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CurrentFinancialInformation(Enterthemostrecentinformationyoucanfind;ifpossible,usetrailing12monthdata)

I.IncomeStatement
CurrentEBIT=
$(146.84)
CurrentInterestExpense=
$0.92
CurrentCapitalSpending
$105.41
CurrentDepreciationandAmortization $10.62
CurrentRevenues=
$116.74
II.BalanceSheet
Thisperiod Lastperiod
CurrentNoncashWorkingCapital= $22.94 $11.62
BookValueofDebt=
$71.83
0
BookValueofEquity=
$72.13
253.523
Cash&MarketableSecurities=
$173.16
NonoperatingAssets
$22.73
III.TaxInformation
NOLcarriedforward=
$141.00
Marginaltaxrate=
40.00%
Adjustments to Current Financial Information
Do you have any operating leases?
Does your firm have R&D expenses?
Are there any other operating expenses to be capitalized?
Discount Rate Inputs
Current Beta =
Current Cost of Borrowing =
Current Market Value of Debt =

Yes
Yes
No

1.50
8.00%
76.00

Expectations for the future


Do you want to enter the growth rate in revenues each year?
If no, Compounded Annual Growth Rate in Revenues for next 10 years:

Yes
15.00%

Doyouwantmetousecurrentworkingcapitalaspercentofrevenuesforthefuture?
Ifnot,enternoncashworkingcapitalasapercentofrevenuesinfutureperiods
Howwouldyoulikecapitalexpenditurestobeestimated?
Ifyouwouldchose3,enterthesalestocapitalratiothatyouwouldlikemaintained
Stable Growth Inputs
Expected Growth Rate in perpetutity =
Expected Operating Margin =
Expected Debt to Capital(MV) Ratio for the firm =
Expected Beta =
Expected Cost of Debt =
Return on Capital for the firm =

3.50%
Speed of convergence
10.00%
2
35.00%
0.90
5.00%
10.00%

Per Share Inputs


Number of Shares outstanding =
Current Stock Price =
Does your firm have equity options outstanding?
If yes, enter the number of options outstanding =
and the average exercise price of the options outstanding
and the average maturity of the options outstanding =
and the standard deviation in the firm's stock price =
General Information
Current long term government bond rate =
Estimated Market Risk Premium =

Yes
24.35%
3
2.00

95.63
29.00
Yes
13.805
8.59
6.06
71%

3.50%
5.00%

Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied =
10
Value to Sales multiple in that year =
0.82

data)

Base
$117
-69.28%
-$81
$0
-$81
$41
$198
$11
-$249
$141

1
150.00%
$292
-42.86%
-$125
$0
-$125
$66
$119
$34
-$213
$266

2
100.00%
$584
-25.24%
-$147
$0
-$147
$93
$181
$57
-$293
$413

3
80.00%
$1,051
-13.49%
-$142
$0
-$142
$121
$262
$92
-$375
$555

4
60.00%
$1,681
-5.66%
-$95
$0
-$95
$145
$336
$124
-$410
$650

5
40.00%
$2,354
-0.44%
-$10
$0
-$10
$166
$370
$132
-$347
$661

6
30.00%
$3,060
3.04%
$93
$0
$93
$183
$397
$139
-$260
$568

Cost of Capital Calculations


Tax Rate
0.00%
Debt Ratio
3.81%
Beta
1.50
Cost of Equity
11.00%
Cost of Debt
8.00%
After-tax cost of debt
8.00%
Cost of Capital
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
10.05%
1.38
10.40%
7.40%
7.40%
10.10%

Revenue Growth Rate


Revenues
Operating Margin
EBIT
Taxes
EBIT(1-t)
+ Depreciation
- Capital Expenditures
- Chg WC
FCFF
NOL
Terminal Value

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $
311.00 $
399 $
544 $
778 $
1,093
Reinvestment Rate
NMF
NMF
NMF
NMF
NMF
Increase in Revenue/Increase in Capital
2.00
2.00
2.00
2.00
Return on Capital
-40.22%
-36.96%
-26.03%
-12.23%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

1.10885794
$
(192)

1,429 $
1,782 $
NMF
#VALUE!
2.00
2.00
-0.95%
6.51%

1.2295659357
1.363413953 1.51183239 1.6764073529 1.8457016187
(238) $
(275) $
(271) $
(207) $
(141)

The Valuation
PV of FCFF during high growth phase =
PV of Terminal Value =
Value of Operating Assets of the firm =
Value of Cash & Non-operating assets=
Value of Firm =
- Value of Outstanding Debt =
Value of Equity =
- Value of Equity Options =
Value of Equity in Common Stock =

$
$
$
$
$
$
$
$
$

(1,300)
2,840
1,540
195.89
1,736
110
1,626
328
1,299

Value of Equity per share =

13.58

20.00%
$3,672
5.36%
$197
$0
$197
$192
$378
$120
-$109
$371

8
15.00%
$4,222
6.91%
$292
$0
$292
$199
$366
$108
$16
$79

9
10.00%
$4,645
7.94%
$369
$116
$253
$206
$334
$83
$42
$0

0.00%
11.61%
1.26
9.80%
7.25%
7.25%
9.50%

0.00%
14.20%
1.14
9.20%
7.00%
7.00%
8.89%

31.40%
19.40%
1.02
8.60%
6.50%
4.46%
7.80%

2,088 $
2,364
#VALUE!
#VALUE!
2.00
2.00
11.04%
13.96%

2.0211183705 2.2007452533
(54) $
7

10
5.00%
$4,877
8.63%
$421
$168
$252
$213
$283
$46
$136
$0

40.00%
35.00%
0.90
8.00%
5.00%
3.00%
6.25%

2,575 $
2,691
#VALUE!
#VALUE!
2.00
2.00
10.70%
9.80%

2.3723276468 2.5205981247
$
18 $
54
$
2,840

Treasury Stock Approach


$

15.95

Summary Output
Revenues
EBIT
EBIT(1-t)
- Reinvestment

$292
-$125
-$125
$88

$584
-$147
-$147
$146

$1,051
-$142
-$142
$233

$1,681
-$95
-$95
$315

$2,354
-$10
-$10
$336

$3,060
$93
$93
$353

$3,672
$197
$197
$306

$4,222
$292
$292
$275

$4,645
$369
$253
$211

$4,877
$421
$252
$116

$5,047
$505
$303
$106

FCFF

-$213

-$293

-$375

-$410

-$347

-$260

-$109

$16

$42

$136

$197

Terminal Year
3.50%
$5,047
10.00%
$505
$202
$303
$220
$293
$34
$197
$0
$7,158

40.00%
35.00%
0.90
8.00%
5.00%
3.00%
6.25%

2,797
35.00%
1.61
10.00%

Relative Valuation Output


Year in which multiple is used =
Value to Sales Ratio for Specialty retailers=
Revenue in chosen year =
Value in chosen year =
Cost of capital in chosen yea
Value today =
+ Cash & Securities =
- Debt outstanding =
-Equity options outstanding
Value of Equity in stock =
Value per share =

$
$
$
$
$
$
$
$

4,877
3,999
2.5206
1,586
196
110
328
1,345
14.06

1950.8

10
0.82

Year
1
2
3
4
5
6
7
8
9
10

Revenues Cumulated Cost of Capital


$
292
110.89%
$
584
122.96%
$
1,051
136.34%
$
1,681
151.18%
$
2,354
167.64%
$
3,060
184.57%
$
3,672
202.11%
$
4,222
220.07%
$
4,645
237.23%
$
4,877
252.06%

Company

Market Value Percent Owned

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$6.79
2
$6.63
3
$6.56
4
$6.43
5
$5.89
6andbeyond $21.13

OperatingLeaseConverter
$

Output
PretaxCostofDebt=

11.00%

!Ifyoudonothaveacostofdebt,usetheratingsestimator

Fromthecurrentfinancialstatements,enterthefollowing
ReportedOperatingIncome(EBIT)=
$(146.84) !ThisistheEBITreportedinthecurrentincomestatement
ReportedDebt=
$76.00 !Thisistheinterestbearingdebtreportedonthebalancesheet
Numberofyearsembeddedinyr6estimate=

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $6.79 $6.12
2 $6.63 $5.38
3 $6.56 $4.80
4 $6.43 $4.24
5 $5.89 $3.50
6andbeyond $5.28 $9.72 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$33.75
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=

$3.75 !Iusestraightlinedepreciation
$3.71 !PVofoperatingleases*Pretaxcosto
$33.75

verter

urrentincomestatement
eportedonthebalancesheet

verthefirstfiveyears
expensesinyr6

ityfortenyears

usestraightlinedepreciation
PVofoperatingleases*Pretaxcostofdebt

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.
Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
5
!Ifindoubt,usethelookuptab
Enterthecurrentyear'sR&Dexpense=
$93.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
4

R&DExpenses
19.30
!Year1istheyearpriortothecurrentyear
49.00
!Year2isthetwoyearspriortothecurrentyear
60.50
25.00

0
0
0
0
0
Output
Year
Current
1
2
3
4
0
0
0
0
0
0

R&DExpense
93.00
19.30
49.00
60.50
25.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortizedportion
1.00
93.00
0.80
15.44
0.60
29.40
0.40
24.20
0.20
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

$3.86
$9.80
$12.10
$5.00
$
$
$
$
$

0.00

0.00

ValueofResearchAsset=

Amortizationthisyear

$167.04 $30.76

Amortizationofassetforcurrentyear=

$30.76

AdjustmenttoOperatingIncome=

$62.24 !Apositivenumberindicatesanincreaseinoperatingincome(addtorepo
$25

Tax Effect of R&D Expensing


Look Up Table for Amortization Periods

IndustryName AmortizationPeriod
Advertising
2
Aerospace/Defe
10
AirTransport
10
Aluminum
5
Apparel
3
Auto&Truck
10
AutoParts(OE
5
AutoParts(Rep
5
Bank
2

NontechnologicalService
Retail,TechService
LightManufacturing
HeavyManufacturing
Research,withPatenting
LongGestationPeriod

2years
3years
5years
10years
10years
10years

Bank(Canadian
Bank(Foreign)
Bank(Midwest)
Beverage(Alcoh
Beverage(Soft
BuildingMateri
CableTV
CanadianEnerg
Cement&Aggre
Chemical(Basic
Chemical(Diver
Chemical(Speci
Coal/Alternate
Computer&Per
ComputerSoftw
Copper
DiversifiedCo.
Drug
Drugstore
EducationalSer
ElectricUtil.(C
ElectricUtility
ElectricUtility
ElectricalEqui
Electronics
Entertainment
Environmental
FinancialServic
FoodProcessin
FoodWholesale
ForeignElectro
ForeignTeleco
Furn./HomeFur
Gold/SilverMin
Grocery
HealthcareInfo
HomeApplianc
Homebuilding
Hotel/Gaming
HouseholdProd
IndustrialServi
Insurance(Diver
Insurance(Life)
Insurance(Prop
Internet
InvestmentCo.
InvestmentCo.
InvestmentCo.
Machinery
Manuf.Housing
Maritime
MedicalService
MedicalSupplie
MetalFabricati

2
2
2
3
3
5
10
10
10
10
10
10
5
5
3
5
5
10
3
3
10
10
10
10
5
3
5
2
3
3
5
10
3
5
2
3
5
5
3
3
3
3
3
3
3
3
3
3
10
5
10
3
5
10

Metals&Mining
NaturalGas(Dis
NaturalGas(Div
Newspaper
OfficeEquip&
OilfieldService
Packaging&Co
Paper&Forest
Petroleum(Inte
Petroleum(Prod
PrecisionInstr
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail(Special
RetailBuilding
RetailStore
SecuritiesBrok
Semiconductor
Semiconductor
Shoe
Steel(General)
Steel(Integrate
Telecom.Equip
Telecom.Servic
Textile
Thrift
Tire&Rubber
Tobacco
Toiletries/Cosm
Trucking/Transp
Utility(Foreign
WaterUtility

5
10
10
3
5
5
5
10
5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10

eadjustmentstooperatingincome,net

findoubt,usethelookuptab
hemaximumallowedistenyears
edbytheamortizationperiod

creaseinoperatingincome(addtoreportedEBIT)

OtherExpensestoCapitalize

Thisspreadsheetconvertsanyexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
Overhowmanyyearsdoyouwanttoamortizetheseexpenses
10
Enterthecurrentyear'soperatingexpense=
$ Themaximumallowedistenyears
Enteroperatingexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
4
5
6
7
8
9
10
Output
Year
Current
1
2
3
4
5
6
7
8
9
10

OperatingExpenses
0.00
0.00
0.00
0.00
0.00

!Year1istheyearpriortothecurrentyear
!Year2isthetwoyearspriortothecurrentyear

R&DExpense
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortizedportion
1.00
0.00
0.90
0.00
0.80
0.00
0.70
0.00
0.60
0.00
0.50
0.00
0.40
0.00
0.30
0.00
0.20
0.00
0.10
0.00
0.00

Amortizationthisyear
$
$
$
$
$
$
$
$
$

0.00

ValueofExpensingAsset=

$0.00 $

Amortizationofassetforcurrentyear=

$0.00

AdjustmenttoOperatingIncome=

$0.00 !Apositivenumberindicatesanincreaseinoperatingincome(add
$0

Tax Effect of Expensing

mentstooperatingincome,net

hemaximumallowedistenyears
bytheamortizationperiod

creaseinoperatingincome(addtoreportedEBIT)

Enter the expected growth rate in revenues each year for the next 10 years
Year
Expected Growth Rate
150.00%
1
100.00%
2
80.00%
3
60.00%
4
40.00%
5
30.00%
6
20.00%
7
15.00%
8
10.00%
9
10
Compounded A

5.00%
45.24%

ValuingOptionsorWarrants
Enterthecurrentstockprice=
$
Enterthestrikepriceontheoption=
Entertheexpirationoftheoption=
Enterthestandarddeviationinstockprices=
Entertheannualizeddividendyieldonstock=
Enterthetreasurybondrate=
Enterthenumberofwarrants(options)outstandi
Enterthenumberofsharesoutstanding=

29.00
8.59
6.06
71.00% (volatility)
0.00%
3.50%
13.805
95.63

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
$29.00 #Warrantsissued=
StockPrice=
8.59 #Sharesoutstanding=
StrikePrice=
AdjustedS(DONOTENTER)= 28.335472722 T.Bondrate=
8.59 Variance=
AdjustedK(DONOTENTER)
6.06 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

1.6781204814
0.9533382094

d2=
N(d2)=

0.0696912934
0.4722196859

Valueperoption=

$23.73

Value of all options outstanding =

$328

13.805
96
3.50%
0.5041
0.00%
3.50%

Industry Name
Number of firmsLevered Beta
Advertising
36
1.60
Aerospace/Defense
67
1.19
Air Transport
44
1.06
Apparel
56
1.30
Auto & Truck
22
1.72
Auto Parts
54
1.75
Bank
481
0.75
Bank (Canadian)
7
0.86
Bank (Midwest)
39
0.96
Beverage
41
1.04
Biotechnology
121
1.10
Building Materials
53
1.45
Cable TV
24
1.69
Canadian Energy
10
1.18
Chemical (Basic)
17
1.27
Chemical (Diversified)
31
1.37
Chemical (Specialty)
97
1.29
Coal
21
1.67
Computer Software/Svcs
333
1.02
Computers/Peripherals
129
1.29
Diversified Co.
121
1.20
Drug
337
1.11
E-Commerce
56
1.18
Educational Services
38
0.75
Electric Util. (Central)
23
0.79
Electric Utility (East)
24
0.73
Electric Utility (West)
14
0.75
Electrical Equipment
87
1.41
Electronics
183
1.16
Entertainment
95
1.81
Entertainment Tech
35
1.32
Environmental
91
0.97
Financial Svcs. (Div.)
296
1.39
Food Processing
121
0.86
Foreign Electronics
9
1.13
Funeral Services
5
1.19
Furn/Home Furnishings
35
1.52
Healthcare Information
33
0.97
Heavy Construction
14
1.42
Homebuilding
28
1.45
Hotel/Gaming
74
1.74
Household Products
23
1.15
Human Resources
30
1.38
Industrial Services
168
1.07
Information Services
29
1.28
Insurance (Life)
31
1.38
Insurance (Prop/Cas.)
85
0.92
Internet
239
1.04
Investment Co.
19
0.76

Unlevered BeStd Dev: Equity


1.12
116.42%
1.09
64.87%
0.76
74.09%
1.17
79.35%
0.83
52.03%
1.38
67.05%
0.32
43.53%
0.82
23.74%
0.57
36.76%
0.93
64.45%
1.12
294.47%
0.89
72.48%
1.06
56.05%
0.98
33.08%
1.18
45.17%
1.25
48.47%
1.08
75.72%
1.45
53.61%
1.08
598.70%
1.33
103.24%
0.64
68.45%
1.07
112.43%
1.24
54.16%
0.78
62.68%
0.48
25.86%
0.50
25.52%
0.49
21.92%
1.33
75.73%
1.10
86.80%
1.29
82.85%
1.53
80.18%
0.70
86.06%
0.47
87.65%
0.72
51.75%
1.16
31.24%
0.86
33.82%
1.23
70.15%
0.94
66.68%
1.63
48.31%
0.98
66.60%
1.06
92.93%
1.00
44.33%
1.47
59.07%
0.91
74.25%
1.12
49.65%
1.75
66.33%
1.00
34.68%
1.13
104.81%
1.71
23.03%

Market D/E
72.76%
22.94%
70.74%
23.61%
154.47%
51.24%
198.22%
16.44%
110.54%
16.92%
14.78%
83.80%
85.22%
30.86%
20.37%
19.85%
29.01%
23.68%
5.61%
10.93%
138.78%
12.58%
8.74%
7.21%
102.89%
75.74%
89.99%
16.91%
26.37%
56.83%
11.72%
49.42%
305.02%
29.31%
29.12%
56.52%
38.54%
13.57%
7.58%
102.34%
85.90%
22.36%
13.17%
33.96%
23.68%
36.81%
24.03%
2.28%
59.26%

Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking

16
130
15
53
162
264
36
79
32
24
15
25
19
113
31
39
24
198
21
77
78
98
20
9
30
143
15
65
8
68
157
15
7
43
32
30
125
14
19
20
15
115
140
227
12
19
33
5
15
60

1.39
1.32
1.21
1.38
0.97
1.04
1.54
1.23
1.29
0.68
1.94
1.19
0.89
1.45
1.20
1.63
1.24
1.16
0.88
1.23
1.18
1.24
1.63
2.40
1.43
1.60
1.29
1.43
1.07
1.34
1.43
1.46
0.95
1.35
0.73
1.18
1.56
1.93
1.34
1.61
1.85
1.15
1.10
0.73
0.78
1.23
1.30
1.07
0.82
1.50

1.36
1.03
1.35
0.61
0.81
1.02
1.51
1.11
0.97
0.43
1.44
0.89
0.58
1.27
0.83
0.96
1.21
0.97
0.79
0.69
1.13
1.24
0.63
1.02
0.94
1.01
1.07
1.06
1.28
1.17
1.38
1.16
0.85
1.16
0.63
0.55
1.67
2.13
1.47
1.40
1.55
1.33
0.83
0.72
0.71
1.10
0.86
0.59
0.51
1.34

32.87%
67.11%
62.57%
39.35%
84.02%
82.45%
54.08%
113.41%
46.18%
28.15%
69.74%
52.67%
37.58%
51.68%
47.29%
66.54%
41.48%
95.98%
36.80%
86.83%
72.44%
284.85%
47.93%
67.97%
51.79%
50.27%
37.52%
83.39%
30.67%
86.62%
71.37%
47.06%
34.70%
69.29%
280.49%
62.66%
64.76%
58.57%
47.22%
48.49%
53.57%
89.43%
76.90%
43.55%
54.11%
55.18%
49.49%
30.56%
44.29%
80.08%

9.38%
46.80%
3.98%
159.57%
43.09%
11.36%
18.80%
14.78%
47.84%
80.53%
55.65%
56.84%
61.46%
25.97%
61.31%
86.48%
14.44%
27.01%
20.07%
103.58%
8.49%
15.02%
191.86%
169.66%
70.33%
67.45%
32.95%
49.77%
17.69%
22.48%
16.08%
44.57%
19.12%
26.98%
26.17%
281.05%
8.06%
7.28%
3.55%
30.81%
39.30%
10.90%
47.03%
21.74%
22.93%
26.33%
85.30%
101.26%
87.95%
19.83%

Total Market

7036

1.17

0.90

100.53%

49.99%

Market Debt/Capital
42.11%
18.66%
41.43%
19.10%
60.70%
33.88%
66.47%
14.12%
52.50%
14.47%
12.88%
45.59%
46.01%
23.58%
16.92%
16.56%
22.49%
19.15%
5.32%
9.86%
58.12%
11.18%
8.04%
6.73%
50.71%
43.10%
47.37%
14.46%
20.87%
36.23%
10.49%
33.07%
75.31%
22.67%
22.55%
36.11%
27.82%
11.95%
7.05%
50.58%
46.21%
18.28%
11.64%
25.35%
19.14%
26.91%
19.38%
2.23%
37.21%

ROE
ROC
-24.84%
42.20%
3.08%
16.38%
###
12.81%
-3.89%
11.91%
0.77%
38.33%
12.21%
9.10%
8.89%
21.79%
41.43%
22.17%
19.00%
36.07%
49.28%
61.78%
33.94%
26.32%
12.35%
37.13%
11.14%
13.35%
11.25%
22.39%
8.37%
9.40%
-8.35%
12.37%
192.25%
27.83%
-8.93%
16.21%
7.38%
17.47%
24.22%
###
10.54%
23.89%
13.83%
17.06%
15.54%
32.30%
14.19%
25.59%
558.82%

12.94%
25.35%
17.77%
17.65%
11.51%
18.45%
NA
NA
NA
22.63%
12.50%
10.08%
14.56%
23.59%
29.30%
23.90%
19.19%
27.27%
41.44%
39.75%
12.05%
25.05%
17.11%
30.65%
9.67%
11.55%
11.13%
20.14%
15.90%
12.62%
2.70%
12.05%
6.62%
18.50%
16.80%
13.45%
12.21%
17.99%
24.12%
-20.01%
10.81%
17.23%
17.69%
18.66%
14.20%
NA
NA
33.78%
NA

Effective Tax Rate


13.01%
20.05%
17.63%
16.54%
13.25%
12.09%
17.50%
14.94%
20.65%
12.12%
4.46%
14.56%
21.86%
26.99%
21.59%
20.84%
12.86%
13.15%
10.12%
8.65%
18.93%
5.62%
13.50%
24.06%
32.27%
33.77%
32.45%
14.07%
10.63%
11.78%
6.28%
14.27%
16.53%
17.29%
10.71%
24.34%
17.48%
17.80%
33.76%
1.42%
12.93%
24.87%
23.63%
17.89%
19.37%
22.47%
15.68%
5.94%
0.00%

Pre-tax Oper
15.97%
12.32%
10.15%
12.48%
7.66%
7.42%
NA
NA
NA
19.19%
21.94%
12.64%
34.54%
41.62%
16.20%
18.14%
13.55%
22.92%
26.29%
12.49%
20.56%
32.59%
12.67%
19.77%
20.90%
26.54%
23.87%
15.57%
7.14%
23.65%
3.65%
21.81%
58.00%
12.18%
7.97%
20.75%
7.43%
18.80%
6.52%
-15.43%
19.84%
20.88%
4.82%
10.16%
21.37%
NA
NA
20.99%
NA

8.58%
31.88%
3.83%
61.47%
30.12%
10.20%
15.82%
12.87%
32.36%
44.61%
35.75%
36.24%
38.06%
20.61%
38.01%
46.37%
12.62%
21.27%
16.72%
50.88%
7.82%
13.06%
65.74%
62.92%
41.29%
40.28%
24.79%
33.23%
15.03%
18.36%
13.85%
30.83%
16.05%
21.25%
20.74%
73.76%
7.46%
6.79%
3.43%
23.55%
28.21%
9.83%
31.99%
17.86%
18.66%
20.84%
46.03%
50.31%
46.80%
16.55%

6.16%
26.37%
6.21%
20.70%
20.77%
24.96%
20.40%
21.34%
17.39%
13.55%
8.60%
24.60%
17.00%
23.90%
12.32%
-14.59%
31.96%
15.55%
10.57%
13.84%
4.46%
11.88%
3.56%
-16.73%
-77.36%
5.13%
17.45%
12.77%
13.67%
31.46%
16.20%
16.40%
15.14%
18.74%
17.37%
-12.91%
14.58%
14.29%
23.88%
23.19%
20.27%
13.59%
17.70%
-0.12%
94.26%
140.78%
-1.57%
-4.67%
7.13%
11.17%

1.52%
17.22%
8.69%
13.20%
18.15%
21.62%
20.43%
24.03%
16.04%
11.66%
13.60%
16.47%
11.85%
21.43%
18.82%
10.89%
24.87%
26.52%
13.20%
12.61%
9.45%
16.62%
9.98%
NA
26.25%
9.62%
14.70%
13.74%
NA
22.21%
20.58%
11.65%
14.04%
15.36%
16.73%
22.46%
28.55%
18.30%
25.81%
20.24%
21.99%
25.53%
23.03%
NA
30.69%
24.62%
13.51%
7.97%
7.51%
14.57%

2.10%
20.41%
14.80%
9.70%
18.84%
11.24%
18.10%
7.41%
25.01%
24.87%
27.26%
22.62%
7.15%
22.05%
18.18%
7.70%
33.00%
11.27%
24.36%
7.00%
8.41%
10.50%
9.03%
0.80%
15.54%
0.72%
27.39%
16.86%
4.17%
19.86%
18.49%
32.68%
27.05%
18.42%
30.39%
20.49%
10.85%
16.66%
22.11%
22.29%
22.94%
13.79%
12.80%
11.90%
26.03%
26.27%
30.87%
12.11%
31.16%
9.92%

7.18%
12.98%
4.09%
30.03%
11.27%
11.81%
12.70%
34.97%
40.16%
14.99%
16.35%
9.13%
13.81%
25.44%
13.16%
11.50%
14.46%
35.23%
6.71%
19.28%
34.24%
13.92%
30.58%
NA
18.30%
40.26%
31.65%
19.14%
NA
18.16%
8.28%
6.73%
9.49%
6.57%
5.58%
64.32%
26.57%
16.47%
11.41%
12.68%
17.03%
12.55%
39.19%
NA
24.46%
12.92%
11.34%
19.13%
37.35%
19.37%

33.33%

14.72%

18.01%

14.07%

21.25%

After-tax Operating
12.09%
8.51%
7.29%
9.02%
6.80%
5.47%
NA
NA
NA
14.16%
14.69%
9.50%
22.46%
27.06%
13.03%
13.80%
9.94%
18.50%
18.85%
9.59%
17.75%
24.68%
9.65%
12.60%
13.96%
17.43%
16.69%
11.42%
5.38%
15.50%
2.68%
13.27%
45.55%
8.80%
6.88%
15.54%
5.46%
12.85%
4.39%
-15.59%
15.45%
15.07%
2.74%
7.30%
15.39%
NA
NA
17.19%
NA

Net Margin
-7.53%
5.34%
0.00%
3.67%
-3.31%
-1.47%
NA
NA
NA
10.83%
11.84%
2.68%
3.58%
8.36%
4.01%
7.83%
3.48%
8.94%
13.69%
5.95%
5.57%
17.97%
5.94%
11.08%
6.09%
7.95%
7.71%
4.82%
0.38%
3.75%
-5.51%
5.00%
-91.89%
5.51%
-3.45%
4.94%
0.46%
7.40%
3.57%
-19.44%
1.32%
11.21%
0.59%
2.49%
10.28%
NA
NA
12.02%
NA

Cap Ex/ Depreciati Non-cash WC/ Payout Ratio


72.93%
-12.85%
NA
121.25%
0.87%
48.72%
154.03%
-7.74%
2070.48%
131.83%
19.29%
20.35%
90.41%
24.35%
NA
98.08%
5.28%
50.30%
NA
NA
NA
NA
NA
0.00%
NA
NA
0.00%
115.79%
3.93%
59.61%
97.13%
8.69%
0.54%
115.07%
7.90%
36.11%
95.57%
-10.66%
43.54%
229.39%
0.17%
100.30%
145.13%
8.91%
45.60%
127.87%
14.48%
99.55%
106.23%
11.17%
88.45%
164.52%
7.06%
63.20%
80.80%
-7.26%
8.03%
82.19%
-1.62%
37.99%
123.66%
80.01%
42.74%
57.91%
10.14%
27.33%
117.75%
-10.02%
0.68%
107.65%
-9.71%
5.58%
243.73%
6.25%
518.59%
232.75%
7.62%
385.66%
219.42%
-0.55%
398.39%
137.62%
11.79%
29.68%
103.04%
10.99%
26.06%
84.45%
-0.39%
43.82%
45.31%
-7.51%
NA
88.65%
1.20%
86.32%
319.76%
22.13%
NA
134.70%
6.01%
33.59%
99.12%
3.59%
NA
110.91%
3.88%
16.43%
79.87%
12.79%
35.92%
58.79%
2.41%
2.86%
119.87%
2.39%
7.87%
32.28%
65.71%
NA
225.06%
-1.52%
39.47%
113.45%
6.42%
58.74%
80.32%
4.26%
16.64%
111.27%
5.28%
18.41%
74.03%
-2.52%
38.17%
197800.00%
NA
2.86%
25918.37%
NA
5.19%
116.98%
-3.10%
0.13%
233.33%
NA
NA

4.32%
9.53%
2.26%
26.55%
7.65%
8.78%
9.20%
23.53%
26.57%
10.29%
10.20%
6.36%
11.48%
19.12%
9.99%
9.54%
8.01%
26.28%
4.25%
14.61%
25.11%
11.72%
27.02%
NA
12.38%
40.23%
20.71%
15.41%
NA
12.75%
5.33%
4.39%
5.94%
4.25%
3.69%
51.46%
20.66%
12.14%
8.14%
8.47%
13.98%
9.38%
28.12%
NA
16.30%
8.53%
7.88%
15.19%
24.22%
14.18%

10.63%
2.70%
-2.57%
5.31%
4.13%
6.96%
2.40%
0.98%
8.20%
4.13%
-1.93%
1.99%
5.31%
9.92%
1.99%
-4.79%
4.19%
2.49%
2.56%
4.52%
13.32%
2.52%
2.78%
NA
6.65%
10.37%
10.93%
4.11%
NA
8.44%
2.01%
2.85%
3.64%
2.84%
1.85%
6.77%
1.27%
-3.33%
6.13%
0.04%
-2.44%
2.18%
5.14%
NA
11.76%
5.24%
-2.40%
0.02%
9.81%
5.82%

38.46%
137.96%
71.47%
370.98%
119.92%
104.04%
199.05%
237.06%
339.12%
167.27%
42.99%
74.46%
413.60%
233.72%
89.02%
75.53%
228.25%
283.11%
151.07%
308.88%
264.58%
54.93%
182.09%
3501.96%
71.37%
259.75%
189.92%
213.37%
NA
159.81%
116.49%
202.77%
153.65%
144.75%
147.60%
154.15%
76.92%
99.31%
138.68%
194.14%
108.20%
54.43%
96.75%
NA
99.13%
117.31%
534.77%
151.78%
322.90%
104.04%

-7.24%
17.17%
8.09%
2.82%
-6.78%
7.91%
10.56%
9.83%
1.70%
7.47%
-1.63%
8.94%
0.20%
12.98%
5.56%
13.57%
0.63%
1.19%
4.93%
4.95%
8.77%
12.95%
-14.26%
NA
4.31%
-8.65%
-3.06%
2.45%
NA
-4.59%
6.91%
13.22%
5.10%
1.56%
1.05%
166.54%
7.07%
18.44%
17.37%
13.09%
15.65%
2.03%
-9.14%
NA
-0.76%
8.99%
5.70%
12.25%
0.23%
8.54%

1.23%
67.92%
6.92%
93.23%
1.90%
34.86%
33.21%
87.52%
174.20%
178.34%
577.06%
19.67%
563.70%
63.91%
81.71%
NA
212.22%
49.28%
28.35%
3.71%
81.59%
2.26%
140.10%
NA
24.40%
813.56%
119.65%
15.06%
1.11%
85.89%
39.59%
2.59%
54.15%
87.90%
62.66%
38.44%
47.89%
5.16%
25.94%
54.99%
78.53%
27.82%
190.40%
NA
28.56%
30.46%
NA
NA
229.90%
1.27%

15.68%

3.08%

147.89%

8.69%

143.47%

Reinvestment Sales/Capital EV/Sales


-16.35%
1.07
1.40
2.54%
2.98
0.90
34.34%
2.44
0.80
-5.57%
1.96
1.01
-129.34%
1.69
0.82
-14.10%
3.37
0.46
0.00%
NA
NA
0.00%
NA
NA
0.00%
NA
NA
-3.87%
1.60
2.30
-50.32%
0.85
4.79
-5.17%
1.06
1.05
-4.63%
0.65
2.16
55.96%
0.87
1.87
2.95%
2.25
1.23
9.76%
1.73
1.62
-12.67%
1.93
1.13
17.72%
1.47
1.97
-3.32%
2.20
2.98
-7.44%
4.15
1.28
-46.03%
0.68
1.97
-13.94%
1.01
3.04
6.04%
1.77
2.57
-7.39%
2.43
2.37
73.62%
0.69
1.74
61.57%
0.66
2.02
70.57%
0.67
1.77
-8.03%
1.76
1.40
-29.00%
2.96
0.54
-4.57%
0.81
1.66
-261.25%
1.01
2.01
-4.87%
0.91
1.87
8.48%
0.15
8.41
-3.08%
2.10
1.11
-7.70%
2.44
0.49
2.18%
0.87
1.72
-49.19%
2.24
0.65
-16.71%
1.40
2.95
5.55%
5.50
0.41
NA
1.28
0.97
61.71%
0.70
2.08
1.27%
1.14
2.24
-46.66%
6.45
0.37
0.56%
2.56
0.83
-12.76%
0.92
2.22
0.00%
NA
NA
1.05%
NA
NA
6.83%
1.96
4.24
NA
NA
NA

-35.06%
-25.71%
-156.35%
90.76%
1.40%
1.65%
-6.35%
21.38%
126.13%
13.96%
-52.11%
-22.96%
109.09%
41.40%
-10.44%
-20.51%
50.99%
59.09%
23.01%
85.61%
82.81%
-30.70%
24.17%
-30.39%
-13.81%
-60.89%
36.26%
41.98%
0.00%
22.18%
1.56%
-0.26%
18.02%
20.50%
24.72%
-101.94%
-21.85%
-55.00%
-0.13%
-28.83%
-33.79%
-22.23%
-4.02%
-509.80%
-2.34%
2.98%
273.82%
-0.01%
108.90%
9.11%

0.35
1.81
3.84
0.50
2.37
2.46
2.22
1.02
0.60
1.13
1.33
2.59
1.03
1.12
1.88
1.14
3.11
1.01
3.11
0.86
0.38
1.42
0.37
NA
2.12
0.24
0.71
0.89
NA
1.74
3.86
2.66
2.36
3.62
4.54
0.44
1.38
1.51
3.17
2.39
1.57
2.72
0.82
NA
1.88
2.89
1.71
0.52
0.31
1.03

4.31
0.98
0.42
2.11
0.70
1.28
0.98
2.90
2.46
1.18
1.37
0.66
1.50
1.67
0.94
1.17
0.60
1.54
0.66
1.65
6.41
1.52
3.36
NA
1.31
7.67
2.54
1.55
NA
1.74
0.67
0.68
0.85
0.57
0.54
2.61
2.49
1.82
1.18
0.66
0.85
1.39
1.96
NA
2.03
1.37
0.87
1.75
3.91
3.19

0.58%

1.15

1.53

Base
Revenue Growth Rate
Revenues
Operating Margin
EBIT
Taxes
EBIT(1-t)
+ Depreciation
- Capital Expenditures
- Chg WC
FCFF
NOL
Terminal Value
Cost of Capital Calculations
Tax Rate
Debt Ratio
Beta
Cost of Equity
Cost of Debt
After-tax cost of debt
Cost of Capital

$117
-69.28%
-$81
$0
-$81
$41
$198
$11
-$249
$141

1
150.00%
$292
-42.86%
-$125
$0
-$125
$66
$119
$34
-$213
$266

2
100.00%
$584
-25.24%
-$147
$0
-$147
$93
$181
$57
-$293
$413

3
80.00%
$1,051
-13.49%
-$142
$0
-$142
$121
$262
$92
-$375
$555

4
60.00%
$1,681
-5.66%
-$95
$0
-$95
$145
$336
$124
-$410
$650

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested
$
311.00 $
399 $
544 $
778 $
1,093
Reinvestment Rate
NMF
NMF
NMF
NMF
NMF
Increase in Revenue/Increase in Capital
2.00
2.00
2.00
2.00
Return on Capital
-40.22%
-36.96%
-26.03%
-12.23%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

1.10885794
1.2295659357 1.36341395 1.51183239
$
(192) $
(238) $
(275) $
(271)

The Valuation
PV of FCFF during high growth phase =
PV of Terminal Value =
Value of Operating Assets of the firm =
Value of Cash & Non-operating assets=
Value of Firm =
- Value of Outstanding Debt =
Value of Equity =
- Value of Equity Options =
Value of Equity in Common Stock =

$
$
$
$
$
$
$
$
$

(1,300)
2,840
1,540
195.89
1,736
110
1,626
197
1,430

Value of Equity per share =

14.95

Treasury Stock Approach


$

15.95

Summary Output
Revenues
EBIT
EBIT(1-t)
- Reinvestment
FCFF

$292
-$125
-$125
$88
-$213

$584
-$147
-$147
$146
-$293

$1,051
-$142
-$142
$233
-$375

$1,681
-$95
-$95
$315
-$410

$2,354
-$10
-$10
$336
-$347

5
40.00%
$2,354
-0.44%
-$10
$0
-$10
$166
$370
$132
-$347
$661

6
30.00%
$3,060
3.04%
$93
$0
$93
$183
$397
$139
-$260
$568

7
20.00%
$3,672
5.36%
$197
$0
$197
$192
$378
$120
-$109
$371

8
15.00%
$4,222
6.91%
$292
$0
$292
$199
$366
$108
$16
$79

9
10.00%
$4,645
7.94%
$369
$116
$253
$206
$334
$83
$42
$0

0.00%
3.81%
1.50
11.00%
8.00%
8.00%
10.89%

0.00%
10.05%
1.38
10.40%
7.40%
7.40%
10.10%

0.00%
11.61%
1.26
9.80%
7.25%
7.25%
9.50%

0.00%
14.20%
1.14
9.20%
7.00%
7.00%
8.89%

31.40%
19.40%
1.02
8.60%
6.50%
4.46%
7.80%

1,429
NMF
2.00
-0.95%

$
1,782
#VALUE!
2.00
6.51%

$
2,088
#VALUE!
2.00
11.04%

10
Terminal Year
5.00%
4%
$4,877
$5,047
8.63%
10.00%
$421
$505
$168
$202
$252
$303
$213
$220
$283
$293
$46
$34
$136
$197
$0
$0
$7,158

40.00%
35.00%
0.90
8.00%
5.00%
3.00%
6.25%

$
2,364 $
2,575 $
2,691
#VALUE!
#VALUE!
#VALUE!
2.00
2.00
2.00
13.96%
10.70%
9.80%

1.676407353 1.84570162 2.02111837 2.20074525 2.372327647 2.520598125


$
(207) $
(141) $
(54) $
7 $
18 $
54
$
2,840

asury Stock Approach

ry Output
$3,060
$93
$93
$353
-$260

$3,672
$197
$197
$306
-$109

$4,222
$292
$292
$275
$16

$4,645
$369
$253
$211
$42

$4,877
$421
$252
$116
$136

$5,047
$505
$303
$106
$197

40.00%
35.00%
0.90
8.00%
5.00%
3.00%
6.25%

2,797
35.00%
1.61
10.00%