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 Growth Tax rate Initial Revenues Earnings Interest costs Profit margin COGS WC Beta Cost of debt Equity Market Value Debt Market Value Revenues -COGS -Depreciation =EBIT EBIT(1-Tax) +Depreciation -CapEx -Change in WC -Free Cash Flow to Firm Cost of Equity (from CAPM) Cost of Debt WACC Firm Value Less Debt Equity Value PE Increase Baltran 7.6% 16% 1400 55 18.4 5.2% 94.76% 10% 1.20 9.00% 133.756 218 T+1 1507 1428 9 70 59 9 0 -11 57 16.40% 7.56% 10.92% 1731 -218 1513 28
Risk free Country risk premium Mkt risk premium
8% 0% 7.00%