year 1 year 2 year 3 year 4 year 5 year 6
Sales Rev $ 100.00 $ 110.00 $ 121.00 $ 139.15 $ 160.02 $ 192.03 10% 0.15 0.2
EBITDA $ 40.00 $ 44.00 $ 48.40 $ 55.66 $ 64.01 $ 76.81 $ 384.05 0.4
Capex $ 12.00 $ 13.20 $ 14.52 $ 20.87 $ 24.00 $ 28.80 $ 268.92 0.12 0.15
Depn 12 12 12 12 12 12 $ 3.36
Net WC 3 3 5 5 5 8
EBIT $ 28.00 $ 32.00 $ 36.40 $ 43.66 $ 52.01 $ 64.81
INTEREST $ 12.00 $ 11.84 $ 11.55 $ 11.31 $ 11.26 $ 12.00
EBT $ 16.00 $ 20.16 $ 24.85 $ 32.35 $ 40.75 $ 52.81
TAX $ 6.40 $ 8.06 $ 9.94 $ 12.94 $ 16.30 $ 21.12 0.4
EAT $ 9.60 $ 12.10 $ 14.91 $ 19.41 $ 24.45 $ 31.69
FCFF $ 6.60 $ 7.90 $ 7.39 $ 5.54 $ 7.45 $ 6.88
CASH BALANCE 5 5 5 5 5 5
PRINCIPAL REPAID $ 1.60 $ 2.90 $ 2.39 $ 0.54 $ 2.45 $ 1.88
268
Assumption
The change in working capital has already
been adjusted with cash balance
VC'S REQU 15.1875
year 1 year 2 year 3 year 4 year 5
120 $ 118.40 $ 115.50 $ 113.11 $ 112.58
$ 1.60 $ 2.90 $ 2.39 $ 0.54 $ 2.45
$ 118.40 $ 115.50 $ 113.11 $ 112.58 $ 110.13
$ 11.84 $ 11.55 $ 11.31 $ 11.26 $ 11.01
MULTUPLE
2 15
2.5 20
3 25
FORWARD EBITDA
EBITDA MULTIPLE
IRR - RETURN WE GET
EBITDA MULTIPLE = 10x
D/E = 0.50
INTEREST RATE 0.05
REPAYMENT EACH YEAR 0.05
YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
REVENUE 800 856.00 915.92 980.03 1048.64 1122.04 1200.58
EBITDA 240.00 265.36 293.09 323.41 356.54 392.71 432.21
CAPEX 32.00 34.24 36.64 39.20 41.95 44.88 48.02
PURCHASE OF INTANGIBLE ASSETS 25.68 27.48 29.40 31.46 33.66 36.02
WC 25.68 27.48 29.40 31.46 33.66 36.02
DEPRECIATION 42.80 45.80 49.00 52.43 56.10 60.03
PRINCIPAL REPAYMENT 60.00 54.26 48.01 40.73 32.31 22.62
EBIT 222.56 247.30 274.41 304.10 336.61 372.18
INTEREST 60.00 54.26 48.01 40.73 32.31 22.62
EBT 162.56 193.04 226.40 263.37 304.31 349.56
TAX 65.024 77.214 90.558 105.349 121.722 139.826
EAT 97.54 115.82 135.84 158.02 182.58 209.74
AFTER REPAYMENT
FCFF 54.74 124.98 145.64 168.51 193.80 221.74
PRINCIPal PAID 54.74 124.98 145.64 168.51 193.80 221.74
WE TAKE A MORETORIUM FOR THE 6 MILLION LEFT TO BE PA
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6
2400 1200 1085.264 960.2837 814.6461 646.1363 452.3325
60 54.2632 48.01418 40.7323 32.30681 22.61663
55 125 146 169 194 222
1085 960 815 646 452 231
60 54.2632 48.01418 40.7323 32.30681 22.61663
YEAR 7 YEAR 8
1284.63 1374.55 0.07
475.31 522.33 5223 0.3 0.31 0.32 0.33 0.34 0.35 0.36
51.39 54.98 5245 0.04
38.54 41.24 4.371 0.03
38.54 41.24 0.03
64.23 68.73 0.05
11.53
411.08 453.60
11.53 -1.10
399.55 454.70 4914.45
159.82 181.88 4.095371 0.4
239.73 272.82
252.58 286.57
252.58
21.99
HE 6 MILLION LEFT TO BE PAID
YEAR 7 YEAR 8
230.588 -21.98869
11.5294 -1.099435
253 0
-22 -22
11.5294 -1.099435
0.37 0.38 0.39
