Trading Comps Modeling Training

Before
Before you
you begin
begin please
please read
read the
the following
following instructions:
instructions:
1.
1.Go
Goto
toExcel
ExcelOptions
Options--->
--->Formulas
Formulas--->
---> Calculation
CalculationOptions
Options--->
--->Set
Set
calculation
calculationto
toautomatic
automatic
2.
2.Cells
Cellsmarked
markedwith
with"Light
"LightGreen"
Green"color
colorare
arethe
theonly
onlyinput
inputfields
fields
3.
3.All
Allother
othercells
cellsare
areformula
formuladriven.
driven.Please
Pleasedont
dontmake
makeany
anyinput
inputthere
there
4.
4.Do
Donot
notinsert
insertany
anyrow/column
row/columnin
inthe
thesheet
sheet

WARNING: The enclosed models are proprietary to Copal Institute and are
designed for illustrative and training purposes only. Distributing, sharing,
duplicating or altering these models in any way is prohibited without the
expressed permission of Copal Institute. For more information about our
training programs, please
Copyright 2011 Copal Institute Contact Us: 9810477989 or Visit Us Online: www.copalinstitute.com

Comparables Output Worksheet

Last twelve months (LTM)

#
1
2

Ticker
AES
-

Company Name
-

Share
price
-

Market
Cap.
-

Enterprise
EV / REV
value
-

Year 1

EV / EBIT
-

EV /
EBITDA
-

P/E
-

EV / REV
-

Year 2

EV / EBIT
-

EV /
EBITDA
-

P/E
-

EV / REV
-

EV / EBIT
-

EV /
EBITDA
-

P/E
-

3
4

5
6

7
8
9

10
Target

High

0.00x

0.0x

0.0x

0.00x

0.00x

0.0x

0.0x

0.00x

0.00x

0.0x

0.0x

0.00x

Low
Median

0.00x

0.0x

0.0x

0.00x

0.00x

0.0x

0.0x

0.00x

0.00x

0.0x

0.0x

0.00x

Mean

In Million, except per share data)

General Information:
Ticker
Company Name
Current stock price
Stock Price Date (mm/dd/yy)

52 Week:
High
Low
Price as % of of high

AES
AES CORP
$14.15
09/26/14

$15.65
13.16
90.4%

Last fiscal year-end date

Dec-31-13

Latest quarter data available

Jun-30-14

Convertible Securities Info:

Convertible debt (tranche #1)
Conversion price
Convertible debt (tranche #2)
Conversion price
Convertible debt (tranche #3)
Conversion price

Calendarization statistics:
Calendar yr 1
Days FY 1 is behind CY 1
Days FY 1 is ahead of CY 1

517.0
$35.17

Dec-31-14
0
0

Multiply last historical year by:

Multiply Fiscal Yr 1 by:
Multiply Fiscal Yr 2 by:

0%
100%
0%

Enterprise Value Calculation:

Calculation of Market Capitalization
Shares outstanding
Add: Shares from exercise of options
Less: Shares repurchased with option proceeds
Net dilutive shares from exercise of options
Add: Shares from exercise of Convertible debt

723.27
5.84
0.00
729.11
0.00

Total Diluted shares outstanding

729.11

Market Cap

Calculation of Enterprise Value

Market Cap
Short-term debt
Long-term debt
Convertible debt
Preferred stock (non-convertible)
Minority interest
Other debt equivalent
Less: Cash & Equivalents
Net Debt
Enterprise Value

$10,316.9

Income Statement:
FY ended
Current Stub Prior Stub
Dec-31-13
Jun-30-14
Jun-30-13
$15,891.0
$8,573.0
$8,095.0

Total Revenues

LTM
Jun-30-14
$16,369.0

EBIT / Operating income

$3,027.0

$1,510.0

$1,543.0

$2,994.0

Depreciation & amortization

EBITDA

$1,294.0
$4,321.0

$625.0
$2,135.0

$0.0
$1,543.0

$1,919.0
$4,913.0

$1,322.7
748.00
$1.77

$640.2
728.00
$0.88

$687.4
750.00
$0.92

$1,275.5

Net Income
Weighted average diluted shares outstanding
EPS (Diluted)

Multiples Analysis:
EV/Sales

LTM
2.06x

2014E

2015E

$1.73

EV/EBIT
EV/EBITDA
P/E

11.3x
6.9x
8.2x

Calculation:

terprise Value
$10,316.9
2,095.0
19,628.0
517.0
78.0
3,297.0
1,262.0
3,421.0
$23,456.0
$33,772.9

Outstanding
6.87
4.35
1.49

Options / Warrants
Ex. Price
In the Money?
$14.91
No
0.00
Yes
0.00
Yes
Yes
Yes
Yes
Yes

12.70
Option proceeds (mm)

In the Money #
0.00
4.35
1.49
0.00
0.00
0.00
0.00
5.84
$0.0

tement:
Fiscal Year Projections
Dec-31-14
Dec-31-15
Dec-31-16

$0.0

$0.0

$0.0

Calendarized Projections
Dec-31-14
Dec-31-15
$0.0
$0.0
$0.0

$0.0

$0.0

$0.0

$0.00

$0.00