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A) Cost of capita

Average (EBIT)= 11795+7020+1631+6702+510/ 5 = 5532


Avg (Debt + Equity)=72538+33033= 105571
P/E = 105571/ 5532 = 19.1

Average industry EBIT


Average Industry P/E

5,532
19.09

A) CASH FLOW WITHOUT SYNERGY


Operating Results:
Service Revenue
Plus: Equipment
Sales
Plus: Synergy Related Business Revenue
Total Revenue
Less: System Operating
Expenses
Plus: Backhaul Synergy
Savings
Less: Cost of Equipment Sold
Less: Selling, General & Administrative
EBITDA
Less: Depreciation & Amortization
EBIT
Tax @40%
Un-Levered Free Cash Flow:
NOPAT
Plus: Depreciation &
Amortization
Less: Changes in Working
Capital
Less: Capital Expenditures
Un-Levered Free Cash Flow
PV Intermediate
FCF
DC FACTOR @ Ka

8.57%
Ka

1,254.6

2008
4,194.3

2009
4,781.5

2010
5,379.2

2011
5,917.2

2012
6,331.4

314.8
0.0
4,509.1

358.8
0.0
5,140.4

403.7
0.0
5,782.9

444.1
0.0
6,361.2

475.2
0.0
6,806.5

838.9

956.3

1,075.8

1,183.4

1,266.3

0.0
755.5
1,803.6
1,111.1
705.2
405.9
162.4

0.0
861.2
2,056.2
1,266.7
804.0
462.7
185.1

0.0
968.9
2,313.2
1,425.0
867.4
557.6
223.0

0.0
1,065.8
2,544.5
1,567.5
922.4
645.2
258.1

0.0
1,140.4
2,722.6
1,677.3
952.9
724.4
289.7

243.5

277.6

334.6

387.1

434.6

705.2

804.0

867.4

922.4

952.9

20.4
631.3
297.1

18.9
719.7
343.1

19.2
867.4
315.3

17.3
970.1
322.1

13.3
1,055.0
319.2

273.7
0.92

291.0
0.85

246.4
0.78

231.8
0.72

211.6
0.66

Based on projected cashflows excluding the benefits of Synergy

Changes in Working Capital:


Accounts Receivable
Plus: Inventory
Plus: Prepaid Expenses
Less: Deferred Revenue
Less: Accounts Payable
Less: Accrued Liabilities
Net Working Capital
Increase in NWC

2007

2008

2009

2010

2011

2012

435.5
101.0
41.6
143.4
260.8
59.2
114.6
0

485.5
135.0
46.9
132.2
335.5
64.7
135.0
20.4

553.5
153.9
53.5
150.8
382.4
73.7
153.9
18.9

622.6
173.1
60.1
169.6
430.2
82.9
173.1
19.2

684.9
190.4
66.2
186.6
473.2
91.2
190.5
17.3

732.9
203.7
70.8
199.6
506.4
97.6
203.8
13.3

Service Revenue Growth


Equipment Sales/Service
Revenue
Total Revenue Growth
Wireless Service Gross Profit
Margin
Equipment Sales Gross Profit
Selling, General &
Administrative
EBITDA
Depreciation & Amortization
EBIT
Effective Tax Rate
Cap-x/Revenue

Operating Margins:
14.0%
14.0%

12.5%

10.0%

7.0%

7.5%
14.3%

7.5%
14.0%

7.5%
12.5%

7.5%
10.0%

7.5%
7.0%

80.0%
-140.0%

80.0%
-140.0%

80.0%
-140.0%

80.0%
-140.0%

80.0%
-140.0%

40.0%
24.6%
15.6%
9.0%
40.0%
14.0%

40.0%
24.6%
15.6%
9.0%
40.0%
14.0%

40.0%
24.6%
15.0%
9.6%
40.0%
15.0%

40.0%
24.6%
14.5%
10.1%
40.0%
15.3%

40.0%
24.6%
14.0%
10.6%
40.0%
15.5%

B) Debt Capacity

Pre-Synergy Est. 2007 EBITDA


Interest Coverage Ratio
Maximum Interest Expense
Interest Rate
Est. Debt Capacity

AirThread Debt Capacity:


1,033
5.00x
207
5.50%
3,758

Total Borrowing
Amortization
Period
Payments Per
Year
Monthly
Payment

3,758
10
12
41

C) Cash Balance

Excess Cash:
Un-Levered Free Cash Flow
Less: After-Tax Interest
Expenses
Less: Scheduled Principal
Payments
Excess Cash
Cash on Balance Sheet

Excludes Synergies:
2008
2009
297.1
343.1

2010
315.3

2011
322.1

2012
319.2

119.7

109.8

99.5

88.5

77.0

289.9
(112.5)

306.3
(73.1)

323.6
(107.7)

341.8
(108.3)

2,496.0
(2,253.8)

92.06

19.0

(88.7)

(197.0)

(2,450.7)

Includes Synergies:
2008
2009
2010
332.2
418.5
426.7

Excess Cash:
Un-Levered Free Cash Flow
Less: After-Tax Interest
Expsnse
Less: Scheduled Principal
Payments
Excess Cash

119.7

109.8

289.9
(77.4)

Cash on Balance Sheet

127.1

Cash Reconciliation:
Beginning Cash Balance
Plus: Cash From Operations
Less: Aft-Tax Interest Exp.
Less: Principal Payments
Ending Cash Balance

2008
204.5
297.1
119.7
289.9
92.06

Cash Reconciliation:
Beginning Cash Balance
Plus: Cash From Operations
Less: Aft-Tax Interest Exp.
Less: Principal Payments
Ending Cash Balance

2008
204.5
332.2
119.7
289.9
127.1

2011
490.4

2012
537.4

99.5

88.5

77.0

306.3
2.4

323.6
3.6

341.8
60.1

2,496.0
(2,035.5)

129.5

133.1

193.2

(1,842.4)

D) Interest Tax Shield ( Without Synegry / With Synergy)

Interest Tax Shields:


Interest Expense
Tax Rate
Tax Shield
Interest Rate
5.50%
PV of Intermediate Tax Shields
Discount Factor ( @ Kd = 5.5 %)

284.8

2008
199.4
40.0%
79.8

2009
183.1
40.0%
73.2

2010
165.8
40.0%
66.3

2011
147.5
40.0%
59.0

2012
128.3
40.0%
51.3

75.6
0.95

65.8
0.90

56.5
0.85

47.6
0.81

39.3
0.77

E) Projected Balance Sheet ( without Synergy)


Assets:
Cash & Cash Equivalents
Marketable Securities
Accounts Receivable
Inventory
Prepaid Expenses
Deferred Taxes
Other Current Assets
Total Current Assets
Property, Plan & Equipment
Licenses
Customer Lists
Investments in Affiliated Entities
Long Term Note Receivable
Goodwill
Other Long Term Assets
Total Assets
Liabilities & Owners' Equity:
Accounts Payable
Deferred Revenue & Deposits
Accrued Liabilities
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Deferred Tax Liability
Asset Retirement Obligation
Other Deferred Liabilities
Minority Interest
Total Equity
Total Liabilities & Owners' Equity
Cash Balance
Beginning Cash
Plus: Un-Levered Free Cash Flow
Less: After-Tax Interest Expense
Less: Principal Payments
Ending Cash

2007
204.5
16.4
435.5
101.0
41.6
18.6
16.2
833.8

2008
92.1
16.4
485.5
135.0
46.9
18.6
16.2
810.6

2009
19.0
16.4
553.5
153.9
53.5
18.6
16.2
830.9

2010
(88.7)
16.4
622.6
173.1
60.1
18.6
16.2
818.3

2011
(197.0)
16.4
684.9
190.4
66.2
18.6
16.2
795.6

2012
0.0
16.4
732.9
203.7
70.8
18.6
16.2
1,058.5

2,595.1
1,482.4
15.4
157.7
4.4
491.3
31.8
5,611.9

2,521.1
1,482.4
15.4
157.7
4.4
491.3
31.8
5,514.7

2,436.8
1,482.4
15.4
157.7
4.4
491.3
31.8
5,450.8

2,436.8
1,482.4
15.4
157.7
4.4
491.3
31.8
5,438.2
887.0

2,484.5
1,482.4
15.4
157.7
4.4
491.3
31.8
5,463.2

2,586.6
1,482.4
15.4
157.7
4.4
491.3
31.8
5,828.2

260.8
143.4
59.2
43.1
97.7
604.2

335.5
132.2
64.7
43.1
97.7
673.1

382.4
150.8
73.7
43.1
97.7
747.7

430.2
169.6
82.9
43.1
97.7
823.5

473.2
186.6
91.2
43.1
97.7
891.8

506.4
199.6
97.6
43.1
97.7
944.4

1,002.3
554.4
126.8
84.5

3,467.6
554.4
126.8
84.5

3,161
554.4
126.8
84.5

3,725
554.4
126.8
84.5

2,496
554.4
126.8
84.5

2,451
554.4
126.8
84.5

43.4

43.4

43.4

43.4

43.4

43.4

3,196.2
5,611.9

564.8
5,514.7

732.6
5,450.8

967.7
6,325.2

1,266.2
5,463.2

1,623.9
5,828.2

204.5
297.1
119.7
289.9
92.1

92.1
343.1
109.8
306.3
19.0

19.0
315.3
99.5
323.6
(88.7)

(88.7)
322.1
88.5
341.8
(197.0)

(197.0)
319.2
77.0
2,496.0
(2,451)

F) Projected Balance Sheet (with Synergy)


Assets:
Cash & Cash Equivalents
Marketable Securities
Accounts Receivable
Inventory
Prepaid Expenses
Deferred Taxes
Other Current Assets
Total Current Assets
Property, Plan & Equipment
Licenses
Customer Lists
Investments in Affiliated Entities
Long Term Note Receivable
Goodwill
Other Long Term Assets
Total Assets
Liabilities & Owners' Equity:
Accounts Payable
Deferred Revenue & Deposits
Accrued Liabilities
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Deferred Tax Liability
Asset Retirement Obligation
Other Deferred Liabilities
Minority Interest
Total Equity
Total Liabilities & Owners' Equity
Cash Balance
Beginning Cash
Plus: Un-Levered Free Cash Flow
Less: After-Tax Interest Expense
Less: Principal Payments
Ending Cash

2007
204.5
16.4
435.5
101.0
41.6
18.6
16.2
833.8

2008
127.1
16.4
503.6
135.0
47.8
18.6
16.2
864.6

2009
129.5
16.4
584.6
153.9
54.8
18.6
16.2
973.8

2010
133.1
16.4
667.5
173.1
61.9
18.6
16.2
1,086.8

2011
193.2
16.4
750.9
190.4
68.6
18.6
16.2
1,254.2

2012
0.0
16.4
814.4
203.7
73.6
18.6
16.2
1,142.9

2,595.1
1,482.4
15.4
157.7
4.4
491.3
31.8
5,611.9

2,518.6
1,482.4
15.4
157.7
4.4
491.3
31.8
5,566.2

2,429.9
1,482.4
15.4
157.7
4.4
491.3
31.8
5,586.7

2,429.9
1,482.4
15.4
157.7
4.4
491.3
31.8
5,699.6
887.0

2,481.8
1,482.4
15.4
157.7
4.4
491.3
31.8
5,919.1

2,594.5
1,482.4
15.4
157.7
4.4
491.3
31.8
5,920.4

260.8
143.4
59.2
43.1
97.7
604.2

341.6
134.7
65.8
43.1
97.7
682.9

391.7
154.4
75.5
43.1
97.7
762.4

443.0
174.6
85.4
43.1
97.7
843.7

490.6
193.4
94.6
43.1
97.7
919.3

526.7
207.6
101.5
43.1
97.7
976.6

1,002.3
554.4
126.8
84.5

3,467.6
554.4
126.8
84.5

3,161
554.4
126.8
84.5

3,725
554.4
126.8
84.5

2,496
554.4
126.8
84.5

1,842
554.4
126.8
84.5

43.4

43.4

43.4

43.4

43.4

43.4

3,196.2
5,611.9

606.4
5,566.2

853.8
5,586.7

1,208.9
6,586.6

1,694.6
5,919.1

2,292.3
5,920.4

204.5
332.2
119.7
289.9
127.1

127.1
418.5
109.8
306.3
129.5

129.5
426.7
99.5
323.6
133.1

133.1
490.4
88.5
341.8
193.2

193.2
537.4
77.0
2,496.0
(1,842)

G) Long Term Growth Rate( reference 2012 data)


estmd from with synergy CF

estmd from without synergy CF

Long-Term Growth
Rate:
NOPAT
Invested Capital
ROC

2012
674.6
4,091.2
16.5%

2012
434.6
4,075.0
10.7%

Net Reinvestment
NOPAT
Reinvestment Rate

137.2
674.6
20.3%

115.4
434.6
26.6%

Est. EBIT Growth


Rate

3.4%

2.8%

Or
G= RR * ROC= NWC+CAPEX-DEP / (D+E)= 115.4 / 4198.5 = 2.75 %( without Synergy)
G = RR * ROC = NWC+CAPEX-DEP / (D+E)= 137.2 / 4198.5 = 3.26 %( without Synergy)
Avg. = 3 %

H) APV Excluding Synergy

Un-Levered Free Cash Flows:


NOPAT
Plus: Depreciation & Amortization
Less: Changes in Working Capital
Less: Capital Expenditures
Un-Levered Free Cash Flow
PV of FCF
8.57%
Interest Tax
Shields
PV of Interest Tax Shields
Total Intermediate Term
Value
TV Growth Rate
TV WACC Cash Flow
Value of Operating Assets
Value of Non-Operating
Assets
Total Enterprise Value

2008
243.5
705.2
20.4
631.3
297.1

2009
277.6
804.0
18.9
719.7
343.1

2010
334.6
867.4
19.2
867.4
315.3

2011
387.1
922.4
17.3
970.1
322.1

2012
434.6
952.9
13.3
1,055.0
319.2

1,254.6

273.7

291.0

246.4

231.8

211.6

284.8

79.8
75.6

73.2
65.8

66.3
56.5

59.0
47.6

51.3
39.3

1,539.4
2.8%
4,632.9
6,172.3
1,717.7
7,889.9

6,718.1

I)

Unlevered Cash Flow with Synegy

Operating Results:
Service Revenue
Plus: Equipment Sales
Plus: Synergy Related Business Revenue
Total Revenue
Less: System Operating Expenses
Plus: Backhaul Synergy Savings
Less: Cost of Equipment Sold
Less: Selling, General & Administrative
EBITDA
Less: Depreciation & Amortization
EBIT
Less: Interest Expense
EBT
Less: Taxes @ 40%
Net Income

2008
4,194.3
314.8
156.5
4,665.6
838.9
0.0
755.5
1,866.2
1,205.0
729.7
475.3
199.4
275.9
110.4
165.5

2009
4,781.5
358.8
268.6
5,409.0
956.3
(13.4)
861.2
2,163.6
1,441.3
846.0
595.3
183.1
412.2
164.9
247.3

2010
5,379.2
403.7
387.3
6,170.3
1,075.8
(25.8)
968.9
2,468.1
1,683.3
925.5
757.7
165.8
591.9
236.8
355.2

2011
5,917.2
444.1
569.9
6,931.2
1,183.4
(52.5)
1,065.8
2,772.5
1,962.1
1,005.0
957.0
147.5
809.5
323.8
485.7

2012
6,331.4
475.2
704.5
7,511.0
1,266.3
(76.0)
1,140.4
3,004.4
2,175.9
1,051.5
1,124.4
128.3
996.1
398.4
597.7

285.2
729.7
29.6
653.2
332.2

357.2
846.0
27.4
757.3
418.5

454.6
925.5
28.0
925.5
426.7

574.2
1,005.0
31.8
1,057.0
490.4

674.6
1,051.5
24.6
1,164.2
537.4

12.5%
7.5%
14.1%
80.0%
-140.0%
40.0%
27.3%
15.0%
12.3%
40.0%
15.0%

10.0%
7.5%
12.3%
80.0%
-140.0%
40.0%
28.3%
14.5%
13.8%
40.0%
15.3%

7.0%
7.5%
8.4%
80.0%
-140.0%
40.0%
29.0%
14.0%
15.0%
40.0%
15.5%

Un-Levered Free Cash Flow:


NOPAT
Plus: Depreciation & Amortization
Less: Changes in Working Capital
Less: Capital Expenditures
Un-Levered Free Cash Flow

Operating Margins:
Service Revenue Growth
Equipment Sales/Service Revenue
Total Revenue Growth
Wireless Service Gross Profit Margin
Equipment Sales Gross Profit
Selling, General & Administrative
EBITDA
Depreciation & Amortization
EBIT
Effective Tax Rate
Cap-x/Revenue

14.0%
7.5%
18.2%
80.0%
-140.0%
40.0%
25.8%
15.6%
10.2%
40.0%
14.0%

14.0%
7.5%
15.9%
80.0%
-140.0%
40.0%
26.6%
15.6%
11.0%
40.0%
14.0%

Based on projected cashflows including the benefits of Synergy

Changes in Working Capital:


Accounts Receivable
Plus: Inventory
Plus: Prepaid Expenses
Less: Deferred Revenue
Less: Accounts Payable
Less: Accrued Liabilities
Net Working Capital
Increase in NWC

2007

2008

2009

2010

2011

2012

435.5
101.0
41.6
143.4
260.8
59.2
114.6
0

503.6
135.0
47.8
134.7
341.6
65.8
144.2
29.6

584.6
153.9
54.8
154.4
391.7
75.5
171.6
27.4

667.5
173.1
61.9
174.6
443.0
85.4
199.5
28.0

750.9
190.4
68.6
193.4
490.6
94.6
231.4
31.8

814.4
203.7
73.6
207.6
526.7
101.5
255.9
24.6

J) APV with Synergy

Un-Levered Free Cash Flows:


NOPAT
Plus: Depreciation & Amortization
Less: Changes in Working Capital
Less: Capital Expenditures
Un-Levered Free Cash Flow
PV of FCF

8.57%

Interest Tax Shields


PV of Interest Tax Shields
Total Intermediate Term
Value
Discount rate
7.72%
TV Growth Rate
3.35%
TV WACC Cash Flow
Value of Operating Assets
Value of Non-Operating
Assets
Total Enterprise Value

2008
285.2
729.7
29.6
653.2
332.2

2009
357.2
846.0
27.4
757.3
418.5

2010
454.6
925.5
28.0
925.5
426.7

2011
574.2
1,005.0
31.8
1,057.0
490.4

2012
674.6
1,051.5
24.6
1,164.2
537.4

1,703.7

305.9

355.1

333.4

353.0

356.3

284.8

79.8
75.6

73.2
65.8

66.3
56.5

59.0
47.6

51.3
39.3

1,988.5

8,782.3
10,770.8
1,717.7
12,488.5

12,735.1