Académique Documents
Professionnel Documents
Culture Documents
2015A
EBIT
Plus: Non-deductible Goodwill Amort.
EBITA
Less: Provision for Taxes
Unlevered Net Income
Plus: D&A (excl. non-deductible GW amort.)
Less: Capital Expenditures
Less: Increase in Net Working Capital
Unlevered Free Cash Flow
$120.0
$120.0
(42.0)
$78.0
$126.2
$126.2
(44.2)
$82.0
$133.2
$133.2
(46.6)
$86.6
$137.7
$137.7
(48.2)
$89.5
15.3
(18.0)
(9.5)
$65.8
15.9
(16.0)
8.3
$90.2
16.7
(14.1)
3.1
$92.3
16.0
(14.6)
3.2
$94.2
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
10.0%
11.0%
12.0%
Discount
Rate
(WACC)
10.0%
11.0%
12.0%
on
g December 31,
2019
2020
$142.4
$142.4
(49.9)
$92.6
$147.3
$147.3
(51.6)
$95.8
15.6
(15.1)
3.3
$96.4
15.4
(15.6)
3.4
$99.0
CAGR
2008-2012
3.9%
3.9%
3.9%
2.3%
Tax Rate
Net Debt
Shares
e Method
Total Equity Value
Terminal EBITDA Multiple
7.5x
8.0x
8.5x
$959.0
$1,004.7
$1,050.5
919.6
963.3
1,007.0
882.1
923.9
965.7
Total Price Per Share
Terminal EBITDA Multiple
7.5x
8.0x
8.5x
$27.38
$28.69
$30.00
26.26
27.51
28.75
25.19
26.38
27.58
th Method
Total Equity Value
Terminal Perpetuity Growth Rate
3.0%
3.5%
4.0%
$1,177.4
$1,251.7
$1,338.3
1,020.2
1,074.6
1,136.7
898.0
939.1
985.4
Total Price Per Share
Terminal Perpetuity Growth Rate
3.0%
3.5%
4.0%
$33.62
$35.74
$38.22
29.13
30.68
32.46
25.64
26.82
28.14
35.0%
$83.4
35.021
Cashflow Statement
Net Income
Depreciation and amortization of intangible
assets, property, plant and equipment and
financial assets
Changes in inventories
Changes in receivables
Changes in operating liabilities and other
provisions
changes in pension provisions, defined
benefit assets and other items
gains (-)/losses (+) from disposal of
noncurrent
assets and
securities
Cash
provided
by
operating
activities
Payments for property, plant and
equipment and intangible assets
securities
Payments for acquisitions
Payments from divestures
Payments from the disposal of noncurrent
assets and
securities
Cash
used
in investing
activities
Capital increases/repayments an other
equity transactions
Additions to financial and similar liabilities
liabilities
Dividends paid
To Shareheolders of BASF SE
To minority
shareholders
Cash used
in financing
activities
Net changes in cash and cash
equivalents
Change in cash and cash equivalents
From foreign exchange rates
changes in scope of consolidation
2015
2014
3987
5155
4448
1094
1463
3455
-606
173
-1210
-190
-317
-773
-19
-256
9446
6958
-5812
-920
-215
651
-5296
-1131
-963
1336
1061
1558
-5235
-4496
66
6937
-7870
0
6048
-5760
-2572
-234
-2480
-286
-3673
538
-2478
-16
-19
4
-90
-3
1718
1827
2241
1718
Income Statement
Sales Revenue
Cost of Sales
2015
70,449
-51,372
19,077
-8,062
-1,429
-1,953
2,004
-3,640
251
6,248
80
-71
213
-638
152
-436
Financial Result
-700
5,548
-1,247
interests
Minority Interests
Net Income
4,301
-314
3,987
2016
2017
2018
2019
2020
4.34
es/notes-on-statements-of-income/earnings-per-share.html