in Million $

Dec-06
Revenues
342
Midtier
290.7
Higher end
51.3

EBIDTA MARGIN
80% OP INC FROM MIDTIER
INTEGRATN COSTS
INVENTORY WRITEDOWN
INDUSTRY ROE
ROE OF BLAINE
CMARKET PRICE

22%
80% OP INC FROM MIDTIER
INTEGRATN COSTS
INVENTORY WRITEDOWN
16%
11%
16.25$

Cost of capital
Kd
Ke
Beta
Rf
0.0491
Rm-Rf
0.1
Wd
0
We
1
WACC

Projected income statement

2004
2005
2006
Revenue
291940000 307964000 342251000
COGS
204265000 220234000 249794000
Gross Profit
87675000 87730000 92457000
Selling & Admin Exp
25293000 27049000 28512000
Operating Income= EBIT 62382000 60681000 63945000
Dep & Amortizatn
6987000
8213000
9914000
EBITDA
69369000 68894000 73859000
EBIT
62382000 60681000 63945000
Other Income
PBT
Tax
PAT
Dividends

15719000
78101000
24992320
53108680
18588038

16057000
76738000
24325946
52412054
22851656

13506000
77451000
23854908
53596092
28352333

Revenue growth
EPS
ROE
PAYOUT RATIO

1.054888 1.1113344

Tax
EPS before buying
EPSafter buying

35

43.6
52.9
65.041 79.96846
0.2457143 0.2133028 0.229509
1.229509
0.32
0.317
0.308
0.4312

EPS
Shares outstanding

EBIT/CSO 0.9081826
59052000 14000000

302785060
18632927

Revenue
COGS
Gross Profit
Selling & Admin Exp
Operating Income= EBIT
Dep & Amortizatn
EBITDA
EBIT
Interest
Other Income
PBT
Tax
PAT
Dividend
shares outstanding
Old EPS
New EPS
Old ROE
New ROE

2006 with share repurchase

342251000
249794000
92457000
28512000
63945000
9914000
73859000
63945000
3375000
13506000
74076000
31941571.2
42134428.8
10339434
45052000
0.91
1.419359851
0.109746422
0.183701943

Cash
Debt Taken Cash neededShare
for buying
purchase
shares
Cash
@Remaining
18.5
66557000 50000000 209000000 259000000 -142443000
Shareholders Equity
Old
New
488363000 229363000