Historical

Document Sample
Historical
Historical earnings Growth

41

39 -0.04878 0.95122

47 0.205128 1.205128

39 -0.17021 0.829787

55 0.410256 1.410256

Average growth 9.9%

Geometric average growth 7.6%

Baltran

Baltran

Growth 7.6%

Tax rate 16%

Initial Revenues 1400

Earnings 55

Interest costs 18.4

Profit margin 5.2%

COGS 94.76%

WC 10%

Beta 1.20

Cost of debt 9.00%

Equity Market Value 133.756

Debt Market Value 218

T+1

Revenues 1507

-COGS 1428

-Depreciation 9

=EBIT 70

EBIT(1-Tax) 59

+Depreciation 9

-CapEx 0

-Change in WC -11

-Free Cash Flow to Firm 57

Cost of Equity (from CAPM) 16.40%

Cost of Debt 7.56%

WACC 10.92%



Firm Value 1731



Less Debt -218

Equity Value 1513

PE 28

Increase

Risk free 8%

Country risk premium 0%

Mkt risk premium 7.00%


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