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Forecasted

Revenues 13046 Beta 1.15


Operating Margin 3.00% Rf 6%
EBIT 391.38 Risk Prem. 6%
Tax Rate 36% Kd Post Tax 5.00%
EBIT(1-T) 250.4832 Wd 10%
CAPEX 475 We 90%
Depricication 461 Ke 12.3250%
Working Capital 1956.9 Ko 11.59250%
ROC 12.80%
Growth 6%
Long Term Growth 5.00%
Increase in WC 15%

Year 1 2 3 4
Revenue 13828.76 14658.4856 15537.9947 16470.2744
EBIT(1-T) 265.512192 281.4429235 298.3294989 316.2292689
Working Capital 2074.314 2198.77284 2330.69921 2470.541163
Change in WC 117.414 124.45884 131.9263704 139.8419526
Net Capex 14.84 15.73 16.67 17.67
FCFF 133.26 141.25 149.73 158.71
Discounting Factor 0.896117571 0.8030267 0.719606336 0.644851882
PV of FCFF 119.4150073 113.4304794 107.7458684 102.3461438

EV 2110.98
Debt 1541
Equity 569.979961597
Steady
1
6%
5.50%
4%
10% 20% Unlevered Beta 1.07
90% 80% Levered Beta 1.24
11.5000%
10.75000%

5 6 Terminal Value
17458.4909 18331.4154
335.203025 351.9631762
2618.773633 2749.712314
148.2324698 130.9386816
18.74 64.72
168.24 156.30
0.577863101 2718.33
1668.042463