EQUITY
DEBT
10000
10000
T
NFA
OP W CAP
CASH
20000
10000
6000
4000
EQUITY
DEBT
5000
5000
10000
P/BV
MV
AC PREM
TAQ V
3
15000
2000
17000
20000
I CASE
100%
CASH
DEBBT
EQUITY
4000
6500
6500
17000
NET PROFIT
T
EQUITY
DEBT
T
7000
7000
14000
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
7000 EQUITY
3000 DEBT
10000
16500
16500
NFA
INVESTME
OP WCAP
33000
CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000
16500
21500
38000
NET PROFIT
RE
EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
9000 EQUITY
5000 DEBT
14000
21500
16700
38200
NFA
INVESTME
OP WCAP
CONSOLIDATION
12000 EQUITY
19000 DEBT
7200
38200
21500
23700
45200
GWILL
NFA
OP W CAP
CASH
12000
17000
9000
0
38000
GWILL
NFA
OP W CAP
CASH
12000
21000
12200
0
45200
A
EQUITY
DEBT
10000
10000
T
NFA
OP W CAP
CASH
20000
10000
6000
4000
EQUITY
DEBT
5000
5000
10000
P/BV
MV
AC PREM
TAQ V
3
15000
2000
17000
20000
I CASE
100%
CASH
DEBBT
EQUITY
4000
6500
6500
17000
7000 EQUITY
3000 DEBT
10000
14000
13900
27900
NFA
INVESTME
OP WCAP
CONSOLIDATION
10000 EQUITY
11900 DEBT
6000 MIN INTER
27900
14000
18900
5100
32900
11900
4000
3900
4000
11900
GWILL
NFA
OP W CAP
CASH
12000
17000
9000
0
38000
1500
5100
3600
2100
900
6600
A
EQUITY
DEBT
10000
10000
T
NFA
OP W CAP
CASH
20000
10000
6000
4000
EQUITY
DEBT
5000
5000
10000
P/BV
MV
AC PREM
TAQ V
3
15000
2000
17000
20000
I CASE
100%
CASH
DEBBT
EQUITY
4000
6500
6500
17000
NET PROFIT
T
EQUITY
DEBT
T
6600
7000
13600
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
7000 EQUITY
3000 DEBT
10000
16500
16500
NFA
INVESTME
OP WCAP
33000
CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000
16500
21500
38000
NET PROFIT
RE
EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
9000 EQUITY
4600 DEBT
13600
21500
16700
38200
NFA
INVESTME
OP WCAP
CONSOLIDATION
12000 EQUITY
18600 DEBT
7600
38200
21500
23700
45200
GWILL
NFA
OP W CAP
CASH
12000
17000
9000
0
38000
12000
-18600
-6600
ASSET
GWILL
NFA
OP W CAP
CASH
12000
21000
12200
0
45200
A
EQUITY
DEBT
10000
10000
T
NFA
OP W CAP
CASH
20000
10000
6000
4000
EQUITY
DEBT
5000
5000
10000
P/BV
MV
AC PREM
TAQ V
3
15000
2000
17000
20000
I CASE
100%
CASH
DEBBT
EQUITY
4000
6500
6500
17000
NET PROFIT
T
EQUITY
DEBT
T
7000
7000
14000
7000 EQUITY
3000 DEBT
10000
14000
13900
NFA
INVESTME
OP WCAP
27900
CONSOLIDATION
10000 EQUITY
11900 DEBT
6000 MIN INTER
27900
14000
18900
5100
32900
11900
4000
3900
4000
11900
NET PROFIT
RE
EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
9000 EQUITY
5000 DEBT
14000
17650
15900
33550
NFA
INVESTME
OP WCAP
CONSOLIDATION
12000 EQUITY
13300 DEBT
8250 MI
33550
17650
22900
5700
46250
GWILL
NFA
OP W CAP
CASH
12000
17000
9000
0
38000
1500
3600
2100
900
6600
5100
GWILL
NFA
OP W CAP
CASH
12000
21000
13250
0
46250
A
EQUITY
DEBT
10000
10000
T
NFA
OP W CAP
CASH
20000
10000
6000
4000
EQUITY
DEBT
5000
5000
10000
P/BV
MV
AC PREM
TAQ V
3
15000
2000
17000
20000
I CASE
100%
CASH
DEBBT
EQUITY
4000
6500
6500
17000
NET PROFIT
T
EQUITY
DEBT
T
7000
7000
14000
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
7000 EQUITY
3000 DEBT
10000
16500
16500
NFA
INVESTME
OP WCAP
33000
CONSOLIDATION
10000 EQUITY
17000 DEBT
6000
33000
16500
21500
38000
NET PROFIT
RE
EQUITY
AAA
STANDALONE AFTER ACQUISITION
NFA
OP W CAP
9000 EQUITY
5000 DEBT
14000
18750
16700
35450
NFA
INVESTME
OP WCAP
CONSOLIDATION
12000 EQUITY
17000 DEBT
6450
35450
18750
23700
42450
GWILL
NFA
OP W CAP
CASH
12000
17000
9000
0
38000
GWILL
NFA
OP W CAP
CASH
12000
21000
11450
0
44450