F per Steady

Revenues 40000 Beta 1.25 1

Opt Mrgn 6% Rf 5% 5%
EBIT 2400 Rp 6% 6%
Tax Rate 30% Wd 10% 10%
EBIT (1-T) 1680 We 90% 90%
Net CAPEX 250 Kd(1-t) 4% 3%
WC 50 ke 12.5000% 11.0000%
Reinvestment 300 Ko 11.65000% 10.20000%
RR 0.178571
Growth rate 6%
G min 2%
G steady state 1%

f per 1 2 3 4 5 6
EBIT (1-T) 1780.8 1887.648 2000.907 2120.961 2248.219 2270.7012
REINVESTMENT 318 337.08 357.3048 378.7431 401.46767 405.48235
FCFF 1462.8 1550.568 1643.602 1742.218 1846.7513 1865.2188
DF 0.895656 0.8022 0.718495 0.643525 0.5763766
PV of FCFF 1310.166 1243.865 1180.92 1121.16 1064.4243 11685.528

PV of FCFF 5920.535
PERP 11685.53
DCF-EV 17606.06 17606 8% 11.65% 12%
DEBT 1606 5% 17606 17606 17606
Equity 16000.06 6% 17606 17606 17606
No. Shares 100 7% 17606 17606 17606
DCF EQ/# 160.0006
20274.1175006400
 F per Steady
Revenues 40000 Beta 1.5 1
Opt Mrgn 6% Rf 5% 5%
EBIT 2400 Rp 6% 6%
Tax Rate 30% Wd 10% 10%
EBIT (1-T) 1680 We 90% 90%
Net CAPEX 250 Kd(1-t) 4% 3%
WC 50 ke 14.0000% 11.0000%
Reinvestment 300 Ko 13.00000% 10.20000%
RR 0.178571
Growth rate 6%
G min 2%
G steady state 1%

f per 1 2 3 4 5 6
EBIT (1-T) 1780.8 1887.648 2000.907 2120.961 2248.219 2270.7012
REINVESTMENT 318 337.08 357.3048 378.7431 401.46767 405.48235
FCFF 1462.8 1550.568 1643.602 1742.218 1846.7513 1865.2188
DF 0.884956 0.783147 0.69305 0.613319 0.5427599
PV of FCFF 1294.513 1214.322 1139.099 1068.535 1002.3426 11003.979

PV of FCFF 5718.812
PERP 11003.98
DCF-EV 16722.79 17606 8% 11.65% 12%
DEBT 1606 5% 17606 17606 17606
Equity 15116.79 6% 17606 17606 17606
No. Shares 100 7% 17606 17606 17606
DCF EQ/# 151.1679
20274.1175006400
 F per Steady
Revenues 40000 Beta 1.25 1
Opt Mrgn 6% Rf 5% 5%
EBIT 2400 Rp 6% 6%
Tax Rate 30% Wd 10% 10%
EBIT (1-T) 1680 We 90% 90%
Net CAPEX 250 Kd(1-t) 4% 3%
WC 50 ke 12.5000% 11.0000%
Reinvestment 300 Ko 11.65000% 10.20000%
RR 0.178571
Growth rate 5%
G min 2%
G steady state 1%

f per 1 2 3 4 5 6
EBIT (1-T) 1764 1852.2 1944.81 2042.051 2144.153 2165.5946
REINVESTMENT 315 330.75 347.2875 364.6519 382.88447 386.71331
FCFF 1449 1521.45 1597.523 1677.399 1761.2686 1778.8812
DF 0.895656 0.8022 0.718495 0.643525 0.5763766
PV of FCFF 1297.806 1220.507 1147.812 1079.447 1015.154 11144.626

PV of FCFF 5760.726
PERP 11144.63
DCF-EV 16905.35 17606 8% 11.65% 12%
DEBT 1606 5% 17606 17606 17606
Equity 15299.35 6% 17606 17606 17606
No. Shares 100 7% 17606 17606 17606
DCF EQ/# 152.9935
19335.6656718750
 F per Steady
Revenues 40000 Beta 1.25 1
Opt Mrgn 6% Rf 5% 5%
EBIT 2400 Rp 6% 6%
Tax Rate 30% Wd 10% 10%
EBIT (1-T) 1680 We 90% 90%
Net CAPEX 250 Kd(1-t) 4% 3%
WC 100 ke 12.5000% 11.0000%
Reinvestment 350 Ko 11.65000% 10.20000%
RR 0.208333
Growth rate 6%
G min 2%
G steady state 1%

f per 1 2 3 4 5 6
EBIT (1-T) 1780.8 1887.648 2000.907 2120.961 2248.219 2270.7012
REINVESTMENT 371 393.26 416.8556 441.8669 468.37895 473.06274
FCFF 1409.8 1494.388 1584.051 1679.094 1779.84 1797.6384
DF 0.895656 0.8022 0.718495 0.643525 0.5763766
PV of FCFF 1262.696 1198.798 1138.133 1080.538 1025.8582 11262.139

PV of FCFF 5706.023
PERP 11262.14
DCF-EV 16968.16 17606 8% 11.65% 12%
DEBT 1606 5% 17606 17606 17606
Equity 15362.16 6% 17606 17606 17606
No. Shares 100 7% 17606 17606 17606
DCF EQ/# 153.6216
19539.5480259791