1998 1999 2000 2001 2002 2003 2004 2005

net sales 99.8 124.7 155.9 194.8 243.6 304.4 380.6 475.7
Ebit 18.4 31.2 39.0 48.7 60.9 76.1 95.1 118.9
Loan Repaid 0 0 0 0 0 0 0
Loan Pendi 90 90 90 90 90 90 90 90
Interest 9 9 9 9 9 9 9 9
PBT 9.4 22.2 30.0 39.7 51.9 67.1 86.1 109.9
Tax 11.1 15.0 19.9 25.9 33.6 43.1 55.0
PAT 11.1 15.0 19.9 25.9 33.6 43.1 55.0
Dep 1.6 1.7 1.8 1.9 2.1 2.5 2.9
CFO 12.7 16.7 21.7 27.8 35.7 45.6 57.9
NWC 5.3 7.5 9.4 11.8 14.5 18.2 22.9
CAPEX 0.8 0.8 1 1.3 2.1 3.5 4.6
Loan Repaid 0 0 0 0 0 0 0
FCFE 6.6 8.4 11.3 14.7 19.1 23.9 30.4

PV of Inter $31.09
PV of Loan $12.28
Intial Inves ($90.00)
PVAF 0.32768
Value of Sh ($46.63)
-142.308

502.5
-0.2832
 2006 2007 2008
594.6 743.3 929.1
148.7 185.8 232.3
30 30 30
90 60 30
9 6 3
139.7 179.8 229.3
69.8 89.9 114.6
69.8 89.9 114.6
3.6 4.4 5.4
73.4 94.3 120.0
28.6 35.7 44.6
6.2 8 10.2
30 30 30
8.6 20.6 35.2
 1 2 3 4 5 6 7 8
1998 1999 2000 2001 2002 2003 2004 2005 2006
sales 1695 1780 1887 2019 2180 2354 2543 2746 2966
Growth 5% 6% 7% 8% 8% 8% 8% 8%
cogs 1195 1246 1302 1360 1439 1554 1678 1813 1958
Cogs % 0.70 0.69 0.67 0.66 0.66 0.66 0.66 0.66
SGA 302 302 302 327 353 381 412 445
dep 40 51 56 61 66 72 78 84 91
PBT 181 227 296 348 375 406 437 472
Tax 63 79 103 122 131 142 153 165
PAT 118 147 192 226 244 264 284 307
CFO 169 203 253 292 316 342 368 398
-nwc 30 36 45 55 59 64 69 75
-cape 89 94 101 109 118 127 137 148
FCF 50 73 107 128 139 151 162 175
TV
Total FCF 50 73 107 128 139 151 162 175
PVF 0.884956 0.783147 0.69305 0.613319 0.54276 0.480319 0.425061 0.37616
PV 44 58 74 79 75 72 69 66

EV 1318
Debt 240
Equity Valu 1078
Value per s 43.11251 *max share price which acquirer can agree to pay
current pri 24.9
premium 1.731426

Price per s 42.4

No of share 25
Cash requi 1060
 9 10
2007 2008
3203 3460
8% 8%
2114 2283
0.66 0.66
480 519
99 107
510 551
179 193
332 358
431 465
81 87
160 173
190 205 outstandin 240
2231.605 interest 30
190 2436
0.332885 0.294588 Rate 0.125
63 718 1318 higher rate 15%
After Tax 0.0975 cost of debt

share price 20.65 cost of equity

dividend 1.8
div yield 0.087167

Payout 55%
RR 45%

ROE 12%
g 0.054 RR*ROE

ke 0.141167 g+div yield

D 0.247
E 0.753

WACC 0.130381
WACC ass 13%