tax rate 35%

Sales growth rate 4%

Discount rate 12%

information Provided
2017 2018 2019
Income Statement
Sales 1,500,000 2,000,100
COGS 1,200,000 1,600,080
Other Expenses (inlcudes depreciation) 150,000 200,010
EBIT 150,000 200,010
Interest Expense 100,000 100,000
EBT 50,000 100,010
Tax 17,500 35,004
Net Income 32,500 65,007

Selected iterms of balance sheet

NetPPE 80,000 100,000.00 133,340.00

AR 100,000 123,288.00 164,392.00
AP 120,000 147,945.00 197,270.00

Historical Ratios
2018 2019
COGS/Sales 0.8 0.8
Other expenses/Sales 0.1 0.1
Sales/NetPPE 15 15
ARDOH 30.00 30.00
APDOH 45.00 45.00

FCF calculation
-----Historical Information------
2017 2018 2019
NOP
Sales 1,500,000 2,000,100
COGS 1,200,000 1,600,080
Other Expenses 150,000 200,010
EBIT 150,000 200,010
Tax 52,500 70,004
NOP 97,500 130,007

Change in net PPE

netPPE 80,000.00 100,000.00 133,340.00
Change in netPPE 20,000.00 33,340.00

Change in NOWC
AR 100,000 123,288.00 164,392.00
AP 120,000 147,945.00 197,270.00
NOWC (20,000) (24,657) (32,878)
Change in NOWC (4,657) (8,221)

FCF 82,157 104,888

FCF growth 27.67%

Valuation
PV(FCF 2018-2020) 253,711
RV as of 2020 1,967,721
RV as of 2017 1,400,585

Value of operations 1,654,296

ided
2020

2,400,000
1,920,000
240,000
240,000
100,000
140,000
49,000
91,000

160,000.00
197,260.00
236,712.00

2020 Average
0.8 0.8
0.1 0.1
15 15
30.00 30.00
45.00 45.00

ation------ ------Projections------
2020 2021 2022 2023
 2,400,000 2,496,000 2,595,840 2,699,674
1,920,000 1,996,800 2,076,672 2,159,739
240,000 249,600 259,584 269,967.36
240,000 249,600 259,584 269,967
84,000 87,360 90,854 94,489
156,000 162,240 168,730 175,479

160,000.00 166,400 173,056 179,978

26,660.00 6,400.00 6,656.00 6,922.24

197,260.00 205,151 213,357 221,891

236,712.00 246,181 256,028 266,269
(39,452) (41,030) (42,671) (44,378)
(6,574) (1,578) (1,641) (1,707)

135,914 157,418 163,715 170,263

29.58% 15.82% 4.00% 4.00%