Академический Документы
Профессиональный Документы
Культура Документы
Input Values
*Enter values in yellow cells.
Estimated Cost of Deal:
Curent Stock Price
Offer Premium
Offer Price Per Share
No. of Shares outstanding
Equity Purchase Price
$6.00
10.00%
6.60
100,000
$660,000
$ amt
%
$ amt
nos.
$ amt
$185,000
$65,000
$2,500
$10,888
$27,500
$ amt
$ amt
$ amt
$ amt
$ amt
$950,888 $ amt
Sources of Funds:
Excess Cash
Debt:
Assumed Debt
Bank Revolver
Term Loan "A"
Term Loan "B"
Senior Notes
Subordinated Notes
Mezzanine Debt
Seller Notes
Preferred:
Preferred Stock
Equity:
Common - Sponsor Equity
Management Equity
New Equity
Total
Debt Assumptions:
Assumed Debt
Maturity Year
Annual Repayment
Coupon Rate
Average Interest
Optional Prepayment
Bank Revolver
Coupon Rate
Revolver limit
Undrawn Commitment Fee
$5,000 $ amt
Fees
$65,000
$200,888
$80,000
$55,000
$65,000
$40,000
$70,000
$25,000
$ amt
$ amt
$ amt
$ amt
$ amt
$ amt
$ amt
$ amt
0.75%
1.50%
1.75%
2.00%
2.50%
2.75%
0.00%
$60,000 $ amt
2.00%
Senior Notes
Maturity Year
Coupon Rate
Average Interest
Optional Prepayment
$220,000
$40,000
$25,000
$950,888
$ amt
$ amt
$ amt
$ amt
$660,000 $ amt
$20,000 $ amt
$464,749
$2,450
$1,200
$1,400
($1,278)
$211,479
$ amt
$ amt
$ amt
$ amt
$ amt
$ amt
Subordinated Notes
Maturity Year
Coupon Rate
Average Interest
Years PIK
Optional Prepayment
Mezzanine Debt
Maturity Year
Coupon Rate
Average Interest
Years PIK
Optional Prepayment
Seller Notes
Term Years
Annual Repayment
Coupon Rate
Average Interest
Years PIK
Optional Prepayment
Preferred Stock
Preferred Stock Dividend
Years PIK
Pref Stock Retired Year
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9
11.11%
4.25%
1
1
select no.
% of FV
% annual
1=Yes 0=No
1=Yes 0=No
4.75% % annual
$600,000 $ amt
1.00% % annual
8
12.50%
5.50%
1
1
select no.
% of FV
% annual
1=Yes 0=No
1=Yes 0=No
11
4.00%
60.00%
5.25%
1
1
select no.
% of FV
% of FV
% annual
1=Yes 0=No
1=Yes 0=No
9
4.25%
1
1
select no.
% annual
1=Yes 0=No
1=Yes 0=No
12
4.50%
0
5
1
select no.
% annual
1=Yes 0=No
enter no.
1=Yes 0=No
14
4.50%
0
5
1
select no.
% annual
1=Yes 0=No
enter no.
1=Yes 0=No
7 select no.
14.29% % of FV
5.25% % annual
Income/BS Assumptions:
Income Statement:
Sales Year 1
Sales - Annual Increase
Cost of goods sold
Cost of goods sold - Annual Increase
SG&A expenses
SG&A expenses - Annual Increase
Other expenses
Other expenses - Annual Increase
$1,100,000
10.00%
45.00%
0.25%
14.00%
0.50%
12.00%
0.15%
$ amt
%
% of revenue
%
% of revenue
%
% of revenue
%
Balance Sheet:
Accounts receivable
Accounts receivable - Annual Increase
Inventories
Inventories - Annual Increase
Prepaids
Prepaids - Annual Increase
Other current assets
Other current assets - Annual Increase
Other long-term assets
Other long-term assets - Annual Increase
18.00%
5.00%
20.00%
4.00%
4.50%
2.00%
12.00%
2.50%
4.00%
0.50%
% of revenue
%
% of COGS
%
% of revenue
%
% of revenue
%
% of revenue
%
Accounts payable
Accounts payable - Annual Increase
Accrued expenses
Accrued expenses - Annual Increase
Other current liabilities
Other current liabilities - Annual Increase
Capex
Capex Start Year
Capex Interval
15.00%
2.00%
6.00%
1.50%
8.00%
1.00%
10.00%
1
1
Other Assumptions:
Cash Minimum
On / Off
Tax Rate
Year 1
DCF Assumptions:
Discount Rate (WACC)
Discount Rate Range
EBITDA Terminal Value Multiple
EBITDA Multiple Range
Perpetuity Growth Rate
Perpetuity Growth Range
Net Debt
$50,000 $ amt
1 1=On. 0=Off.
35.00% %
2010 year
7.00%
1.0%
6.0x
2.0x
3.00%
0.5%
$583,388
%
%
x
x
%
%
$ amt
1 1=Yes 0=No
5 enter no.
1 1=Yes 0=No
7.00% % annual
5 enter no.
select no.
Financing
Costs
4,500
1,200
963
1,300
1,000
1,925
0
10,888
1,200
12,088
Annual
Amortization
450
150
88
144
83
138
0
1,053
Period (Yrs)
10
Income Statements
Year
Year No.
Net Sales
2010
1
2011
2
2012
3
2013
4
2014
5
1,100,000
1,210,000
1,331,000
1,464,100
1,610,510
495,000
545,861
601,948
663,799
732,004
Gross Margin
605,000
664,139
729,052
800,301
878,506
Operating Expenses
SG&A expenses
Other expenses
286,000
154,000
132,000
315,665
170,247
145,418
348,408
188,208
160,200
384,548
208,064
176,484
424,438
230,015
194,423
EBITDA
319,000
348,474
380,644
415,753
454,068
D&A
72,924
85,024
93,898
104,355
117,776
EBIT
246,076
263,450
286,746
311,398
336,292
32,061
2,609
13,533
4,125
2,830
2,763
1,800
3,150
1,252
30,509
1,228
14,005
3,500
2,714
2,763
1,881
3,292
1,127
26,835
0
14,005
1,575
2,092
2,763
1,966
3,440
995
22,778
0
14,005
0
764
1,505
2,054
3,595
856
20,741
0
14,005
0
0
124
2,147
3,756
709
Interest Expense
Existing Debt
Bank Revolver
Term Loan "A"
Term Loan "B"
Senior Notes
Subordinated Notes
Mezzanine Debt
Seller Notes
Other Expenses (Income)
Amortization of Capitalized
Financing Costs
(Gain) Loss on Asset Sales
Net Income before Taxes
Income Tax Expense (Benefit)
Net Income
Dividend
Preferred Stock Dividend
Common Stock Dividend
Net Income to Common Shareholders
(197)
(297)
1,053
(1,250)
1,053
(1,350)
353
1,803
(1,450)
(35)
(257)
1,515
(1,550)
1,393
(1,650)
214,212
233,238
259,559
288,655
315,807
74,974
81,633
90,846
101,029
110,533
139,238
151,605
168,713
187,625
205,275
6,700
4,200
2,500
7,194
4,494
2,700
7,659
4,809
2,850
8,245
5,145
3,100
8,955
5,505
3,450
132,538
144,411
161,055
179,380
196,319
2015
6
2016
7
2017
8
2018
9
2019
10
1,771,561
1,948,717
2,143,589
2,357,948
2,593,742
807,217
890,159
981,623
1,082,485
1,193,710
964,344
1,058,558
1,161,966
1,275,463
1,400,033
468,468
254,281
214,187
517,067
281,108
235,959
570,709
310,765
259,944
629,918
343,551
286,367
695,271
379,795
315,476
495,876
541,492
591,257
645,545
704,761
128,849
101,532
115,822
128,047
149,661
367,027
439,960
475,435
517,499
555,100
16,059
0
14,005
0
0
0
97
1,640
317
12,049
0
12,049
0
0
0
0
(0)
0
8,161
0
8,161
0
0
0
0
(0)
0
6,000
0
6,000
0
(0)
0
0
(0)
0
6,000
0
6,000
0
(0)
0
0
0
0
521
(1,400)
(1,500)
(1,600)
(1,700)
450
(1,850)
450
(1,950)
450
(2,050)
450
(2,150)
2,271
(1,750)
350,447
429,310
468,774
513,099
550,800
122,656
150,259
164,071
179,585
192,780
227,791
279,052
304,703
333,514
358,020
9,391
5,891
3,500
9,591
5,891
3,700
9,891
5,891
4,000
9,991
5,891
4,100
10,291
5,891
4,400
218,400
269,461
294,813
323,523
347,729
Balance Sheets
Year
Year No.
Pre-Acq
Adj
Post-Acq
0
2010
1
2011
2
2012
3
77,500
85,000
95,999
22,000
45,000
50,000
198,000
99,000
49,500
132,000
50,000
228,690
113,539
55,539
148,830
50,000
264,137
130,213
62,315
167,806
325,499
528,500
596,598
674,471
ASSETS
Current Assets:
Cash in bank
Accounts receivable
Inventories
Prepaids
Other current assets
Total Current Assets
55,000
85,000
95,999
22,000
45,000
22,500
302,999
Non-Current Assets:
Goodwill
Intangible Assets
Capitalized Financing Costs
Other Long-Term Assets
PP&E:
Gross PP&E
Capex
Depreciation (Current)
Accumulated Depreciation
Net PP&E
20,000
950
0
15,000
191,479
1,200
10,888
211,479
2,150
10,888
15,000
211,479
1,971
9,835
44,000
211,479
1,792
8,782
48,642
211,479
1,613
6,979
53,774
500,000
0
0
25,000
475,000
2,450
502,450
0
0
25,000
477,450
502,450
110,000
72,745
97,745
514,705
612,450
121,000
84,845
182,590
550,860
733,450
133,100
93,718
276,308
590,242
510,950
716,966
781,989
821,554
864,086
Total Assets
813,949
1,042,465
1,310,489
1,418,152
1,538,557
228,516
51,800
24,000
22,000
51,800
24,000
22,000
74,700
66,000
88,000
85,741
73,689
97,768
96,542
82,274
108,620
97,800
97,800
228,700
257,198
287,436
1,400
(123)
1,278
5,873
6,119
6,366
250,000
0
0
0
0
0
0
0
250,000
(185,000)
200,888
80,000
55,000
65,000
40,000
70,000
25,000
65,000
200,888
80,000
55,000
65,000
40,000
70,000
25,000
600,888
57,778
213,470
70,000
52,800
65,000
41,800
73,150
22,680
596,678
0
213,470
57,264
50,600
65,000
43,681
76,442
20,235
526,692
0
213,470
0
29,091
65,000
45,647
79,882
17,659
450,748
251,400
602,165
602,551
532,811
457,114
Total Liabilities
349,200
699,965
831,251
790,010
744,551
Shareholder's Equity:
Preferred Stock
Common Equity
Retained Earnings
0
440,000
24,749
60,000
285,000
(2,500)
64,200
285,000
130,038
68,694
285,000
274,449
73,503
285,000
435,503
464,749
342,500
479,238
628,143
794,006
813,949
228,516
1,042,465
1,310,489
1,418,152
1,538,557
60,000
(155,000)
(27,249)
2013
4
2014
5
2015
6
2016
7
2017
8
2018
9
2019
10
50,000
305,078
149,337
69,917
189,201
50,000
352,365
171,268
78,447
213,324
50,000
406,982
196,421
88,018
240,523
50,000
470,064
225,267
98,756
271,190
134,329
542,924
258,350
110,804
305,766
263,486
627,077
296,291
124,322
344,752
352,890
724,274
339,804
139,489
388,707
763,533
865,405
981,943
1,115,277
1,352,173
1,655,928
1,945,165
211,479
1,433
5,464
59,447
211,479
1,254
4,071
65,719
211,479
1,075
1,800
72,652
211,479
896
1,350
80,317
211,479
717
900
88,790
211,479
538
450
98,157
211,479
358
0
108,513
866,550
146,410
104,176
380,485
632,475
1,012,960
161,051
117,597
498,082
675,929
1,174,011
177,156
128,669
626,751
724,416
1,351,167
194,872
101,352
728,103
817,935
1,546,039
214,359
115,643
843,747
916,651
1,760,398
235,795
127,868
971,614
1,024,578
1,996,192
259,374
149,482
1,121,096
1,134,470
910,298
958,451
1,011,421
1,111,976
1,218,536
1,335,202
1,454,820
1,673,831
1,823,856
1,993,365
2,227,253
2,570,709
2,991,130
3,399,985
108,708
91,859
120,677
122,413
102,560
134,072
137,851
114,508
148,954
155,242
127,849
165,488
174,837
142,743
183,857
196,914
159,373
204,266
221,789
177,940
226,939
321,244
359,045
401,313
448,579
501,437
560,552
626,668
8,646
20,303
31,978
52,837
106,242
144,024
139,035
0
213,470
0
0
5,819
47,701
83,476
14,943
365,410
0
213,470
0
0
0
2,147
36,454
12,081
264,152
0
161,317
0
0
0
0
(0)
0
161,317
0
57,619
0
0
0
0
(0)
0
57,619
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
374,055
284,455
193,295
110,456
106,242
144,024
139,035
695,300
643,500
594,608
559,036
607,679
704,576
765,703
78,648
285,000
614,884
84,153
285,000
811,203
84,153
285,000
1,029,603
84,153
285,000
1,299,064
84,153
285,000
1,593,877
84,153
285,000
1,917,400
84,153
285,000
2,265,129
978,532
1,180,356
1,398,756
1,668,217
1,963,030
2,286,553
2,634,282
1,673,831
1,823,856
1,993,365
2,227,253
2,570,709
2,991,130
3,399,985
Cash Flows
2010
1
2011
2
2012
3
2013
4
132,538
144,411
161,055
179,380
72,924
1,053
4,595
1,800
3,150
1,252
4,200
85,024
1,053
247
1,881
3,292
1,127
4,494
93,898
1,803
247
1,966
3,440
995
4,809
104,355
1,515
2,280
2,054
3,595
856
5,145
(113,000)
(3,001)
(114,500)
22,900
108,000
(30,690)
(14,539)
(22,869)
11,041
17,457
(35,447)
(16,674)
(25,752)
10,801
19,437
(40,941)
(19,123)
(28,998)
12,166
21,642
121,911
201,928
220,576
243,926
(110,000)
(29,000)
(121,000)
(4,642)
(133,100)
(5,132)
(146,410)
(5,673)
(139,000)
(125,642)
(138,232)
(152,083)
(7,222)
(10,000)
(2,200)
0
0
0
(3,571)
0
(57,778)
(12,736)
(2,200)
0
0
0
(3,571)
0
0
(57,264)
(21,509)
0
0
0
(3,571)
0
0
0
(29,091)
(59,181)
0
0
(3,571)
0
(22,994)
(76,286)
(82,344)
(91,843)
(40,083)
Year
Year No.
Cash flows from operating activities
Net Income to Common Shareholders
Non-cash adjustments:
Depreciation and amortization
Amortization of Capitalized Financing Costs
Increase (Decrease) in Deferred Tax Liability
Accrued Interest Subordinated Notes
Accrued Interest Mezzanine Debt
Accrued Interest Seller Notes
Accrued Interest Preferred Stock
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in inventories
(Increase) decrease in prepaids & other assets
Increase (decrease) in accounts payable
Increase (decrease) in accrued exp & other liabilities
Net cash provided by (used in) operating activities
77,500
50,000
50,000
50,000
37,417
50,000
50,000
50,000
12,583
50,000
50,000
50,000
50,000
246,076
0
246,076
86,127
159,949
72,924
110,000
99,601
(4,595)
27,868
263,450
0
263,450
92,207
171,242
85,024
121,000
39,600
(247)
95,913
286,746
0
286,746
100,361
186,385
93,898
133,100
47,635
(247)
99,794
311,398
0
311,398
108,989
202,409
104,355
146,410
55,254
(2,280)
107,380
77,500
121,911
(139,000)
60,411
50,000
10,411
50,000
201,928
(125,642)
126,286
50,000
76,286
50,000
220,576
(138,232)
132,344
50,000
82,344
50,000
243,926
(152,083)
141,843
50,000
91,843
7,222
10,000
2,200
0
0
0
3,571
0
22,994
7,222
10,000
2,200
0
0
0
3,571
0
22,994
0
10,000
2,200
0
0
0
3,571
0
15,771
0
0
2,200
0
0
0
3,571
0
5,771
(12,583)
12,583
0
53,292
0
53,292
66,572
0
66,572
86,072
0
86,072
0
0
0
0
0
0
0
0
0
50,556
2,736
0
0
0
0
0
0
53,292
0
47,264
19,309
0
0
0
0
0
66,572
0
0
26,891
59,181
0
0
0
0
86,072
50,000
50,000
50,000
50,000
Debt Repayment
Cash Available for Debt Repayment
Cash at beginning of year
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Sub-total
Minimum Cash Balance
Cash Available for Debt Repayment
Mandatory Repayment
Existing Debt
Term Loan "A"
Term Loan "B"
Senior Notes
Subordinated Notes
Mezzanine Debt
Seller Notes
Preferred Stock
Sub-total
Cash Balance
Incremental Revolver
Cash Available for Optional Repayment
Optional Repayment
Existing Debt
Term Loan "A"
Term Loan "B"
Senior Notes
Subordinated Notes
Mezzanine Debt
Seller Notes
Bank Revolver
Sub-total
Cash at end of year
2014
5
2015
6
2016
7
2017
8
2018
9
2019
10
196,319
218,400
269,461
294,813
323,523
347,729
117,776
1,393
11,657
2,147
3,756
709
5,505
128,849
2,271
11,675
0
0
0
0
101,532
450
20,859
0
0
0
0
115,822
450
53,405
0
0
0
0
128,047
450
37,782
0
0
0
0
149,661
450
(4,989)
0
0
0
0
(47,287)
(21,932)
(32,653)
13,704
24,097
(54,617)
(25,152)
(36,769)
15,438
26,830
(63,082)
(28,846)
(41,405)
17,392
29,874
(72,860)
(33,083)
(46,625)
19,594
33,264
(84,153)
(37,941)
(52,503)
22,077
37,038
(97,197)
(43,513)
(59,123)
24,876
41,240
275,193
286,924
306,235
364,780
374,319
359,134
(161,051)
(6,272)
(177,156)
(6,933)
(194,872)
(7,665)
(214,359)
(8,473)
(235,795)
(9,367)
(259,374)
(10,356)
(167,323)
(184,089)
(202,536)
(222,832)
(245,162)
(269,730)
0
0
0
(5,819)
(47,701)
(50,779)
(3,571)
0
0
0
0
0
(2,147)
(36,454)
(12,081)
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)
0
0
0
0
0
(107,870)
(50,681)
(0)
52,153
103,698
141,948
129,157
89,404
50,000
50,000
50,000
50,000
134,329
263,486
50,000
102,153
153,698
191,948
263,486
352,890
(52,153)
(103,698)
(57,619)
50,000
50,000
134,329
263,486
352,890
0
50,000
336,292
0
336,292
117,702
218,590
117,776
161,051
64,071
(11,657)
122,901
367,027
0
367,027
128,460
238,568
128,849
177,156
74,270
(11,675)
127,665
439,960
0
439,960
153,986
285,974
101,532
194,872
86,067
(20,859)
127,426
475,435
0
475,435
166,402
309,033
115,822
214,359
99,710
(53,405)
164,192
517,499
0
517,499
181,125
336,374
128,047
235,795
115,483
(37,782)
150,925
555,100
0
555,100
194,285
360,815
149,661
259,374
133,717
4,989
112,395
50,000
275,193
(167,323)
157,870
50,000
107,870
50,000
286,924
(184,089)
152,834
50,000
102,834
50,000
306,235
(202,536)
153,698
50,000
103,698
50,000
364,780
(222,832)
191,948
50,000
141,948
134,329
374,319
(245,162)
263,486
50,000
213,486
263,486
359,134
(269,730)
352,890
50,000
302,890
0
0
0
0
0
0
3,571
0
3,571
0
0
0
0
0
0
3,571
0
3,571
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
104,299
0
104,299
99,263
0
99,263
103,698
0
103,698
141,948
0
141,948
213,486
0
213,486
0
0
0
5,819
47,701
50,779
0
0
104,299
0
0
0
0
2,147
36,454
8,509
52,153
99,263
0
0
0
0
0
(0)
0
103,698
103,698
50,000
50,000
50,000
0
0
0
0
0
(0)
0
57,619
57,619
134,329
0
0
0
0
0
(0)
0
(0)
(0)
263,486
0
0
(0)
0
0
0
0
0
(0)
302,890
0
302,890
0
0
0
0
0
0
0
(0)
(0)
352,890
(0)
Gross PP&E
PP&E Write-up
Fair Value PP&E
Accumulated Depreciation
Net PP&E
Year
Year No.
2010
1
Salvage
$900
800
600
600
2,900
2011
2
$500,000
$2,450
$502,450
25,000
$477,450
2012
3
7,425
8,420
7,425
40,308
63,578
7,425
8,420
7,425
40,308
63,578
7,425
8,420
7,425
40,308
63,578
9,167
0
0
0
0
0
0
0
0
0
9,167
9,167
12,100
0
0
0
0
0
0
0
0
21,267
9,167
12,100
8,873
0
0
0
0
0
0
0
30,140
Computed Depreciation
Manual Depreciation
72,745
40,000
84,845
40,000
93,718
40,000
72,745
84,845
93,718
179
0
179
0
179
0
1,053
450
150
88
144
83
138
0
1,053
450
150
88
144
83
138
0
1,803
450
900
88
144
83
138
0
Capex
Year
1
2
3
4
5
6
7
8
9
10
Capex
$110,000
121,000
133,100
146,410
161,051
177,156
194,872
214,359
235,795
259,374
1,753,117
Useful Life
12
10
15
14
12
16
15
15
12
12
Salvage
Period (Yrs)
12
Total Cost ($)
10,888
Tax PP&E
Salvage
$900
800
600
600
2,900
$415,000
10,758
10,420
11,800
14,067
47,045
10,758
10,420
11,800
14,067
47,045
10,758
10,420
11,800
14,067
47,045
9,167
0
0
0
0
0
0
0
0
0
9,167
9,167
15,125
0
0
0
0
0
0
0
0
24,292
9,167
15,125
8,873
0
0
0
0
0
0
0
33,165
56,212
71,337
80,210
143
14,099
143
14,099
143
14,099
Capex
Year
1
2
3
4
5
6
7
8
9
10
Capex
$110,000
121,000
133,100
146,410
161,051
177,156
194,872
214,359
235,795
259,374
1,753,117
Useful Life
12
8
15
9
4
16
15
2
12
12
Salvage
Period (Yrs)
15
15
Depreciation Method
0=SLN 1=Sum of Years
2013
4
2014
5
2015
6
2016
7
2017
8
2018
9
2019
10
7,425
8,420
7,425
40,308
63,578
7,425
8,420
7,425
40,308
63,578
7,425
8,420
7,425
40,308
63,578
7,425
8,420
7,425
0
23,270
7,425
8,420
7,425
0
23,270
7,425
8,420
0
0
15,845
7,425
8,420
0
0
15,845
9,167
12,100
8,873
10,458
0
0
0
0
0
0
40,598
9,167
12,100
8,873
10,458
13,421
0
0
0
0
0
54,019
9,167
12,100
8,873
10,458
13,421
11,072
0
0
0
0
65,091
9,167
12,100
8,873
10,458
13,421
11,072
12,991
0
0
0
78,082
9,167
12,100
8,873
10,458
13,421
11,072
12,991
14,291
0
0
92,373
9,167
12,100
8,873
10,458
13,421
11,072
12,991
14,291
19,650
0
112,023
9,167
12,100
8,873
10,458
13,421
11,072
12,991
14,291
19,650
21,615
133,637
104,176
40,000
117,597
40,000
128,669
40,000
101,352
40,000
115,643
40,000
127,868
40,000
149,482
40,000
104,176
117,597
128,669
101,352
115,643
127,868
149,482
179
0
179
0
179
0
179
0
179
0
179
0
179
0
1,515
450
0
700
144
83
138
0
1,393
450
0
0
722
83
138
0
2,271
450
0
0
0
583
1,238
0
450
450
0
0
0
0
0
0
450
450
0
0
0
0
0
0
450
450
0
0
0
0
0
0
450
450
0
0
0
0
0
0
Depreciation Method
0=SLN 1=Sum of Years
10,758
10,420
11,800
14,067
47,045
10,758
10,420
11,800
14,067
47,045
10,758
10,420
11,800
14,067
47,045
10,758
10,420
11,800
0
32,978
10,758
10,420
11,800
0
32,978
10,758
10,420
0
0
21,178
10,758
10,420
0
0
21,178
9,167
15,125
8,873
16,268
0
0
0
0
0
0
49,433
9,167
15,125
8,873
16,268
40,263
0
0
0
0
0
89,696
9,167
15,125
8,873
16,268
40,263
11,072
0
0
0
0
100,768
9,167
15,125
8,873
16,268
40,263
11,072
12,991
0
0
0
113,759
9,167
15,125
8,873
16,268
40,263
11,072
12,991
107,179
0
0
220,939
9,167
15,125
8,873
16,268
0
11,072
12,991
107,179
19,650
0
200,325
9,167
0
8,873
16,268
0
11,072
12,991
0
19,650
21,615
99,636
96,478
136,741
147,813
146,738
253,917
221,504
120,814
143
14,099
143
14,099
143
14,099
143
14,099
143
14,099
143
14,099
143
14,099
2010
1
2011
2
2012
3
2013
4
2014
5
214,212
233,238
259,559
288,655
315,807
72,745
1,250
0
179
0
84,845
1,350
0
179
0
93,718
1,450
0
179
0
104,176
1,550
0
179
0
117,597
1,650
0
179
0
56,212
1,350
14,099
143
71,337
1,500
14,099
143
80,210
1,600
14,099
143
96,478
1,700
14,099
143
136,741
1,750
14,099
143
216,582
232,534
258,855
282,140
282,501
15,500
201,082
70,379
232,534
81,387
258,855
90,599
282,140
98,749
282,501
98,875
74,974
81,633
90,846
101,029
110,533
4,595
247
247
2,280
11,657
15,500
0
15,500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,000
4,500
5,000
5,500
6,000
2,750
2,650
3,150
3,000
3,550
3,400
3,950
3,800
4,350
4,250
1,250
1,350
1,350
1,500
1,450
1,600
1,550
1,700
1,650
1,750
1,500
1,250
1,700
1,450
1,900
1,650
2,100
1,850
2,300
2,050
2015
6
2016
7
2017
8
2018
9
2019
10
350,447
429,310
468,774
513,099
550,800
128,669
1,750
0
179
0
101,352
1,850
0
179
0
115,643
1,950
0
179
0
127,868
2,050
0
179
0
149,482
2,150
0
179
0
147,813
1,900
14,099
143
146,738
2,000
14,099
143
253,917
2,200
14,099
143
221,504
2,300
14,099
143
120,814
2,500
14,099
143
317,091
369,713
316,188
405,150
565,055
317,091
110,982
369,713
129,399
316,188
110,666
405,150
141,802
565,055
197,769
122,656
150,259
164,071
179,585
192,780
11,675
20,859
53,405
37,782
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,500
7,000
7,500
8,000
8,500
4,750
4,600
5,150
5,000
5,550
5,300
5,950
5,700
6,350
6,000
1,750
1,900
1,850
2,000
1,950
2,200
2,050
2,300
2,150
2,500
2,500
2,250
2,700
2,450
2,900
2,650
3,100
2,850
3,300
3,050
(4,989)
5.00%
4.50%
1.20
Amount
65,000
200,888
80,000
55,000
65,000
40,000
70,000
25,000
600,888
Post-Tax
60,000
7.00%
282,500
16.03%
Beta Calculation
Levered Beta
1.20
Pre-Acquisition:
Debt
Equity
Preferred Stock
Debt/Equity Ratio
Preferred Stock/Equity Ratio
$250,000
$600,000
$0
0.42
0.00
Post-Acquisition:
Debt
Equity
Preferred Stock
Debt/Equity Ratio
Preferred Stock/Equity Ratio
$600,888
$282,500
$60,000
2.13
0.21
Tax Rate
35.00%
Unlevered Beta
0.94
Relevered Beta
2.45
WACC
0 = Manual 1 = Computed
1
Computed
4.76%
3.10%
Computed WACC
Cost of Debt (Post-Tax)
Cost of Preferred Stock
Cost of Equity
WACC
WACC
nual 1 = Computed
Computed
Manual
WACC
8.50%
Computed WACC
Proportion
Rate
Wtd. Cost
63.69%
3.10%
1.97%
6.36%
7.00%
0.45%
29.95%
16.03%
4.80%
7.22%
802,189
760,040
720,896
PV of Terminal Value (E
2,819,044
4,228,567
5,638,089
6.0%
7.0%
8.0%
6.0%
7.0%
8.0%
6.0%
7.0%
8.0%
6.0%
7.0%
8.0%
8.0x
3,148,279
2,866,119
2,611,526
3.5%
2,598,304
1,689,596
1,197,398
74.6%
73.9%
73.1%
79.7%
79.0%
78.4%
72.9%
65.9%
59.8%
76.4%
69.0%
62.4%
2018
Investment
Subordinated Notes
Initial Investment
Cash Interest
Repayment
Principal
Participation on Exit
IRR
Mezzanine Debt
Initial Investment
Cash Interest
Repayment
Principal
Participation on Exit
IRR
Preferred Stock
Initial Investment
Cash Dividend
Repayment
Principal
Participation on Exit
IRR
Management Equity
9
Undiluted
% Allocation
Diluted
Allocation
$220,000
40,000
25,000
40,000
70,000
60,000
N/A
77.19%
14.04%
8.77%
N/A
N/A
N/A
N/A
0.00%
0.00%
2.00%
3.00%
5.00%
4.00%
4.00%
63.30%
11.51%
9.19%
3.00%
5.00%
4.00%
4.00%
2,565,228
466,405
372,555
121,578
202,630
162,104
162,104
455,000
100.00%
18.00%
100.00%
4,052,606
Post-Acq
0
2010
1
2011
2
2012
3
2013
4
(40,000)
21.41%
(40,000)
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
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
0
0
0
0
1,930
0
1,930
2,084
0
2,084
2,200
0
2,200
2,393
0
2,393
(70,000)
20.56%
(70,000)
(60,000)
18.54%
(60,000)
(220,000)
31.82%
(220,000)
Initial Investment
Cash Dividend
Participation on Exit
IRR
New Equity
Initial Investment
Cash Dividend
Participation on Exit
IRR
(40,000)
36.21%
(40,000)
351
0
351
379
0
379
400
0
400
435
0
435
219
0
219
237
0
237
250
0
250
272
0
272
(25,000)
35.42%
(25,000)
6.0x
645,545
3,873,273
Less: Debt
Less: Preferred Stock
Add: Excess Cash
0
84,153
263,486
2014
5
2015
6
2016
7
4,052,606
2017
8
2018
9
2019
10
0
47,701
0
0
47,701
97
2,147
0
0
2,243
0
0
0
0
0
0
0
0
0
0
0
0
0
121,578
121,578
0
0
0
0
0
0
50,779
0
0
50,779
1,640
36,454
0
0
38,094
(0)
(0)
0
0
(0)
(0)
(0)
0
0
(0)
(0)
(0)
0
202,630
202,630
0
0
0
0
0
0
0
0
0
0
5,891
0
0
0
5,891
5,891
0
0
0
5,891
5,891
0
0
0
5,891
5,891
0
84,153
162,104
252,148
0
0
0
0
0
2,663
0
2,663
2,702
0
2,702
2,856
0
2,856
3,088
0
3,088
3,165
2,565,228
2,568,393
0
0
0
484
0
484
491
0
491
519
0
519
561
0
561
575
628,509
629,085
0
0
0
303
0
303
307
0
307
325
0
325
351
0
351
360
372,555
372,915
0
0
0
Ratio Analysis
Year
Year No.
2010
1
2011
2
2012
3
2013
4
2014
5
Capital Ratios
Debt Ratio
Total Debt / Book Capitalization
Total Debt / Equity
0.7x
0.6x
1.6x
0.6x
0.5x
1.1x
0.5x
0.4x
0.7x
0.5x
0.3x
0.5x
0.4x
0.2x
0.3x
Leverage Ratios
Total Debt / EBITDA
Total Debt / (EBITDA - Capex)
Net Debt / EBITDA
Senior Debt / EBITDA
2.1x
3.2x
1.9x
1.4x
1.7x
2.6x
1.6x
1.1x
1.4x
2.1x
1.2x
0.8x
1.1x
1.6x
0.9x
0.5x
0.8x
1.2x
0.7x
0.5x
Interest Coverage
EBITDA / Total Interest
EBITDA / Senior Interest
EBITDA / Cash Interest
8.8x
12.3x
12.3x
10.0x
14.4x
14.4x
12.0x
18.6x
18.6x
14.9x
25.5x
25.5x
17.3x
32.1x
32.1x
5.8x
8.1x
8.1x
6.5x
9.4x
9.4x
7.8x
12.1x
12.1x
9.6x
16.6x
16.6x
11.2x
20.7x
20.7x
6.8x
7.5x
9.1x
11.2x
12.8x
Asset Utilization
Total Asset Turnover (Sales)
Fixed Asset Turnover (Sales)
0.9x
2.2x
0.9x
2.3x
0.9x
2.3x
0.9x
2.4x
0.9x
2.5x
Activity Ratios
Inventory Turnover (COGS)
Accounts Receivable Turnover (Sales)
Accounts Payable Turnover (COGS & Inv)
Inventory Holding Period (Days)
Days Receivable (Sales)
Days Payable (COGS & Inv)
5.1x
7.8x
7.9x
71.9
47.0
46.4
5.1x
5.7x
7.0x
71.1
64.4
52.2
4.9x
5.4x
6.8x
73.9
67.6
53.8
4.7x
5.1x
6.7x
76.9
71.0
54.8
4.6x
4.9x
6.5x
79.9
74.5
55.9
Liquidity Ratios
Current Ratio
Quick (Acid Test) Ratio
2.3x
1.1x
2.3x
1.1x
2.3x
1.1x
2.4x
1.1x
2.4x
1.1x
Returns
Return on Equity (ROE)
Return on Assets (ROA)
38.72%
13.25%
30.19%
12.24%
25.61%
12.27%
22.52%
12.28%
20.02%
12.19%
N/A
10.00%
10.00%
10.00%
10.00%
Operating Results
Sales Growth
Gross Margin
EBITDA Margin
EBIT Margin
Pre-Tax Profit Ratio
55.00%
29.00%
22.37%
19.47%
54.89%
28.80%
21.77%
19.28%
54.77%
28.60%
21.54%
19.50%
54.66%
28.40%
21.27%
19.72%
54.55%
28.19%
20.88%
19.61%
2015
6
2016
7
2017
8
2018
9
2019
10
0.3x
0.2x
0.2x
0.3x
0.1x
0.1x
0.3x
0.0x
0.0x
0.3x
0.0x
0.0x
0.2x
0.0x
0.0x
0.5x
0.8x
0.4x
0.3x
0.3x
0.4x
0.2x
0.1x
0.1x
0.2x
-0.1x
0.0x
0.1x
0.2x
-0.3x
0.0x
0.1x
0.2x
-0.4x
0.0x
22.6x
35.4x
22.6x
30.2x
44.9x
30.2x
42.1x
72.5x
42.1x
54.3x
107.6x
54.3x
59.3x
117.5x
59.3x
14.5x
22.8x
14.5x
19.3x
28.8x
19.3x
26.8x
46.2x
26.8x
34.5x
68.3x
34.5x
37.5x
74.2x
37.5x
16.7x
24.5x
33.8x
43.5x
46.7x
0.9x
2.5x
0.9x
2.5x
0.9x
2.5x
0.8x
2.4x
0.8x
2.4x
4.4x
4.7x
6.4x
83.1
78.2
57.1
4.2x
4.4x
6.3x
86.5
82.1
58.2
4.1x
4.2x
6.1x
89.9
86.2
59.4
3.9x
4.0x
6.0x
93.5
90.6
60.6
3.8x
3.8x
5.9x
97.2
95.1
61.8
2.4x
1.1x
2.5x
1.2x
2.7x
1.4x
3.0x
1.6x
3.1x
1.7x
18.41%
12.17%
18.85%
13.32%
17.26%
12.68%
16.05%
11.92%
14.82%
11.14%
10.00%
10.00%
10.00%
10.00%
10.00%
54.43%
27.99%
20.72%
19.78%
54.32%
27.79%
22.58%
22.03%
54.21%
27.58%
22.18%
21.87%
54.09%
27.38%
21.95%
21.76%
53.98%
27.17%
21.40%
21.24%