510.4

1994
561.4
561.4
0%
561.4
561.4

1995
561.4
561.4
0%
561.4
561.4
-7.7%
5

1.4
17.06%
17.06%
5,347.8

1
318.1

2
467.3

3
510.4

7,298.6
4
561.4

1
15.06%
15.06%
5,680.1

1.1
15.56%
15.56%
5,594.4

1.2
16.06%
16.06%
5,510.5

1.3
16.56%
16.56%
5,428.3

Estimation of WACC
Long term Gov. bond
(the range of 0.8 - 1.2 would be used as sensitivity analysis)
Assume AA grade for now

(*)

Page 4

Appendix 2
Baring's Approach

Page 5

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