Ingenieurie Financiere (Fusion CTM Et Timar)

FUSION CTM-TIMAR
états financiers et chiffres clés états financiers
calcul des CF et CMPC calcul des C
la méthode du Goodwill la méthode
la méthode DCF la métho
La méthode des comparables La méthode de
Parité d'échange
Montage LBO
OPE
M-TIMAR
états financiers et chiffres clés
calcul des CF et CMPC
la méthode du Goodwill
la méthode DCF
La méthode des comparables
O
BILAN CTM AU 31/12/201
EXERCICE 2018
ACTIF
Brut
IMMOBILISATION EN NON VALEUR (A) 1,704,747.60

IMMOBILISATIONS INCORPORELLES (B) 20,894,860.09
Immo en recherche et développement
Brevet marques et DVS 14,002,083.13
. Fonds commercial 1,200,000.00
. Immobilisations incorporelles diverses 5,692,776.96
IMMOBILISATIONS CORPORELLES (C) 832,206,113.94
. Terrains 66,481,496.07
. Constructions 223,937,078.76
. Installations techniques. matériel et outillage 12,874,696.77
. Matériel transport 494,922,012.89
mobilier materiel de bureau 31,407,719.36
. Immobilisations corporelles diverses 286,625.85
immobilisation corporelles en cours 2,296,484.24
IMMOBILISATIONS FINANCIERES (D) 55,111,753.94
Prets immobilisés 324,534.30
autres creances financieres 603,519.64
TP 54,183,700.00
autres titres immobilisés
ECA (E )
Diminution des creances immobilisés
Augmentation des dettes de financement
TOTAL I (A+B+C+D+E) 909,917,475.57
STOCKS (E) 8,614,790.95
. Marchandises
. Stocks divers 8,614,790.95
CREANCES DE L'ACTIF CIRCULANT (F) 192,094,271.98
Fournisseurs débiteurs, avances et acomptes 2,474,897.21
. Clients et compte rattachés 157,037,028.82
personnel 4,143,141.91
Etat 16,406,845.16
. Comptes d'associés
. autres Débiteurs 10,884,704.86
. Comptes de régularis. Actif 1,147,654.02
TITRES ET VALEURS DE PLACEMENT (G) 24,999,671.68
ECA (I) 56,731.08
TOTAL II (E+F+G+I) 225,765,465.69
TRESORERIE - ACTIF 11,761,574.58
. Chéques et valeurs à encaisser 1,183,174.26
. Banques, T.G. et C.C.P. 9,636,090.08
. Caisse, Régies d'avances et accréditifs 942,310.24
TOTAL III 11,761,574.58
TOTAL GENERAL I+II+III 1,147,444,515.84
PASSIF
CAPITAUX PROPRES
. Capital social ou personnel (1)
. Moins : Actionnaires, capital souscrit non appelé
Capital appelé dont verse………………………..
. Prime d'émission. de fusion. d'apport
. Ecarts de réevaluation
Reserve légale
. Autres Réserve
. Report à nouveau (2)
Resultat en instance d'affectaton
. Résultat net de l'exercice (2)
TOTAL CAPITAUX PROPRES
CAPITAUX PROPRES ASSIMILES (B)
DETTES DE FINANCEMENT (C )
PROVISIONS DURABLES RISQUES ET CHARGES (D)
ECP (E )
TOTAL I (A+B+C+D+E)
DETTES DU PASSIF CIRCULANT (E)
. Fournisseurs et comptes rattachés
Clients crediteurs, avances et acomptes
personnel
organismes sociaux
Etat
. Créanciers divers
. Comptes de régularisation-passif
AUTRES PROVISIONS POUR RISQUES ET CHARGES (F)
ECP (H )
TOTAL II (E+F+H)
TRESORERIE - PASSIF
. Crédits d'escompte et de trésorerie
. Banques (soldes créditeurs)
TOTAL III
TOTAL GENERAL I+II+III
Chiffres clés
EN MMAD 2014
CA 550
Var CA -
RN 38.9
Var RN -
FP 277.9
Var FP -
Capitalisation 398.4
En MAD 2014
Cours 325
BPA 31.7
VNCA 226.7
Dividende 32
Pay out 100.90%
PER 10.2
PER Secteur 12.2
P/B 1.4
P/B Secteur 1.4
DY 9.80%
DY Secteur 8.20%
2018
AU 31/12/2018
EXERCICE 2018 EXERCICE PRECEDENT 2017
Amortissements et
Net Net
provisions
1,062,424.82 642,322.78 250,074.00

12,320,535.59 8,574,324.50 9,418,284.33
12,320,535.59 1,681,547.54 1,146,569.72

1,200,000.00 1,200,000.00
5,692,776.96 7,071,714.61
456,802,264.78 375,403,849.16 352,348,781.95
66,481,496.07 65,981,496.07
148,779,714.57 75,157,364.19 80,162,738.34
10,574,705.86 2,299,990.91 2,301,613.24
271,198,453.73 223,723,559.16 197,200,532.53
26,059,591.76 5,348,127.60 5,077,805.99
189,798.86 96,826.99 102,671.54
2,296,484.24 1,521,924.24
2,834,810.18 52,276,943.76 52,329,064.36
263,365.54 61,168.76 128,289.36
467,119.64 136,400.00 121,400.00
2,104,325.00 52,079,375.00 52,079,375.00
473,020,035.37 436,897,440.20 414,346,204.64

824,818.73 7,789,972.22 7,168,736.43
824,818.73 7,789,972.22 7,168,736.43

20,486,595.15 171,607,676.83 168,804,082.55
2,474,897.21 472,224.86
16,416,717.95 140,620,310.87 129,997,364.46
2,284,962.96 1,858,178.95 1,551,864.52
16,406,845.16 10,814,692.32
1,784,914.24 9,099,790.62 24,949,137.88

1,147,654.02 1,018,798.51
24,999,671.68
56,731.08 14,098.38
21,311,413.88 204,454,051.81 175,986,917.36
520,510.00 11,241,064.58 8,698,419.75
520,510.00 662,664.26 1,734,611.60
9,636,090.08 5,203,523.53
942,310.24 1,760,284.62
520,510.00 11,241,064.58 8,698,419.75
494,851,959.25 652,592,556.59 599,031,541.75
122,597,800.00 122,597,800.00
42,437,700.00 42,437,700.00
12,259,780.00 12,259,780.00
68,324,083.15 68,324,083.15
28,884,828.75 19,775,976.08
63,518,648.59 64,277,862.67
338,022,840.49 329,673,201.90
117,949,471.76 99,259,899.36
2,475,024.97 2,054,337.62
458,447,337.22 430,987,438.88
188,565,942.89 162,483,889.98
89,347,207.41 70,287,756.08
921,580.51 4,781,074.43
24,178,814.79 23,823,145.95
9,459,668.05 8,107,240.82
27,575,380.54 29,058,628.89
1,189,638.63 617,373.63
12,842,804.90 13,068,047.99
23,050,848.06 12,740,622.19
5,576,870.08 5,534,237.38
2,316.42 25,975.51
194,145,129.39 168,044,102.87
0.00 0.00
652,592,466.61 599,031,541.75
2015 2016 2017
576.8 600 616.8
4.90% 4.00% 2.80%
51.3 69.7 70.1
31.80% 36.00% 0.60%
289.9 306.9 321.8
4.30% 5.90% 4.90%
513.7 746.6 1 017,6
2018
2015 2016 2017
419 609 830
41.8 56.8 57.2
236.5 250.3 262.5
43 45 45
102.90% 79.20% 78.70%
10 10.7 14.5
16.3 11.7 12.9
1.8 2.4 3.2
1.6 2.1 2.4
10.30% 7.40% 5.40%
8.70% 6.60% 5.40%
RETURN TO SUMMARY
2018
657.3
6.60%
66.2
-5.50%
332.8
3.40%
1 080,1
2018
881
54
271.5
47
87.00%
16.3
16
3.2
2.5
5.30%
5.10%
COMPTE DE PRODUITS ET CHARGES
NATURE OPERATIONS
Propres à l'exercice
I PRODUITS COURANTS 548,182,662.35

1 . Ventes de marchandises
2 . Ventes de biens et services produits
Chiffres d'affaires 536,607,102.94
3 . Variation de stocks de produits(+ou-) (1)
4 . Immobilisatios produites par l'entreprise pour elle-même
5 . Subventions d'exploitation
6 . Autres produits d'exploitation 3,055,580.56
C 7 . Repr.exp. : transf. Charges 8,519,978.85

O
. Produits financiers 3,388,249.47
U
R TOTAL I 551,570,911.82
A
N II CHARGES COURANTES
T
8 . Achats revendus de marchandise
9 . Achats consommés de matières et fournitures(2) 161,355,822.88
10 . Autres charges externes 74,755,547.53
11 . Impôts et taxes 6,619,826.07
12 . Charges de personnel 128,959,652.02
13 . Autres charges d'exploitation 1,200,000.00
14 . Dotations d'exploitation 100,683,640.41
15 . Charges financières 5,102,143.59
TOTAL II 478,676,632.50
III RESULTAT COURANT (I-II) 72,894,279.32
N
IV PRODUITS ET CHARGES NON COURANT
C 16 . Produits non courants (+) 47,548,659.16
O
U 17 . Charges non courantes (-) 29,130,038.39
R
A V RESULTAT NON COURANT
VI RESULTAT AVANT IMPOTS (III+V)
VII IMPOTS SUR LES RESULTATS
VIII RESULTAT NET
IX TOTAL DE PRODUITS
X TOTAL DES CHARGES
XI RESULTAT NET
(total des produits-total des charges)
1) Variation de stoks : Stock final - Stock initial ; augmentation (+) ; diminution (-)
2) Achats revendus ou achats consommés : achats - variation de stocks
S ET CHARGES CTM
TOTAUX DE L'EXERCICE TOTAUX DE L'EXERCICE TOTAUX DE L'EXERCICE

2018 PRECEDENT 2017 PRECEDENT 2016 RETURN TO S
Concernant les
exercices précédents
2 3= 1+2 4
548,182,662.35 512,928,927.66
536,607,102.94 500,053,655.74 484,506,753.31
3,055,580.56 2,954,550.97 2,863,866.55

8,519,978.85 9,920,720.95 14,086,617.46
3,388,249.47 241,490.27 330,588.28
551,570,911.82 513,170,417.93 501,787,825.60
161,355,822.88 147,091,098.68 145,095,923.92

74,755,547.53 75,024,786.88 90,309,887.33
6,619,826.07 6,355,819.25 6,514,573.02
128,959,652.02 124,930,874.72 120,622,824.77
1,200,000.00 800,000.00 800,000.00
100,683,640.41 94,819,255.70 81,046,315.47
5,102,143.59 4,857,090.86 6,505,425.25
478,676,632.50 453,878,926.09 450,894,949.76
72,894,279.32 59,291,491.84 50,892,875.84
47,548,659.16 42,404,108.45 54,348,093.15

395,655.50 29,525,693.89 5,826,683.62 5,175,356.05
18,022,965.27 36,577,424.83 49,172,737.10
90,917,244.59 95,868,916.67 100,065,612.94
27,398,596.00 31,591,054.00 32,652,680.00
63,518,648.59 64,277,862.67 67,412,932.94
599,119,570.98 555,574,526.38 556,135,918.75

535,600,922.39 491,296,663.71 488,722,985.81
63,518,648.59 64,277,862.67 67,412,932.94
30%
RETURN TO SUMMARY
BILAN TIMAR AU 31/12/2018
EXERCICE 2018
ACTIF
Brut
IMMOBILISATION EN NON VALEUR (A) 2,471,961.47

IMMOBILISATIONS INCORPORELLES (B) 8,513,027.17
Immo en recherche et développement
Brevet marques et DVS 6,263,027.17
. Fonds commercial 2,250,000.00
. Immobilisations incorporelles diverses
IMMOBILISATIONS CORPORELLES (C) 19,130,337.28
. Terrains
. Constructions
. Installations techniques. matériel et outillage 1,473,686.25
. Matériel transport 2,827,496.07
mobilier materiel de bureau 14,780,154.96
. Immobilisations corporelles diverses 49,000.00
immobilisation corporelles en cours
IMMOBILISATIONS FINANCIERES (D) 84,909,099.54
Prets immobilisés
autres creances financieres 17,156,792.71
TP 67,752,306.83
autres titres immobilisés
ECA (E ) 162,161.00
Diminution des creances immobilisés 162,161.00
Augmentation des dettes de financement
TOTAL I (A+B+C+D+E) 115,024,425.46
STOCKS (E)
. Marchandises
. Stocks divers
CREANCES DE L'ACTIF CIRCULANT (F) 162,078,938.15
Fournisseurs débiteurs, avances et acomptes 1,082,686.93
. Clients et compte rattachés 114,630,807.95
personnel 1,045,672.62
Etat 14,565,897.56
. Comptes d'associés 275,575.00
. autres Débiteurs 28,936,182.63
. Comptes de régularis. Actif 1,542,115.46
TITRES ET VALEURS DE PLACEMENT (G) 5,200,000.00
ECA (I) 460,924.10
TOTAL II (E+F+G+I) 167,739,862.25
TRESORERIE - ACTIF 4,857,914.38
. Chéques et valeurs à encaisser
. Banques, T.G. et C.C.P. 912,721.54
. Caisse, Régies d'avances et accréditifs 3,945,192.84
TOTAL III 4,857,914.38
TOTAL GENERAL I+II+III 287,622,202.09
PASSIF
CAPITAUX PROPRES
. Capital social ou personnel (1)
. Moins : Actionnaires, capital souscrit non appelé
Capital appelé dont verse………………………..
. Prime d'émission. de fusion. d'apport
. Ecarts de réevaluation
Reserve légale
. Autres Réserve
. Report à nouveau (2)
Resultat en instance d'affectaton
. Résultat net de l'exercice (2)
TOTAL CAPITAUX PROPRES
CAPITAUX PROPRES ASSIMILES (B)
DETTES DE FINANCEMENT (C )
PROVISIONS DURABLES RISQUES ET CHARGES (D)
ECP (E )
TOTAL I (A+B+C+D+E)
DETTES DU PASSIF CIRCULANT (E)
. Fournisseurs et comptes rattachés
Clients crediteurs, avances et acomptes
personnel
organismes sociaux
Etat
. Créanciers divers
. Comptes de régularisation-passif
AUTRES PROVISIONS POUR RISQUES ET CHARGES (F)
ECP (H )
TOTAL II (E+F+H)
TRESORERIE - PASSIF
. Crédits d'escompte et de trésorerie
. Banques (soldes créditeurs)
TOTAL III
TOTAL GENERAL I+II+III
MAR AU 31/12/2018
EXERCICE 2018
EXERCICE PRECEDENT RETURN TO SUMMARY
2017
Amortissements et provisions Net Net
2,114,865.14 357,096.33 907,686.08

5,436,898.21 3,076,128.96 3,953,372.61
5,436,898.21 826,128.96 1,703,372.61

2,250,000.00 2,250,000.00
15,330,673.07 3,799,664.21 4,561,622.14
1,102,659.08 371,027.17 473,410.93

2,538,090.74 289,405.33 239,657.35
11,640,923.25 3,139,231.71 3,847,361.81
49,000.00 1,192.05
33,307,838.06 51,601,261.48 48,066,623.31
17,156,792.71 16,152,379.84
33,307,838.06 34,444,468.77 31,914,243.47
162,161.00 923,092.00
162,161.00 923,092.00
56,190,274.48 58,996,311.98 58,412,396.14
8,259,647.50 153,819,290.65 149,102,247.62

1,082,686.93 553,968.92
8,259,647.50 106,371,160.45 118,775,322.23
1,045,672.62 1,164,571.56
14,565,897.56 13,064,920.84
275,575.00 275,575.00
28,936,182.63 14,003,470.84
1,542,115.46 1,264,418.23
5,200,000.00 5,200,000.00
460,924.10 632,252.07
8,259,647.50 159,480,214.75 154,934,499.69
2,385.47 4,855,528.91 4,504,673.19
2,385.47 910,336.07 1,373,234.27

3,945,192.84 3,131,438.92
2,385.47 4,855,528.91 4,504,673.19
64,452,307.45 223,332,055.64 217,851,569.02
30,110,000.00 30,110,000.00
40,826,300.00 40,826,300.00
2,677,681.72 2,553,123.34
633,498.83 633,498.83
23,839,440.30 22,677,231.04
3,527,717.13 2,491,167.64
101,614,637.98 99,291,320.85
2,380,689.04 2,699,077.40
45,610.00 40,961.00
104,040,937.02 102,031,359.25
84,934,985.23 77,714,693.34
57,051,006.02 47,896,591.92
51,086.20 43,609.40
922,987.10 1,023,106.64
2,749,052.64 2,711,754.71
12,074,736.76 11,980,576.94
357,000.00
10,756,264.74 12,284,784.99
1,329,851.77 1,417,268.74
965,724.10 1,375,052.07
62,876.91 686,202.10
85,963,586.24 79,775,947.51
33,327,532.38 36,026,262.26
8,403,975.19 11,856,175.77
24,923,557.19 24,170,086.49
33,327,532.38 36,026,262.26
223,332,055.64 217,833,569.02
URN TO SUMMARY
COMPTE DE PRODUITS ET CHARGES CTM
NATURE OPERATIONS
Concernant
Propres à l'exercice les exercices
précédents
1 2
I PRODUITS COURANTS
1 . Ventes de marchandises
2 . Ventes de biens et services produits 267,765,618.08
Chiffres d'affaires
3 . Variation de stocks de produits(+ou-) (1)
4 . Immobilisatios produites par l'entreprise pour elle-même
5 . Subventions d'exploitation
6 . Autres produits d'exploitation
C 7 . Repr.exp. : transf. Charges 1,435,027.43

O
. Produits financiers 9,901,307.07
U
R TOTAL I 279,101,952.58
A
N II CHARGES COURANTES
T
8 . Achats revendus de marchandise
9 . Achats consommés de matières et fournitures(2) 133,684,793.68 587.87
10 . Autres charges externes 74,046,476.95 6,443.33
11 . Impôts et taxes 3,360,796.01 125.00
12 . Charges de personnel 49,792,195.14
13 . Autres charges d'exploitation 235,120.85
14 . Dotations d'exploitation 6,643,266.99
15 . Charges financières 7,830,719.38 215.68
TOTAL II 275,593,369.00 7,371.88
III RESULTAT COURANT (I-II) 3,508,583.58 -7,371.88
N
IV PRODUITS ET CHARGES NON COURANT
C 16 . Produits non courants (+) 3,193,647.45 868,797.30
O
U 17 . Charges non courantes (-) 1,940,498.55 326,271.77
R
A V RESULTAT NON COURANT
VI RESULTAT AVANT IMPOTS (III+V)
VII IMPOTS SUR LES RESULTATS 1,769,169.00
VIII RESULTAT NET
IX TOTAL DE PRODUITS
X TOTAL DES CHARGES
XI RESULTAT NET
(total des produits-total des charges)
HARGES CTM
TOTAUX DE
TOTAUX DE TOTAUX DE L'EXERCICE
L'EXERCICE
L'EXERCICE 2018 PRECEDENT 2017
PRECEDENT 2016 RETURN TO SUMMARY
3= 1+2 4
267,765,618.08 255,920,255.29 258,386,614.98
1,435,027.43 2,172,808.66 4,970,240.72

9,901,307.07 4,249,640.68 4,342,957.99
279,101,952.58 262,342,704.63 267,699,813.69
-439,314.07
133,685,381.55 123,571,383.66 126,903,256.53 263,356,855.70
74,052,920.28 73,901,057.01 73,405,193.52
3,360,921.01 3,236,842.19 5,795,338.24
49,792,195.14 46,461,837.28 48,175,557.84 -439,314.07
235,120.85 1,775,659.12 1,593,869.71
6,643,266.99 4,961,896.27 5,452,327.93
7,830,935.06 6,757,415.04 4,782,272.06
275,600,740.88 260,666,090.57 266,107,815.83
3,501,211.70 1,676,614.06 1,591,997.86
4,062,444.75 7,841,233.87 2,828,626.51

2,266,770.32 5,440,856.29 797,772.55
1,795,674.43 2,400,377.58 2,030,853.96
5,296,886.13 4,076,991.64 3,622,851.82
1,769,169.00 1,585,824.00 1,310,385.00 33.40%
3,527,717.13 2,491,167.64 2,312,466.82
283,164,397.33 270,183,938.50 270,528,440.20

279,636,680.20 267,692,770.86 268,215,973.38
3,527,717.13 2,491,167.64 2,312,466.82
RETURN TO SUMMARY
CALCUL DE L'ANC CTM
CP
= ANC
Valeur de l'action
Calcul du Goodwill selon la méthode de l'actua
332840000
332,840,000 Resultats courants
CB
Rente du GW
271
Rente du GW actualisée
Valeur de l'action
RETURN TO
lon la méthode de l'actualisation de la rente du GW
2018 2017 2016

78,154,000 67,999,000 57,448,000
67,867,000
56,883,280
206,481,841
440
RETURN TO SUMMARY
Two-Stage FCFF Discount Model
This model is designed to value a firm, with two stages of grow

period of higher growth and a subsequent period of stable
For a richer version of this model, try the fcffginzu.xls spreadsheet.
Assumptions
1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
The user has to define the following inputs:

1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Capital Spending, Depreciation and Working Capital needs during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)
Page 31
Inputs to the model

Current EBIT = $83,893,000.00
Current Interest Expense = 6,304,000.00 €
Current Capital Spending $121,980,000.00
Current Depreciation & Amort'n = $114,101,000.00
Tax Rate on Income = 30.00%
Current Revenues = $657,000,000.00
Current Non-cash Working Capital = $108,728,000.00
Chg. Working Capital = ($14,850,000.00) Last year
Cash and Marketable Securities $36,241,000.00
Value of equity options issued by firm =
Book Value of Debt = $150,424,000.00 $130,367,000.00
Book Value of Equity = $332,840,000.00 $321,782,000.00
Weights on Debt and Equity

Is the firm publicly traded ? Yes
If yes, enter the market price per share = $881.00

& Number of shares outstanding = 1225978.00
& Market Value of Debt = $150,424,000.00
If no, do you want to use the book value debt ratio ? No

If no, enter the debt to capital ratio to be used =
Enter length of extraordinary growth period = 5 (in years)
Do you want to change the debt ratio in the stable growth period? No
If yes, enter the debt ratio for the stable growth period =
Costs of Components
Do you want to enter cost of equity directly? No (Yes or No)
If yes, enter the cost of equity = (in percent)
Page 32
If no, enter the inputs to the cost of equity

Beta of the stock = 1.22
Riskfree rate= 3.30% (in percent)
Risk Premium= 6.90% (in percent)
Enter the cost of debt for cost of capital calculation 4.67% ( in percent)
Earnings Inputs
Do you want to use the historical growth rate? Yes (Yes or No)
If yes, enter EBIT from five years ago = $46,647,000.00 (in currency)
Do you have an outside estimate of growth ? Yes (Yes or No)

If yes, enter the estimated growth: 16.00% (in percent)
Do you want to calculate the growth rate from fundamentals? Yes

The following will be the inputs to the fundamental growth formulation:
ROC = 12.99%
Reinv. Rate = -11.87%
Do you want to change any of these inputs for the high growth period? No
If yes, specify the values for these inputs (Please enter all variables)
ROC = 0.00%
Reinv. Rate = 0.00%
Specify weights to be assigned to each of these growth rates:

Historical Growth Rate = 16.00% (in percent)
Outside Prediction of Growth = (in percent)
Fundamental Estimate of Growth = 84.00% (in percent)
Enter growth rate in stable growth period? 2.00% (in percent)
Beta
Will the beta to change in the stable period? No (Yes or No)
If yes, enter the beta for stable period =
Page 33
Will the cost of debt change in the stable period? No (Yes or No)
If yes, enter the new cost of debt = ( in percent)
Capital Spending, Depreciation & Working Capital

Do you want all these items to grow at the same rate as earnings ? Yes
If not, enter the growth rates for each of the following items:
Capital Spending Depreciation Revenues
High Growth 0% 0% 0% (in percent)
Stable Growth Do not enter Do not enter 2% (in percent)
Do you want to keep the current fraction of working capital to revenues? Yes
Specify working capital as a percent of revenues: 17% (in percent)
Capital Spending and Depreciation in Stable Growth

Is capital spending to be offset by depreciation in stable period? No
Do you want your reinvestment to be computed from fundamentals? Yes
Return on captial in perpetuity 12.99%
If no, do you want to enter capital expenditure as % of depreciation 107%
Page 34
Output from the program

Cost of Equity = 11.72%
Equity/(Debt+Equity ) = 87.78%
Page 35
After-tax Cost of debt = 3.27%

Debt/(Debt +Equity) = 12.22%
Cost of Capital = 10.69%
Page 36
Current EBIT * (1 - tax rate) = $58,725,100.00

- (Capital Spending - Depreciation) $7,879,000.00
- Change in Working Capital ($14,850,000.00)
Current FCFF $65,696,100.00
Growth Rate in Earnings per share

Growth Rate Weight
Historical Growth = 12.46% 16.00%
Outside Estimates = 16.00% 0.00%
Fundamental Growth = -1.54% 84.00%
Weighted Average 0.70%
Growth Rate in capital spending, depreciation and working capital

High Growth Stable Growth
Growth rate in capital spending = 0.70% Do not enter
Growth rate in depreciation = 0.70% Do not enter
Growth rate in revenues = 0.70% 2.00%
Working Capital as percent of revenues = 16.55% (in percent)

The FCFE for the high growth phase are shown below (upto 10 years)
1 2 3
EBIT * (1 - tax rate) $59,134,883.12 $59,547,525.70 $59,963,047.70
- (CapEx-Depreciation) $7,933,979.58 $7,989,342.80 $8,045,092.35
-Chg. Working Capital $758,702.82 $763,997.04 $769,328.20
Free Cashflow to Firm $50,442,200.72 $50,794,185.86 $51,148,627.14
Present Value $45,572,690.22 $41,460,571.53 $37,719,497.87
Growth Rate in Stable Phase = 2.00%

FCFF in Stable Phase = $52,470,157.39
Cost of Equity in Stable Phase = 11.72%
Equity/ (Equity + Debt) = 87.78%
Page 37
AT Cost of Debt in Stable Phase = 3.27%

Debt/ (Equity + Debt) = 12.22%
Cost of Capital in Stable Phase = 10.69%
Value at the end of growth phase = $604,136,426.69
Present Value of FCFF in high growth phase = $159,068,748.70

Present Value of Terminal Value of Firm = $363,653,879.06
Value of the firm = $522,722,627.76
Cash and Marketable Securities = $36,241,000.00
Market Value of outstanding debt = $150,424,000.00
Market Value of Equity = $408,539,627.76
Value of Equity options issued by the company = $0.00
Market Value of Equity/share = $333.24
Page 38
F Discount Model
m, with two stages of growth, an initial

bsequent period of stable growth.
ffginzu.xls spreadsheet.
RETURN TO
SUMMARY
Page 39
the model
N-1
stock 7,873,000
clients 203,066,000
frs 87,361,000
NCWC 123,578,000
( Yes or No)
(in currency)
(in #)
( in currency)
(Yes or No)
(in percent)
Page 40
Année 2013 2014

Résultat d'exploitation 39501 46647
% de croissance REX 18%
(Yes or No)
(Yes or No)
Année 2013 2014

Résultat d'exploitation 39501 46647
% de croissance REX 18%
immobilisations nets fin d'année 364726.00 409894.00
% des immobilisations 12%
acquisition des immo 120,635 147,155
Page 41
cession 23,745 18,765

% moyen d'investissement 22%
% moyen de désinvestissement -21%
BFR
CA 507000.00 550000.00
(Yes or No) % CA 8.48%
(Yes or No)
Auteur:
Yes or no. If yes, enter
the return on capital
that your firm will have
in stable growth. If no,
enter cap ex as a
percent of depreciation
(Yes or No) in the cell below.
(in percent)
Page 42
Page 43
5
$60,802,810.45
4 $8,157,761.22
$60,381,469.20 $780,102.39
$8,101,230.92 $51,864,946.83
$774,696.57 $31,219,585.96
$51,505,541.72
$34,315,989.07
Page 44
2015 2016 2017 2018

57964 65404 74301 83893
24% 13% 14% 13% 16%
2015 2016 2017 2018

57964 65404 74301 83893
24% 13% 14% 13% 16%
422560.00 448557.00 438411.00 466338.00
3% 6% -2% 6% 5%
112,058 130,814 96,165 171,596
Page 45
41,224 54,080 38,392 49,616

-24% 17% -26% 78% 13%
120% 31% -29% 29% 26%
6,733 7,942 10,309
577000 600000.00 617000.00 657000.00 5%
4.91% 3.99% 2.83% 6.48%
Page 46
Terminal Year
$62,018,866.66
$7,297,212.72
$2,251,496.54
$52,470,157.39
Page 47
évaluation de la CTM en utilisant la méthode des comparables et en optant pour l'EBITADA comme étant le mutiple de valorisatio
analogie avec quatre sociétes évoluants dans le meme secteur "transport" et opérants dans différentes places financiéres
échantillon pays capitalisation boursiére USD

PAM Transportation usa 3,120,000,000
Grande West
Canada 536,607,102
Transportation Group
Transtema Group AB Suede 236,141,000
Mubarrad Transport kuwait 9,590,000,000
moyenne
EBITADA moyenne en M dh 186,250,000

= VE 1,680,906,250
- Endettement financier net 153,487,000
- interets minoritaires 13,000
= VFP 1,527,406,250
nbre d'actions 1,225,978
= Prix de l'action 1,246
me étant le mutiple de valorisation par
différentes places financiéres
EV/EBITADA en M DH 2018 2017 2016 2015

7.1 EBITADA 207 192 180 166
8.6
11.4
9.025
RETURN TO SUMMARY
,250,000
0,906,250
,487,000
13,000
7,406,250
225,978
1,246
Détermination du coût des fonds propres :
𝑪𝑭𝑷 = 𝑹𝒇 + 𝜷𝒆 𝒙 (𝑹𝒎 − 𝑹𝒇)
Où : Rf : Taux sans risque βe : Bêta endetté de Saham Assurance (Rm – Rf) : Prime de risque marché
Taux sans risque 3.30% Rendement des bons du

Prime de risque marché 6.90% prime de risque moyenn
Bêta 1.22 Source: Note d'inforatio
Coût des fonds propres 11.72%
Coût de la dette 4.67% Source : Enquete de Ban

CD net d'impot 3.27%
la capitalisation boursiere à la date d'évaluation

Seance COURS_CLOTURE
12/31/2018 881
nombre de titres 1225978

FP 1080086618
DF 150424000
CFP 11.72%
CD 4.67%
WACC 10.69%
RETURN TO
SUMMARY
Rendement des bons du Trésor à maturité 10 ans au Maroc (Courbe des bons de trésors relative au marché secondaire au 9 octobre 2018
prime de risque moyenne des 4 premiers trimestres de l’année 2018 sur le marché marocain telle que calculée par Bloomberg.
Source: Note d'inforation CTM.
Source : Enquete de Bank Al-Maghrib sur les taux

hé secondaire au 9 octobre 2018).
culée par Bloomberg.
Détermination du coût des fonds propres :
𝑪𝑭𝑷 = 𝑹𝒇 + 𝜷𝒆 𝒙 (𝑹𝒎 − 𝑹𝒇)
Où : Rf : Taux sans risque βe : Bêta endetté de Saham Assurance (Rm – Rf) : Prime de risque marché
Taux sans risque 3.30% Rendement des bons du Trésor à maturité

Prime de risque marché 6.90% prime de risque moyenne des 4 premiers tr
Bêta 1.17 Source: Note d'inforation TIMAR.
Coût des fonds propres 11.37%
Coût de la dette 4.67% Sourc: Enquete de Bank Al-Maghrib sur les

la capitalisation boursiere à la date d'évaluation

Seance COURS_CLOTURE
12/31/2018 209
nombre de titres 301100

FP 62929900
DF 38472156
CFP 11.37%
CD 4.67%
WACC 8.30%
RETURN TO
SUMMARY
de risque marché
bons du Trésor à maturité 10 ans au Maroc (Courbe des bons de trésors relative au marché secondaire au 9 octobre 2018).
moyenne des 4 premiers trimestres de l’année 2018 sur le marché marocain telle que calculée par Bloomberg.
nforation TIMAR.
de Bank Al-Maghrib sur les taux

ire au 9 octobre 2018).
Bloomberg.
CALCUL DE L'ANC TIMAR
CP
= ANC
Valeur de l'action
Calcul du Goodwill selon la méthode de l'actua
110503292
110,503,292 Resultats courants
CB
Rente du GW
367
Rente du GW actualisée
VE
Valeur de l'action
RETURN TO
lon la méthode de l'actualisation de la rente du GW
2018 2017 2016

12,948,522 14,934,298 13,941,410
13,941,410
10,294,801
37,697,026
148,200,318
492
RETURN TO SUMMARY
This model is designed to value a firm, with two stages of growth, an i

period of higher growth and a subsequent period of stable growth
For a richer version of this model, try the fcffginzu.xls spreadsheet.
Assumptions
1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
The user has to define the following inputs:

1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Capital Spending, Depreciation and Working Capital needs during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)
Inputs to the model
Page 59
Current EBIT = $18,830,554.00

Current Interest Expense = 8,814,725.00 €
Current Capital Spending $5,235,412.00
Current Depreciation & Amort'n = $13,101,159.00
Tax Rate on Income = 30.00%
Current Revenues = $464,898,046.00
Current Non-cash Working Capital = $87,490,582.00
Chg. Working Capital = $3,480,656.00 Last year
Cash and Marketable Securities $26,833,511.00
Value of equity options issued by firm =
Book Value of Debt = $38,472,156.00 $52,330,870.00
Book Value of Equity = $110,503,292.00 $107,367,985.00
Weights on Debt and Equity

Is the firm publicly traded ? Yes
If yes, enter the market price per share = $209.00

& Number of shares outstanding = 301100.00
& Market Value of Debt = $38,472,156.00
If no, do you want to use the book value debt ratio ? No

If no, enter the debt to capital ratio to be used =
Enter length of extraordinary growth period = 5 (in years)
Do you want to change the debt ratio in the stable growth period? No
If yes, enter the debt ratio for the stable growth period =
Costs of Components
Do you want to enter cost of equity directly? No (Yes or No)
If yes, enter the cost of equity = (in percent)
If no, enter the inputs to the cost of equity
Beta of the stock = 1.17
Page 60
Riskfree rate= 3.30% (in percent)

Risk Premium= 6.90% (in percent)
Enter the cost of debt for cost of capital calculation 4.67% ( in percent)
Earnings Inputs
Do you want to use the historical growth rate? Yes (Yes or No)
If yes, enter EBIT from five years ago = $11,062,781.64 (in currency)
Do you have an outside estimate of growth ? No (Yes or No)

If yes, enter the estimated growth: 0.00% (in percent)
Do you want to calculate the growth rate from fundamentals? Non

The following will be the inputs to the fundamental growth formulation:
ROC = 8.25%
Reinv. Rate = -33.27%
Do you want to change any of these inputs for the high growth period? No
If yes, specify the values for these inputs (Please enter all variables)
ROC = 12.99%
Reinv. Rate = 72.62%
Specify weights to be assigned to each of these growth rates:

Historical Growth Rate = 16.00% (in percent)
Outside Prediction of Growth = (in percent)
Fundamental Estimate of Growth = 84.00% (in percent)
Enter growth rate in stable growth period? 2.00% (in percent)
Beta
Will the beta to change in the stable period? No (Yes or No)
If yes, enter the beta for stable period =
Will the cost of debt change in the stable period? No (Yes or No)
Page 61
If yes, enter the new cost of debt = ( in percent)
Capital Spending, Depreciation & Working Capital

Do you want all these items to grow at the same rate as earnings ? Yes
If not, enter the growth rates for each of the following items:
Capital Spending Depreciation Revenues
High Growth (in percent)
Stable Growth Do not enter Do not enter 2% (in percent)
Do you want to keep the current fraction of working capital to revenues? Yes
Specify working capital as a percent of revenues: 19% (in percent)
Capital Spending and Depreciation in Stable Growth

Is capital spending to be offset by depreciation in stable period? No
Do you want your reinvestment to be computed from fundamentals? Yes
Return on captial in perpetuity 12%
If no, do you want to enter capital expenditure as % of depreciation 120%
Page 62
Output from the program

Cost of Equity = 11.37%
Equity/(Debt+Equity ) = 62.06%
After-tax Cost of debt = 3.27%
Debt/(Debt +Equity) = 37.94%
Page 63
Cost of Capital = 8.30%
Page 64
Current EBIT * (1 - tax rate) = $13,181,387.80

- (Capital Spending - Depreciation) ($7,865,747.00)
- Change in Working Capital $3,480,656.00
Current FCFF $17,566,478.80
Growth Rate in Earnings per share

Growth Rate Weight
Historical Growth = 11.22% 16.00%
Outside Estimates = 0.00% 0.00%
Fundamental Growth = -2.75% 84.00%
Weighted Average -0.51%
Growth Rate in capital spending, depreciation and working capital

High Growth Stable Growth
Growth rate in capital spending = -0.51% Do not enter
Growth rate in depreciation = -0.51% Do not enter
Growth rate in revenues = -0.51% 2.00%
Working Capital as percent of revenues = 18.82% (in percent)

The FCFE for the high growth phase are shown below (upto 10 years)
1 2 3
EBIT * (1 - tax rate) $13,114,080.59 $13,047,117.06 $12,980,495.46
- (CapEx-Depreciation) ($7,825,582.68) ($7,785,623.44) ($7,745,868.25)
-Chg. Working Capital ($446,747.14) ($444,465.94) ($442,196.40)
Free Cashflow to Firm $21,386,410.40 $21,277,206.45 $21,168,560.11
Present Value $19,747,683.42 $18,141,413.69 $16,665,797.39
Growth Rate in Stable Phase = 2.00%

FCFF in Stable Phase = $10,921,030.43
Cost of Equity in Stable Phase = 11.37%
Equity/ (Equity + Debt) = 62.06%
AT Cost of Debt in Stable Phase = 3.27%
Debt/ (Equity + Debt) = 37.94%
Page 65
Cost of Capital in Stable Phase = 8.30%

Value at the end of growth phase = $173,395,786.71
Present Value of FCFF in high growth phase = $83,929,981.95

Present Value of Terminal Value of Firm = $116,393,797.92
Value of the firm = $200,323,779.87
Cash and Marketable Securities = $26,833,511.00
Market Value of outstanding debt = $38,472,156.00
Market Value of Equity = $188,685,134.87
Value of Equity options issued by the company = $0.00
Market Value of Equity/share = $626.65
Page 66
ount Model
two stages of growth, an initial RETURN TO

nt period of stable growth. SUMMARY
xls spreadsheet.
Page 67
( Yes or No)
(in currency)
(in #)
( in currency)
(Yes or No)
(in percent)
Page 68
(Yes or No)
(Yes or No)
Page 69
(Yes or No)
Auteur:
(Yes or No) Yes or no. If yes, enter
the return on capital that
your firm will have in
stable growth. If no,
enter cap ex as a percent
of depreciation in the cell
below.
(Yes or No)
(in percent)
Page 70
ogram
Page 71
4 5
$12,914,214.05 $12,848,271.09
($7,706,316.06) ($7,666,965.83)
($439,938.44) ($437,692.01)
$21,060,468.55 $20,952,928.93
$15,310,207.20 $14,064,880.25
Page 72
Terminal Year
$13,105,236.51
$478,615.24
$1,705,590.84
$10,921,030.43
Page 73
évaluation de TIMAR en utilisant la méthode des comparables et en optant pour l'EBITADA comme étant le mutiple de valoris
par analogie avec quatre sociétes évoluants dans le meme secteur "transport et logistique" et opérants dans différentes place
financiéres
échantillon pays capitalisation boursiére USD

celadon group usa 177,400,000
Covenant transportation Usa 634,000,000
STEF France 1,163,000,000
MartenTransportation Canada 217,000,000
moyenne
EBITADA moyenne en M dh 16,239,701

= VE 113,077,038
- Endettement financier net 35,708,221
- interets minoritaires 6,604,859
= VFP 70,763,958
nbre d'actions 301,100
= Prix de l'action 235
me étant le mutiple de valorisation
pérants dans différentes places
RETURN TO
SUMMARY
EV/EBITADA en M DH 2018 2017 2016 2015

6.6 EBITADA 6874200 8749135 41077268 8258201
7.3
4.652
9.3
6.963
16,239,701
113,077,038
35,708,221
6,604,859
70,763,958
301,100
235
La valeur des Fonds propres de la cible
Méthode d'évaluation poids VFP

patrimoniale 20% 110,503,292.00
Combinée 20% 148,200,317.84
Comparables 20% 70,763,958
Actualisation des flux 40% 188,685,134.87
Valeur des fonds propres
La valeur des Fonds propres de l'acquéreur
Méthode d'évaluation poids VFP

patrimoniale 20% 332,840,000
Combinée 20% 539,321,841.38
Comparables 20% 1,527,406,250
Actualisation des flux 40% 408,539,627.76
Valeur des fonds propres
VFP * poids RETURN TO SUMMARY
22100658
29640064
14152792
75474054
141367568
301100
470
VFP * poids
66568000
107,864,368
305,481,250
163,415,851
643,329,469
1,225,978
525
Laver
Valeur des fonds propres TIMAR
Valeur des fonds propres CTM
Pourcentage requis pour la prise de contrôle de la cible
Cash disponible 26,214,000.00
Taux d'imposition IS 30%

Taux d'interet 4.67%
Simulation du remboursement de la dette contratcée
la société holding fera recours à un emprunt bancaire remboursé par annuitée constante avec un taux d'inte
CDP Interets Amo
1 45,883,459.44 2,142,757.56 8,358,673.44
2 37,524,786.00 1,752,407.51 8,749,023.49
3 28,775,762.50 1,343,828.11 9,157,602.89
4 19,618,159.61 916,168.05 9,585,262.95
5 10,032,896.66 468,536.27 10,032,894.73

6,623,697.50 45,883,457.50
2012 2013
les 5 derniers dividendes versés par la cible
10 10
le dividende annuel prévu qui sera vers
les produits provenant de la cible permettront à la holding de récuperer

intérets dans une période de 3
Economie IS 642,827.27
Facteur d'actualisation de l'éco IS 0.96
Economie IS Acutalisée (au taux de la dette) 614,146.62
Valeur actuelle de l'économie fiscale 1,786,428.25
Valeur du nouvel ensemble
Valeur financière de la filiale

Valeur actuelle de l'économie fiscale
Dettes financières nettes de la holding
Valeur des actions de la holding au moment du LBO

Valeur de l'apport des actionnaires
Création de valeur = VA (éco fiscale) soit
Laveraged Buyout
141,367,567.53
RETURN TO SUMMARY
643,329,469.38
51% 72,097,459.44
Holding
FP apportés par l'acquéreur 26,214,000.00
Dettes financiéres 45,883,459.44
Total holding 72,097,459.44
re remboursé par annuitée constante avec un taux d'interet de 4,67% et remboursable dans une durée de 5ans
Annuitée CFP
10,501,431.00 37,524,786.00
10,501,431.00 28,775,762.50
10,501,431.00 19,618,159.61
10,501,431.00 10,032,896.66
10,501,431.00 0.00
52,507,155.00
2014 2017 2018 Dividende moyen à recevoir

8 8 8 8.8
le dividende annuel prévu qui sera versé à la holding 1,351,337
venant de la cible permettront à la holding de récuperer le montant de la dette financiére y compris les
39
intérets dans une période de 39 ans
525,722.25 403,148.43 274,850.42 140,560.88

0.91 0.87 0.83 0.80
479,857.08 351,559.07 228,985.25 111,880.23
72,097,459.44
ale 1,786,428.25
ing 45,883,459.44
nt du LBO 28,000,428.25
es 26,214,000.00
le) soit 1,786,428.25
URN TO SUMMARY
459.44
Offre pu
La société initiatrice propose aux actionnaires de la s
actionnariat de CTM
Dénomination Date Pourcentage détenu
RMA WATANIYA 6/13/2017 49.78%

Joummani Group 6/13/2017 23.00%
Divers actionanires 6/13/2017 22%
Abdellatif Hakam Finances 6/13/2017 5.00%
nbre de titres TIMAR 301100

nbre de titres CTM 1,225,978
Valeur révaluée des titres TIMAR 470

Valeur révaluée des titres CTM 525
Parité d'échange 0.89
actionnaire pourcentage détenu

considerons l'hypothese que la CTM
prendra le contrôle de la cible en offrant aux
actionnaires détenant une fraction au moins
égale à 51% des titres, Flottant 26%
ce pourcentage peut etre
obtenu en visant les titres des actionnaires Olivier Puech 16%
(flottant et olivier et jean charles) Jean Charles Puech
constituant une fraction égal à 55,57% ce 14%
(fils)
qui permet
Total 55.57%
actionnariat de CTM apres echange
Dénomination Date
RMA WATANIYA 6/13/2017
Joummani Group 6/13/2017
Divers actionanires 6/13/2017

Abdellatif Hakam
6/13/2017
Finances
Flottant 1/1/2019
Olivier Puech 1/1/2019
Jean Charles Puech
1/1/2019
(fils)
Offre p
La société initiatrice propose aux actionnaires de la société c
actionnariat de CTM
Dénomination Date Pourcentage détenu
RMA WATANIYA 6/13/2017 49.78%

Joummani Group 6/13/2017 23.00%
Divers actionanires 6/13/2017 22%
Abdellatif Hakam Finances 6/13/2017 5.00%
nbre de titres TIMAR 0

nbre de titres CTM 0
Dérniere cotation TIMAR 209
Dérniere cotation CTM 881
Offre publique d'échange
La société initiatrice propose aux actionnaires de la société cible de racheter leurs actions en les payant avec ses propres titres
actionnariat de TIMAR
nombre d'actions Dénomination
610,292 Flottant
281,975 Olivier Puech
269,715 Jean Charles Puech (fils)
61,299 Cécile Puech
Geneviève Puech
Hakam Abdellatif Finance
SCGPP
Personnel TIMAR
8 actions de la CTM valent 9 actions de la cible TIMAR
nbre d'actions qui seront

Pourcentage qui sera detenu
nbre d'actions détenues dans la CTM après
dans la CTM apres l'échange
l'echange
78346 69641 5.1%

46821 41619 3.0%
42,154 37470 2.7%
167321 148,730 10.82%
Nombre d'actions nouvellement crées
e CTM apres echange
Pourcentage détenu
44.39%
20.51%
19.62%
4.46%
5.1%
3.0%
2.7%
1,374,708
Offre publique d'achat
été initiatrice propose aux actionnaires de la société cible de racheter leurs actions à un prix généralement sup aux dernier cours coté.
nombre d'actions Dénomination
610,292 Flottant
281,975 Olivier Puech
269,715 Jean Charles Puech (fils)
61,299 Cécile Puech
Geneviève Puech
Hakam Abdellatif Finance
SCGPP
Personnel TIMAR
RETURN TO SUMMARY
Date Pourcentage détenu
7/2/2018 26.02%
7/2/2018 15.55%
7/2/2018 14%
7/2/2018 13.91%
7/2/2018 10.62%
7/2/2018 10.00%
7/2/2018 7.04%
7/2/2018 2.86%
8
9
0.89
RETURN TO SUMMARY
Date Pourcentage détenu
7/2/2018 26.02%
7/2/2018 15.55%
7/2/2018 14%
7/2/2018 13.91%
7/2/2018 10.62%
7/2/2018 10.00%
7/2/2018 7.04%
7/2/2018 2.86%

Ingenieurie Financiere (Fusion CTM Et Timar)

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Ingenieurie Financiere (Fusion CTM Et Timar)

Transféré par

Droits d'auteur :

Formats disponibles

FUSION CTM-TIMAR

états financiers et chiffres clés états financiers

calcul des CF et CMPC calcul des C

la méthode du Goodwill la méthode

la méthode DCF la métho

La méthode des comparables La méthode de

états financiers et chiffres clés

calcul des CF et CMPC

La méthode des comparables

IMMOBILISATION EN NON VALEUR (A) 1,704,747.60

EXERCICE 2018 EXERCICE PRECEDENT 2017

1,062,424.82 642,322.78 250,074.00

12,320,535.59 1,681,547.54 1,146,569.72

473,020,035.37 436,897,440.20 414,346,204.64

824,818.73 7,789,972.22 7,168,736.43

1,784,914.24 9,099,790.62 24,949,137.88

EXERCICE 2018 EXERCICE PRECEDENT 2017

I PRODUITS COURANTS 548,182,662.35

C 7 . Repr.exp. : transf. Charges 8,519,978.85

TOTAUX DE L'EXERCICE TOTAUX DE L'EXERCICE TOTAUX DE L'EXERCICE

536,607,102.94 500,053,655.74 484,506,753.31

3,055,580.56 2,954,550.97 2,863,866.55

161,355,822.88 147,091,098.68 145,095,923.92

47,548,659.16 42,404,108.45 54,348,093.15

599,119,570.98 555,574,526.38 556,135,918.75

IMMOBILISATION EN NON VALEUR (A) 2,471,961.47

Amortissements et provisions Net Net

2,114,865.14 357,096.33 907,686.08

5,436,898.21 826,128.96 1,703,372.61

15,330,673.07 3,799,664.21 4,561,622.14

1,102,659.08 371,027.17 473,410.93

33,307,838.06 51,601,261.48 48,066,623.31

56,190,274.48 58,996,311.98 58,412,396.14

8,259,647.50 153,819,290.65 149,102,247.62

2,385.47 910,336.07 1,373,234.27

EXERCICE 2018 EXERCICE PRECEDENT 2017

C 7 . Repr.exp. : transf. Charges 1,435,027.43

267,765,618.08 255,920,255.29 258,386,614.98

1,435,027.43 2,172,808.66 4,970,240.72

4,062,444.75 7,841,233.87 2,828,626.51

283,164,397.33 270,183,938.50 270,528,440.20

2018 2017 2016

Two-Stage FCFF Discount Model

This model is designed to value a firm, with two stages of grow

The user has to define the following inputs:

Inputs to the model

Weights on Debt and Equity

If yes, enter the market price per share = $881.00

If no, do you want to use the book value debt ratio ? No

Enter length of extraordinary growth period = 5 (in years)

If no, enter the inputs to the cost of equity

Do you have an outside estimate of growth ? Yes (Yes or No)

Do you want to calculate the growth rate from fundamentals? Yes

Specify weights to be assigned to each of these growth rates:

Enter growth rate in stable growth period? 2.00% (in percent)

Capital Spending, Depreciation & Working Capital

Capital Spending and Depreciation in Stable Growth

Output from the program

After-tax Cost of debt = 3.27%

Current EBIT * (1 - tax rate) = $58,725,100.00

Growth Rate in Earnings per share

Growth Rate in capital spending, depreciation and working capital

Working Capital as percent of revenues = 16.55% (in percent)