revenue

growth
eqp revenue
growth
total
expenses
operating exp
eqp cogs

sga exp
dep
ebitda
ebit
tax
nopat
dep
wc
capex
fcf
wc assum
acc rec
days sales eqp
prepaid exp
acc payab
df service rev
accrued liab
capex

without synergies
acc rec
days sales eqp
prepaid exp
acc payab
df service rev

435.5
101.0
41.6
578.1
260.8
143.0

2008
4194.4
14%

2009
4781.6
14%

2010
5379.3
12.50%

314.8
7.50%

358.6
7.50%

403.4
7.50%

4509.2

5140.2372

5782.76685

838.88
20%
755.52
240%
1594
1803.68
40%
705.2

956.3232
20%
860.69088
240%
1817
2056.09488
40%
804

1075.8636
20%
968.27724
240%
2044
2313.10674
40%
867.4

1,111.12
405.92
40%
243.55
705.20
948.75
25.64
631.29
291.83

1,267.13
463.13
40%
277.88
804.00
1,081.88
19.37
719.63
342.87

1,425.52
558.12
40%
334.87
867.40
1,202.27
20.01
867.40
314.86

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85

41.67
154.36
1.38%
35.54
14.01
6.85

631.3
14%

719.6
14%

809.6
14%

522
135
47
703.8
335
163

595
154
53
802.2
382
186.1

669
173
60
902.5
430
209.3

accrued liab

synergies

59.2
463.0
115.1

65
563.1
140.7
25.6

74
642.1
160.1
19.4

83
722.4
180.1
20.0

156
269
387
4509.2
5140.2372 5782.76685
4665.2
5409.2372 6169.76685
539.9969 626.1192059 714.1505129
134.9792444 153.7688012 172.9899014
47
53
60
722
833
947
335
382
430
163
186
209
65
74
83
563
642
722
159
191
225

2011
5917.2
10%

2012
6331.5
7%

443.8
7.50%

474.9
7.50%

6361.043535

6806.316582

1183.44996
20%
1065.104964
240%
2249
2544.417414
40%
922.4

1266.291457
20%
1139.662311
240%
2406
2722.526633
40%
952.2

1,568.07
645.67
40%
387.40
922.40
1,309.80
18.01
970.00
321.80
41.67
154.36
1.38%
35.54
14.01
6.85
890.5
14%

736
190
66
992.7
473
230.3

1,677.84
725.64
40%
435.38
952.20
1,387.58
13.87
1,055.00
318.72 fcf
wacc
41.67 ku
154.36
1.38%
35.54 interest exp
14.01 tax shield
6.85 pv of tax
tv tax
952.9 npv fcf
14% tv

788
204
71
1,062.2
506
246.4

292

343

315

322

199
79.6
$262.23
641.45944
$1,241.71

183
73.2

166
66.4

147
58.8

7.91%
8.78%

with dcf
$1,270.60
4569.3226
$5,839.92
115.98

91
794.6
198.1
18.0
570
6361.043535
6931.043535
802.2682892
190.2888915
66
1,059
473
230
91
795
264

98
850.3
211.9
13.9
704
6806.316582
7510.316582
869.3191444
203.6091139
71
1,144
506
246
98
850
293
29
131.49

319
5514.1263
6491.1711
977.04478

328.278
5679.5501
6685.9062
1006.3561

128
51.2

131.84

660.70322
3728.7963
$4,970.50
$5,893.43

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

5.50%
3759
date
payment interest
principal balance
period
1/31/2008
41
17
24 3735.229
2/28/2008
41
17
24
3711
3/27/2008
41
17
24
3687
4/24/2008
41
17
24
3663
5/22/2008
41
17
24
3639
6/19/2008
41
17
24
3615
7/17/2008
41
17
24
3590
8/14/2008
41
16
25
3566
9/11/2008
41
16
25
3541
10/9/2008
41
16
25
3516
11/6/2008
41
16
25
3491
12/4/2008
41
16
25
3466
199 119.6659
1/1/2009
41
16
25
3441
1/29/2009
41
16
25
3416
2/26/2009
41
16
25
3391
3/26/2009
41
16
25
3365
4/23/2009
41
15
26
3340
5/21/2009
41
15
26
3314
6/18/2009
41
15
26
3288
7/16/2009
41
15
26
3262
8/13/2009
41
15
26
3236
9/10/2009
41
15
26
3210
10/8/2009
41
15
26
3184
11/5/2009
41
15
26
3157
183 109.7644
12/3/2009
41
14
27
3131
12/31/2009
41
14
27
3104
1/28/2010
41
14
27
3077
2/25/2010
41
14
27
3051
3/25/2010
41
14
27
3024
4/22/2010
41
14
27
2996
5/20/2010
41
14
27
2969
6/17/2010
41
14
27
2942
7/15/2010
41
13
28
2914
8/12/2010
41
13
28
2887
9/9/2010
41
13
28
2859
10/7/2010
41
13
28
2831
166
11/4/2010
41
13
28
2803
12/2/2010
41
13
28
2775
12/30/2010
41
13
28
2746
1/27/2011
41
13
28
2718
2/24/2011
41
12
29
2689
3/24/2011
41
12
29
2661
4/21/2011
41
12
29
2632
5/19/2011
41
12
29
2603
6/16/2011
41
12
29
2574

46 7/14/2011
47 8/11/2011
48
9/8/2011
49 10/6/2011
50 11/3/2011
51 12/1/2011
52 12/29/2011
53 1/26/2012
54 2/23/2012
55 3/22/2012
56 4/19/2012
57 5/17/2012
58 6/14/2012
59 7/12/2012
60
8/9/2012

41
41
41
41
41
41
41
41
41
41
41
41
41
41
2176

12
12
12
11
11
11
11
11
11
11
10
10
10
10
10

29
29
29
30
30
30
30
30
30
30
31
31
31
31
2166

2545
2515
2486
2456
2427
2397
2367
2337
2306
2276
2245
2215
2184
2153
0

147

128

revenue
eqp revenue
total
expenses
operating exp
eqp cogs
sga exp