Scribd
Upload
358 views10 pages

NBA Happy Hour Co - DCF Model - Task 4 - Revised Template

The document provides a 5-year financial plan for Happy Hour Co, including projections for revenue, expenses, profitability, cash flow and debt levels. Revenue is projected to decline significantly in 2021 before growing in subsequent years. Operating expenses are expected to rise steadily. Profitability metrics like EBITDA, EBIT and net income are forecasted to decline in many years. Cash flow and debt metrics like net debt to EBITDA are also projected to worsen over the period. Capital expenditures are budgeted to increase year-over-year.

Uploaded by

ww we
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
358 views10 pages

NBA Happy Hour Co - DCF Model - Task 4 - Revised Template

The document provides a 5-year financial plan for Happy Hour Co, including projections for revenue, expenses, profitability, cash flow and debt levels. Revenue is projected to decline significantly in 2021 before growing in subsequent years. Operating expenses are expected to rise steadily. Profitability metrics like EBITDA, EBIT and net income are forecasted to decline in many years. Cash flow and debt metrics like net debt to EBITDA are also projected to worsen over the period. Capital expenditures are budgeted to increase year-over-year.

Uploaded by

ww we
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 10

STRICTLY PRIVATE AND CONFIDENTIAL

Mar-20
Happy Hour Co — MODEL
Assumptions
Circular switch

On / off 1

Key assumptions

Last Historical FYE 30-Mar-19


Transaction date 31-Mar-20

Enterprise value calculation

Current share price (c) 165.0 p_price


NOSH (m) 199.0
Market cap ($m) 328.4
Net debt / (cash) ($m) 84.6
Minority interests ($m) 0.0
Pension liability ($m) 0.0
Investment in associates ($m) 0.0

EV ($m) 413.0
Happy Hour Co - 5 Year plan

5 Year Plan
FY20 FY21 FY22 FY23 FY24
Revenue 1,149 1,354 1,447 1,443
YoY growth % -100.0% #DIV/0! 6.9% -0.3%
GP $ 583 689 737 753
GM% 50.7% 50.9% 50.9% 52.2%
Opex (523) (580) (622) (662) (678)
Operating profit 60 (580) 67 75 75
Operating margin % 5.2% #DIV/0! 4.9% 5.2% 5.2%
Interest and Amortisation (5) (6) (6) (6) (6)
Group PBT (Underlying) 55 (586) 61 68 69

Exceptionals (18) (7) 1 (5)


Group PBT post exceptionals 55 (604) 54 70 64
Add back: Interest 3 4 4 4 4
Add back: Amortisation 2 2 2 2 2
Add back: Depreciation 34 38 45 50 53
EBITDA post exceptionals 94 (560) 105 126 123

Adjust for non-cash exceptionals 0 0 0 24 0


Capex (36) (51) (50) (50) (50)
Acquisition (9) (9) 0 0 0
Tax (18) (9) (11) (12) (12)
Interest (3) (4) (4) (4) (4)
Working Capital 6 16 15 11 4
Dividend (37) (24) (24) (24) (24)
Other 0 (5) (5) (5)

Net Cash flow (3) (641) 26 65 31


Free Cash Flow 43 (607) 50 89 55

Opening Net Debt (82) (85) (725) (699) (634)


Closing Net Debt (85) (725) (699) (634) (603)
Net debt : EBITDA 0.9x (1.3x) 6.3x 5.1x 4.7x
Income statement
Actuals CMD case Extrapolations

March YE ($mm) 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Total revenue 939.7 1,004.9 1,021.5 1,095.0 1,135.1 1,138.6 1,149.2 0.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Management case 1,149.2 0.0 1,353.8 1,447.0 1,442.6
% forecast growth 0.9% (100.0%) n.a. 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%

EBITDA 101.1 109.9 114.6 108.7 109.5 98.2 94.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Management case 94.1 (541.8) 111.8 124.4 127.6
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% forecast margin 8.2% n.a. 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%

Depreciation and amortisation (23.3) (25.3) (30.1) (31.6) (34.9) (36.0) (36.1) (40.5) (47.2) (51.8) (54.8) (53.6) (52.4) (51.1) (49.9) (48.7) (47.5)
% growth n.a. 8.6% 19.0% 5.0% 10.4% 3.2% 0.4% 12.0% 16.7% 9.8% 5.7% (2.2%) (2.3%) (2.3%) (2.4%) (2.4%) (2.5%)
% capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
% margin 2.5% 2.5% 2.9% 2.9% 3.1% 3.2% 3.1% #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

EBIT 77.8 84.6 84.5 77.1 74.6 62.2 58.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

% tax rate 19.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

x Net income 55.5 65.8 64.9 59.5 58.4 48.3 44.5 (486.7) 50.2 56.8 57.0
% growth n.a. 18.6% (1.4%) (8.3%) (1.8%) (17.3%) (7.9%) (1194.1%) (110.3%) 13.2% 0.3%
% margin 5.9% 6.5% 6.4% 5.4% 5.1% 4.2% 3.9% n.a. n.a. n.a. n.a.

Cashflow statement

Capex (30.4) (37.5) (40.3) (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% growth n.a. 23.4% 7.5% (10.4%) 3.3% (16.9%) 16.1% 41.7% (2.0%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% Cash conversion 69.9% 65.9% 64.8% 66.8% 65.9% 68.4% 61.8% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Change in Working Capital (5.3) 25.1 (11.2) (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth n.a. (573.6%) (144.6%) 45.5% (22.7%) (17.5%) (157.7%) 168.5% (5.9%) (26.8%) (64.4%) n.a. n.a. n.a. n.a. n.a. n.a.
% sales (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% n.a. n.a. n.a. n.a. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Cashflows (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% growth n.a. n.a. n.a. n.a. n.a. (149.3%) (100.0%) n.a. n.a. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Exceptional items 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (62.5%) (472.3%) (119.4%) (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Summary financials
March Y/E 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 940 1,005 1,022 1,095 1,135 1,139 1,149 0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth n.a. 6.9% 1.7% 7.2% 3.7% 0.3% 0.9% (100.0%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
EBITDA 101 110 115 109 110 98 94 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% margin 10.8% 10.9% 11.2% 9.9% 9.6% 8.6% 8.2% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
D&A (23) (25) (30) (32) (35) (36) (36) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% of revenue (2.5%) (2.5%) (2.9%) (2.9%) (3.1%) (3.2%) (3.1%) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% of capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBIT 78 85 85 77 75 62 58 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBITDA 101 110 115 109 110 98 94 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Capex (30) (38) (40) (36) (37) (31) (36) (51) (50) (50) (50) (50) (50) (50) (50) (50) (50)
% revenue 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Change in NWC (5) 25 (11) (16) (13) (10) 6 16 15 11 4 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% revenue (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Other Cashflows 0 0 0 0 (2) 1 0 0 (5) (5) (5) (5) (5) (5) (5) (5) (5)
% revenue 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Exceptional items 0 0 0 0 0 0 0 (18) (7) 25 (5) 0 0 0 0 0 0
% revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
DCF
Key assumptions
Transaction date 31-Mar-20
Next financial YE 31-Mar-21
Perpetuity growth rate 0.5%
TV exit EBITDA multiple 8.5x
WACC used for sensitivity analy 8.5%

DCF FCF Calculation

Stub period (731) (366) 0 365 730 1,095 1,461 1,826 2,191 2,556 2,922 3,287 3,652
Stub factor 1 1 1 0 0 0 0 0 0 0 0 0 0

Actuals Estimates
March YE ($mm) 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 1,095.0 1,135.1 1,138.6 1,149.2 0.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% growth 3.7% 0.3% 1.2% (100.0%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

EBITDA 108.7 109.5 98.2 94.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% margin 9.9% 9.6% 8.6% 8.2% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% growth 0.7% (10.3%) (4.1%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

D&A (31.6) (34.9) (36.0) (36.1) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% sales 2.9% 3.1% 3.2% 3.1% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% of capex 87.5% 93.6% 116.1% 100.4% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

EBIT 77.1 74.6 62.2 58.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% margin 7.0% 6.6% 5.5% 5.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% growth (3.2%) (16.6%) (6.7%) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Tax (11.0) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% tax rate 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

EBIAT 47.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% margin 4.1% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% growth n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

D&A 36.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% sales 3.3% 3.3% 2.7% 3.1% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
% D&A 114.2% 106.9% 86.1% 99.6% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Change in working capital (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% sales (1.5%) (1.1%) (0.9%) 0.5% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Other Cashflows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% sales 0.0% (0.1%) 0.1% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Exceptional items 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% sales 0.0% 0.0% 0.0% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

FCF 53.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Stub period (53.1) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
FCF for discounting 0.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Days to cashflow 0 365 731 1,096 1,461 1,826 2,192 2,557 2,922 3,287 3,653
Discount factor 1.0 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.4

Terminal value Perpetuity growth portion #VALUE!


Exit EBITDA multiple #VALUE!

Perpetuity growth method Exit EBITDA multiple method


Present value ($m) (%) Present value ($m) (%)
PV of FCF #VALUE! #VALUE! PV of FCF #VALUE! #VALUE!
PV of Terminal Value #VALUE! #VALUE! PV of Terminal Value #VALUE! #VALUE!
Enterprise value #VALUE! #VALUE! Enterprise value #VALUE! #VALUE!
Net debt & adjustments (84.6) Net debt & adjustments (84.6)
Equity value #VALUE! Equity value #VALUE!
Share price #VALUE! Share price #VALUE!
% premium to current #VALUE! % premium to current #VALUE!

Sensitivity analysis
Spread rates and step-up

Perpetuity growth 0.5% Perptuity growth rate step-up 0.25% EBITDA multiple 8.5x EBITDA multiple step-up 0.5x
WACC 8.5% WACC step-up 0.50% WACC 8.5% WACC step-up 0.5%

Perpetuity growth rate analysis EBITDA multiple analysis


Enterprise value ($m) Enterprise value ($m)
WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
#VALUE! 0.00% 0.25% 0.50% 0.75% 1.00% #VALUE! 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% #VALUE! #VALUE! #VALUE! #VALUE! 7.5% #VALUE! #VALUE! #VALUE! #VALUE!
8.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 8.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
8.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 8.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
9.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Offer price (p) Offer price (p)


WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
#VALUE! 0.00% 0.25% 0.50% 0.75% 1.00% #VALUE! 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 7.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
8.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 8.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
8.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 8.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
9.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Summary financials
March YE ($mm) 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
EBITDA 108.7 109.5 98.2 94.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% margin 9.9% 9.6% 8.6% 8.2% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
D&A 0.0 0.0 0.0 36.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% of capex 0.0% 0.0% 0.0% 100.4% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBIT 77.1 74.6 62.2 58.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% margin 7.0% 6.6% 5.5% 5.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Tax 0.0 0.0 0.0 (11.0) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Tax rate 0.0% 0.0% 0.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIAT 0.0 0.0 0.0 47.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
+D&A 31.6 34.9 36.0 36.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
+ Maintenance capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
+Change in working capital (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 4.0 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
+ Exceptional cash flows 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
+ Other cash flows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)

FCF (20.8) (16.5) (4.7) 53.1 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DCF output

Summary financials and cashflow

DCF Forecast Year 0 1

Mar YE ($m) 2020E 2021E

Revenue 1,149 0

% growth (100.0%)

EBITDA 94 #VALUE!

% margin 8.2% #VALUE!

% growth #VALUE!

D&A (36) #VALUE!

% of revenue 3.1% #VALUE!

% of capex #VALUE!

EBIT 58 #VALUE!

% margin 5.0% #VALUE!

Tax on EBIT #VALUE!

% tax rate 17.0%

Capex (51)

% of revenue #DIV/0!

Change in NWC 16

Other Cashflows 0

% of revenue #DIV/0!

Exceptional items (18)

% of revenue #DIV/0!

Unlevered free cash flow #VALUE!

1
Cashflow Timing (Years to Discount)
0.92
Discount Factor
Discounted DCF cashflows #VALUE!

Net Present Value based on Perpetuity Growth Method

Amount % of Sensitising firm value ($m) an


Value Based on 8.5% WACC & 0.5% TGR
($m) NPV
Present Value of Cashflows #VALUE! #VALUE!

PV of Terminal Value #VALUE! #VALUE!


WACC (%)
WACC (%)
Implied Firm NPV #VALUE! #VALUE!

Net debt & adjustments (85)

Implied equity value #VALUE!

Implied share price ($c) #VALUE!

% premium to current #VALUE!


2 3 4 5 6 7 8

2022E 2023E 2024E 2025E 2026E 2027E 2028E


#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

(50) (50) (50) (50) (50) (50) (50)

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

15 11 4 #VALUE! #VALUE! #VALUE! #VALUE!

(5) (5) (5) (5) (5) (5) (5)

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

(7) 25 (5) 0 0 0 0

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2 3 4 5 6 7 8

0.85 0.78 0.72 0.67 0.61 0.56 0.52

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

sitising firm value ($m) and implied offer price to WACC and TGR

Perpetuity Growth Rate (%)


0.00% 0.25% 0.50% 0.75% 1.00%

7.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


8.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

8.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

9.0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

9.5% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


9 10 TV

2029E 2030E
#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

#VALUE! #VALUE!

17.0% 17.0%

(50) (50)

#VALUE! #VALUE!

#VALUE! #VALUE!

(5) (5)

#VALUE! #VALUE!

0 0

#VALUE! #VALUE!

#VALUE! #VALUE! #VALUE!

9 10

0.48 0.44

#VALUE! #VALUE! #VALUE!

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy