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DCF model - www.foretagsvardering.

org
(in million) Actual CAGR Forecast period
2006 2007 2008 2009 (06 - 09) 2010 2011
Sales 2,955 3,568 4,102 4,663 16% 5,036 5,438
% growth 20.7% 15.0% 13.7% 8.0% 8.0%

Total costs -2,511 -3,047 -3,524 -4,031 17% -4,316 -4,661
% sales 85.0% 85.4% 85.9% 86.5% 85.7% 85.7%

EBITDA 444 521 578 631 12% 720 778
% margin 15.0% 14.6% 14.1% 13.5% 14.3% 14.3%

Depreciation & Amortization: -49 -63 -75 -84 -91 -98
% sales 1.6% 1.8% 1.8% 1.8% 1.8% 1.8%
EBIT 396 459 503 548 11% 629 680

Taxes (30%) -119 -138 -151 -164 -189 -204

Capex -79 -41 -169 -116 -125
% sales 2.2% 1.0% 3.6% 2.3% 2.3%

Increase/Decrease in NWC -145 -77 -18 -14 -33

Unlevered Free Cash Flow 159 309 281 402 416

WACC 8.1%
Discount Period 0.5 1.5
Discount Factor 0.96 0.89
Present value of free cash flow 386 370

Terminal Value
Terminal Year Free Cash Flow 524
Perpetuity Growth Rate 3.0%
Terminal Year EBITDA 980
Terminal Value 10,598
Implied Exit Multiple 11.2x
Discount Period 5.0
Discount Factor 0.7
Present Value of Terminal Value 7,182
% of Enterprise Value 79%

(in million) Actual Forecast period
Net Working Capital 2006 2007 2008 2009 2010 2011
Account receivables 10 14 17 13
Inventory 543 749 827 953
Prepaid expenses and other 110 42 63 94
Total Current Assets 663 804 906 1,060 1,143 1,235
% sales 22.4% 22.5% 22.1% 22.7% 22.7% 22.7%

Account payable
Accrued Liabilities
Other Current Liabilities
Total Current Liabilities -509 -505 -530 -666 -735 -794
% sales 17.2% 14.1% 12.9% 14.3% 14.6% 14.6%

Net Working Capital 154 300 377 394 408 441
% sales 5% 8% 9% 8% 8% 8%

1% 449 485 524 (1) Obtained from Beta and Capital Structure tab (2) Interpolated Yield on 10-year Treasury bond (3) Obtained from PWC market risk study 2010 2.2% -35 -38 -41 WACC 8.3% 14.3% Risk-free rate (2) 3.5 3.7% -858 -926 -1.000 14.3% 14.4% Market risk Premium (3) 4.6% 14.7% Debt to Equity Ratio 41.76 0.6% -106 -114 -123 Levered Beta (4) 1.871 Equity to Total Capitalization 71% 85.5 (4) Obtained from Beta and Capital Structure tab 0.0% 2.7% 22.440 1.www.7% 85.foretagsvardering.8% 840 907 980 Cost of Equity 14.org Forecast period 2012 2013 2014 Input 5.7% -220 -238 -257 Cost of Debt Cost of Debt 6.6% 14.0% 8.8% Size Premium (5) 0.5 4.851 Wacc Calculation 8.8% 1.874 6.1% -5.70 (5) Obtained from PWC market risk study 2010 370 370 369 Forecast period 2012 2013 2014 1.3% After Tax Cost of Debt 4.8% 1.7% 85.7% 22.3% 2.3% 2.555 22.0% Target Capital Structure (1) Debt to Total Capitalization 29.22 1.034 -5. DCF model .7% 734 793 856 Cost of Equity 9.0% -135 -146 -158 Taxes 30.343 6.82 0.0% 8.6% 476 514 555 8% 8% 8% .436 -5.333 1.

047 7.0% 3.047 9.el .3% Implied Equity Value 9.247 16.www.foretagsvardering.5% Less: Total debt 100 12.68 9.182 10.036 EBITDA 2010 720 Implied EV/SALES 1.www.0% 7.598 8.3% Outstanding shares 1.3% 15.25 Implied multiples Enterprise Value 9.1% % of Enterprise Value 79% Annual sales growth % Enterprise value 9.1% Present Value of Terminal Value 7.5% 8.5% 3.1% 7.org DCF model .0% 8.047 2.3% Net Debt -200 14.org Sensitivity Analysis Output Perpetuity growth % Enterprise value ### 9.000 Implied share price 9.0% 2. 300 13.8x Implied EV/EBITDA 12.1% Discount Factor 0.3% EBITDA % Plus: Cash and Cash Equi.5% Present value of Free Cash Flow 1.865 6.foretagsvardering.6x .047 SALES 2010 5.1% WACC Terminal Value 10.

ardering.org is growth % 4.0% growth % 9.0% .

2% 30% Company BB 1.94 41.12 375 1125 33.1% 68.8% 70. Comparable Companies Unlevered Beta Market Value of Market Value of Equity/ Total Marginal Company Levered Beta1 Debt2 Equity3 Debt/ Equity Assets Tax Rate Company AA 1.31 400 868 46.21 395 961 41.4% 69.2% Mean 1.1% 63.6% 30% Company DD 1.8% 78.9% (1) From Bloomberg (2) Book Value of Debt (3) From Bloomberg (4) Unlevered Beta = Predicted Levered Beta / (1 + (Debt/Equity) x (1-t)) Target Relevered Mean Unlevered Mean Target Relevered Marginal Beta Beta Debt/ Equity Beta Tax Rate Target Company 0.3% 30% Median 1.15 450 788 57.22 0 .23 500 1125 44.25 250 900 27.8% 30% 1.3% 75.4% 69.23 44.0% 30% Company EE 1.5% 30% Company CC 1.

91 1.05 0.94 0.40% 5% 0.70% (3) Obtained from PWC market risk study 2010 (5) Obtained from PWC market risk study 2010 .82 0.94 0.Unlevered Beta4 0.99 0.94 3.

1000 .