Valuation

Free Cash Flow Build-up

Projected Cash
2016 E 2017 E
Period 1 2
EBIT 1,407,557,486 1,469,479,920
Tax rate 11% 11%
EBIAT 1,255,393,412 1,310,621,718
Depreciation & Amortization 293,364,935 312,096,872
Net Working 216,281,520 240,052,313
Capital Expenditures 4,182,636,846 381,874,145
Unlevered free cash flows 5,947,676,714 2,244,645,047
Terminal Growth
Terminal Growth rate
Discount rate (WACC) 18.56% 18.56%
Present value of free cash flows 5,016,583,480 1,596,868,128
Terminal Value
PV of continuing Value
Sum of present values of FCFs

Terminal Value

Long term growth rate 7%

WACC 18.56%
Free cash Flow 19,917,500,330

Assumptions
Beta 2.11
Diluted Shares Outstanding 19649410
Cost of Debt 9.40%
Tax rate 11%
After tax cost of debt 8.38%
Cost of equity 37.22%

Total Debt 12,107,460,464

Total Equity 6,602,409,662
Total Capital 18,709,870,126

Debt weighing 64.71%

Equity weighing 35.29%

WACC= 18.56%
Enterprise Value to Equity Value
Enterprise Value 19,917,500,330
Less Net debt 12,107,460,464
Plus Cash and Cash equivalents 638,388,319
Equity Value 8,448,428,185
Diluted Shares Outstanding 19649410
Equity Value per share 429.96
 Projected Cash Flow
2018 E 2019 E Perpetuity
3 4 5
1,534,126,497 1,601,617,060 1,672,076,724
11% 11% 11%
1,368,279,674 1,428,474,166 1,491,316,784
322,284,513 332,472,717 336,670,946
292,712,558 327,251,379 338,810,796
345,907,016 307,546,467 275,867,566
2,329,183,761 2,395,744,729 2,442,666,092
2,613,652,718
7%
18.56% 18.56% 18.56%
1,397,609,427 1,212,504,330 1,042,719,631
22,608,854,523
9,651,215,335
19,917,500,330

0.5135892208 0.0940145962
0.4864107792
marekt return
 90
0.1730769231
20.30%