Raw Input Calculated

Year Revenues Change in Revenue Sales/Capital Ratio Reinvestment Capital Invested

Current $187 $1,657
1 $562 $375 1.50 $250 $1,907
2 $1,125 $563 1.50 $375 $2,282
3 $2,025 $900 1.50 $600 $2,882
4 $3,239 $1,214 1.50 $809 $3,692
5 $4,535 $1,296 1.50 $864 $4,556
6 $5,669 $1,134 1.50 $756 $5,312
7 $6,803 $1,134 1.50 $756 $6,068
8 $7,823 $1,020 1.50 $680 $6,748
9 $8,605 $782 1.50 $521 $7,269
10 $9,035 $430 1.50 $287 $7,556

From Industry Average

Operating Income Imputed RoC
-$787
-$1,125 -67.9%
-$1,012 -53.1%
-$708 -31.0%
-$243 -8.4%
$284 7.7%
$744 16.3%
$1,127 21.2%
$1,430 23.6%
$1,647 24.4%
$1,768 24.3%
 High Growth Period
Current Cashflow to Firm Year 1 2
EBIT (1-t) $1,414 Growth Rate 11.44% 11.44%
- Nt CpX $831 Reinvestment Rate 57.43% 57.43%
- Chg WC -$19 EBIT $2,483 $2,767
- FCFF $602 EBIT (1-t) $1,576 $1,756
Reinvestment Amount $812 - Reinvestment $905 $1,009
Reinvestment Rate 57.43% = FCFF $671 $748

Cash $3,016 Unlevered β for Sectors 1.25

Equity $34,656 Levered β for Firm 1.26
Debt $558
Riskfree Rate for Euro 3.41%
Corporate Tax Rate 36.54% Company Risk Premium 4.00%
Country Risk Premium 0.25%
Stable Growth Conditions
Growth Rate 3.41% Total Risk Premium 4.25%
β 1.00
Debt Ratio 20% Cost of Equity 8.78%
Cost of Capital 6.62%
RoC 6.62% Credit Default Spread 0.35%
Tax Rate 35% Cost of Debt 3.76%
Reinvestment Rate 52%
WACC 8.64%

RoC in Emerging Markets 19.93% Expected Growth Rate 11.44%

High Growth Period Growth Period inclining to Stable Growth
3 4 5 6 7 8 9 10
11.44% 11.44% 11.44% 9.84% 8.23% 6.62% 5.02% 3.41%
57.43% 57.43% 57.43% 56.25% 55.07% 53.89% 52.72% 51.54%
$3,084 $3,437 $3,830 $4,207 $4,554 $4,855 $5,099 $5,273
$1,957 $2,181 $2,431 $2,670 $2,890 $3,081 $3,236 $3,346
$1,124 $1,253 $1,396 $1,502 $1,591 $1,661 $1,706 $1,725
$833 $929 $1,035 $1,168 $1,298 $1,421 $1,530 $1,621
=FCFt+1 * (1+g) / (r-g)
Terminal Value
$52,289

NPV of Growth Period: 6,854 ₺

NPV of Terminal Value: 25,842 ₺

Total Current Value: 32,696 ₺