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(15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1)- (7), EBITDA, depreciation, and EBIT, FA Investment, WC Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018. (Willia m Ogans) Table : Company Valuatie Thre ugh FCF Accounting he ms Y200s Y2009 Y20 10 2011 Y2012 Y2013 20 14 Y2015 Y2017 Y20 18 Y2016 Revenue 292,900 339,764 424,705 48 4,164 576,1I55 628,009 759,891 805,484 853,813 939,194 957.978 EBITDA 60,698 83.412 106,176 150,091 172,846 182,123 227,967 217,481 196,377 244,191 239,495 % of Revenues 20.72% 24.55% 25.00% 31.00 % 30.00% 29.00% 3e.00 % 27.00% 23.00% 26.00% 25.00% Depreciation 19,584 20.563 20.769 21.392 23,745 26,594 24,999 27,999 34,158 41,673 49,591 % of Revemues 6.69% 6.05% 4.23% 4.42% 85,407 128,699 4.89% 4.12% 3.29% 3.48% 4.00% 4.44% 5.18% EBIT 41,114 62,849 149,10155,528 202,968 189,482 162,219 202,517 189,904 % ef Revenues NOPLAT 18.50% 20.11%| 26.58%| 25.88% 24.77% 146,026 172,206 14.04% 26.71% 23.52 % 19.00% 21.56% 19.82 %) 57,989 80,609 81,830 108,5 16 15 1465 162.741 144,180 192,740 233,699 Depreciation "TaxRate 874 691 4,762 5,926 2,937 5,271 6.115 7,047 9,079 8.781 1,200 FA Investment -55,113 -66.136 -78.701-82,636-128.913 -10 1,841-120,173124,979 -166,223 -94,427 -10 1037 WC Investment -19,869 22.055 73.221 42.468 81.114 -47 80.920 72,019 107,308 16,096 32,031 Post Tax No n-e pe rating CF 8.294 57.279 145,869 28,500 25.365 2 1,307 2 1,520 10.114 6,801 21,083 23,191 21,567 20.920 Free Cash Flew Te Firm 12.381 61,893 102.419 95,793 16,7 18 137.910 153, 144,756 186,814 Ouestion 1 (50 POINTS). Forecast Free Cash Flows to Firm (FCFF) for the Years from 2019 to 2023 Ouestion 2 (50 POINTS). Compute the value of the firm as of today, 2018. Table 2: Company Valuation Through FCFF (Rupees In Million) Accounting Item Revenue 2019(E) 2020(E) | 2021 (E) 2022(E) 2023(E) EBIT % of Revenues Depreciation % of Revenues EBITDA % of Revenues NOPLAT Depreciation Tax Rate FA Investment WC Investment Post Tax Non-operating cash Free Cash Flow To Firm(FCFF) (15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1)- (7), EBITDA, depreciation, and EBIT, FA Investment, wc Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018 (William Ogass) Table Company Valuatio aThre ugh FCF 20 Y20 2012 Accousting e Revense Y200 v2 Y213 292,900 339,764 4247os 484,164 76,155428,009 759,891s05,484 853,813939,194 Y209 V2014 v16 Y2017 957.978 106,176 15,091 172.846 20.72% 24.55% 25.00% | 31.00 % |30.00% 29.00% 3.00 % EBITDA 60,698 83,412 82.123 227.967 217.48 194.377 244,191 239,495 % ef Revesues 27.00% 23.00% 26.00% 25.00% Depreciatio 20.769 21392 23.745 4.89% 442% 85,407 128,699 9,584 20.563 26,594 24.999 17.999 34.158 41673 49.591 % ef Revesues 6.69% 6.05% 4.12% 4.23% 3.29% 3.48% 4.00% 4.44% .I8% EBIT I55,528 202.96 24.77% 26.71% 41,114 62849 49,9 189,482 62.2 19 202,51 89.904 % ef Revenues 14.04% N.s0% 2.11%| 26.5s% 25.88 % 23.52% 19.00% 21.56% 19.82% NOP LAT 57,989 80.609 8 1830 108,5 16 15 L465 146,026 172,206 162.741 44,180 92.740 233,699 Depreciatioa"TasRate 691 4,762 926 78,7012.636128,913 73,221 42468 874 2.937 527 6,115 7,04 9,079 8,781 200 FA Iaves tment -55,113 -66,136 -10 L841-120,173-124,979166,223 94.427 -10 1,037 WC Investment -19,869 22.55 8LI14 -470 80.920 72.019 107,308 16.096 32.03 Pest Tax Non-perating CFs 28,500 25,365 21307 21,520 0,14 8,294 6801 21,083 23,191 21567 20,920 Free Cash Flow To Firm 12.381 6L893 02,4995.793 Il6,71 57,279 45.869 37.910 I17,535 44,756 I86,814 (15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1) - (7), EBITDA, depreciation, and EBIT, FA Investment, WC Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018. (Willia m Ogans) Table 1: Company Valuation Thro ugh FCF Accounting htems Y2008 Y2009 Y20 10 Y2011 Y20 12 Y20 13 Y2014 Y2015 Y2016 Y2017 Y20 18 Revenue 292,900 339,764 424,705 484,164 576,155 628,009 759,891 805.484 853.813 939,194 957,978 EBITDA 60,698 83,412 106,176 150,091 172,846 182,123 227,967 217,481 196,377 244,191 239,495 % of Revenues 20.72% 24.55% 25.00%| 3 1.00% 30.00% 29.00%| 30.00% 27.00%) 23.00% 26.00% 25.00% Depreciation % of Revenues 19,584 20,563 20.769 21,392 23.745 26,594 24,999 27,999 34,158 41,673 49,591 6.69% 6.05% 4.89% 4.42% 4.12% 4.23% 3.29% 3.48% 4.00% 4.44% 5.18% 41,114 62,849 85.407 12 8,699 149,101 155,528 202,968 189,482 162,2 19 202,517 189,904 % ef Revenues 14.04 % 18.50% 20.11%| 26.58%| 25.88% 24.77 % 26.71% 23.52% 19.00% 21.56% 19.82% NOP LAT 57,989 80,609 8 1,830 108,5 16 15 1,465 146,026 172,206 162,741 144,180 192,740 233,699 Depreciation TaxRate 874 691 4,762 5,926 2,937 5,271 6,115 7,047 9,079 8,781 1,200 FA Investment -55,113 -66,136 -78,701 -82,636 -128,913 -10 1,841-120,173-124,979 -166,223 -94,427 -10 1,037 WC Investment -19,869 22,055 73,221 42,468 81,114 -470 80,920 72,0 19 107,308 16,096 32,031 Post Tax No n-o perating CF 28,500 25,365 21,307 21,520 10,114 8,294 6,801 21,083 23,191 21,567 20,920 Free Cash Flow To Firm 12,381 61,893 102,4 19 95,793 116,7 18 57,279 145,869 13 7,910 117,535 144,756 186,814 (15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1)- (7), EBITDA, depreciation, and EBIT, FA Investment, WC Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018. (Willia m Ogans) Table : Company Valuatie Thre ugh FCF Accounting he ms Y200s Y2009 Y20 10 2011 Y2012 Y2013 20 14 Y2015 Y2017 Y20 18 Y2016 Revenue 292,900 339,764 424,705 48 4,164 576,1I55 628,009 759,891 805,484 853,813 939,194 957.978 EBITDA 60,698 83.412 106,176 150,091 172,846 182,123 227,967 217,481 196,377 244,191 239,495 % of Revenues 20.72% 24.55% 25.00% 31.00 % 30.00% 29.00% 3e.00 % 27.00% 23.00% 26.00% 25.00% Depreciation 19,584 20.563 20.769 21.392 23,745 26,594 24,999 27,999 34,158 41,673 49,591 % of Revemues 6.69% 6.05% 4.23% 4.42% 85,407 128,699 4.89% 4.12% 3.29% 3.48% 4.00% 4.44% 5.18% EBIT 41,114 62,849 149,10155,528 202,968 189,482 162,219 202,517 189,904 % ef Revenues NOPLAT 18.50% 20.11%| 26.58%| 25.88% 24.77% 146,026 172,206 14.04% 26.71% 23.52 % 19.00% 21.56% 19.82 %) 57,989 80,609 81,830 108,5 16 15 1465 162.741 144,180 192,740 233,699 Depreciation "TaxRate 874 691 4,762 5,926 2,937 5,271 6.115 7,047 9,079 8.781 1,200 FA Investment -55,113 -66.136 -78.701-82,636-128.913 -10 1,841-120,173124,979 -166,223 -94,427 -10 1037 WC Investment -19,869 22.055 73.221 42.468 81.114 -47 80.920 72,019 107,308 16,096 32,031 Post Tax No n-e pe rating CF 8.294 57.279 145,869 28,500 25.365 2 1,307 2 1,520 10.114 6,801 21,083 23,191 21,567 20.920 Free Cash Flew Te Firm 12.381 61,893 102.419 95,793 16,7 18 137.910 153, 144,756 186,814 Ouestion 1 (50 POINTS). Forecast Free Cash Flows to Firm (FCFF) for the Years from 2019 to 2023 Ouestion 2 (50 POINTS). Compute the value of the firm as of today, 2018. Table 2: Company Valuation Through FCFF (Rupees In Million) Accounting Item Revenue 2019(E) 2020(E) | 2021 (E) 2022(E) 2023(E) EBIT % of Revenues Depreciation % of Revenues EBITDA % of Revenues NOPLAT Depreciation Tax Rate FA Investment WC Investment Post Tax Non-operating cash Free Cash Flow To Firm(FCFF) (15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1)- (7), EBITDA, depreciation, and EBIT, FA Investment, wc Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018 (William Ogass) Table Company Valuatio aThre ugh FCF 20 Y20 2012 Accousting e Revense Y200 v2 Y213 292,900 339,764 4247os 484,164 76,155428,009 759,891s05,484 853,813939,194 Y209 V2014 v16 Y2017 957.978 106,176 15,091 172.846 20.72% 24.55% 25.00% | 31.00 % |30.00% 29.00% 3.00 % EBITDA 60,698 83,412 82.123 227.967 217.48 194.377 244,191 239,495 % ef Revesues 27.00% 23.00% 26.00% 25.00% Depreciatio 20.769 21392 23.745 4.89% 442% 85,407 128,699 9,584 20.563 26,594 24.999 17.999 34.158 41673 49.591 % ef Revesues 6.69% 6.05% 4.12% 4.23% 3.29% 3.48% 4.00% 4.44% .I8% EBIT I55,528 202.96 24.77% 26.71% 41,114 62849 49,9 189,482 62.2 19 202,51 89.904 % ef Revenues 14.04% N.s0% 2.11%| 26.5s% 25.88 % 23.52% 19.00% 21.56% 19.82% NOP LAT 57,989 80.609 8 1830 108,5 16 15 L465 146,026 172,206 162.741 44,180 92.740 233,699 Depreciatioa"TasRate 691 4,762 926 78,7012.636128,913 73,221 42468 874 2.937 527 6,115 7,04 9,079 8,781 200 FA Iaves tment -55,113 -66,136 -10 L841-120,173-124,979166,223 94.427 -10 1,037 WC Investment -19,869 22.55 8LI14 -470 80.920 72.019 107,308 16.096 32.03 Pest Tax Non-perating CFs 28,500 25,365 21307 21,520 0,14 8,294 6801 21,083 23,191 21567 20,920 Free Cash Flow To Firm 12.381 6L893 02,4995.793 Il6,71 57,279 45.869 37.910 I17,535 44,756 I86,814 (15) The projected EBITDA, depreciation, EBIT, FA Investment, WC Investment, and Post tax non- operating CFs Based on the business profiles above (1) - (7), EBITDA, depreciation, and EBIT, FA Investment, WC Investment, and Post tax non-operating CFs over the next five years (Year 2019 through 2023) are projected to follow the trends of the corresponding accounting line items in Table 1 during the past five years from Year 2014 through Year 2018. (Willia m Ogans) Table 1: Company Valuation Thro ugh FCF Accounting htems Y2008 Y2009 Y20 10 Y2011 Y20 12 Y20 13 Y2014 Y2015 Y2016 Y2017 Y20 18 Revenue 292,900 339,764 424,705 484,164 576,155 628,009 759,891 805.484 853.813 939,194 957,978 EBITDA 60,698 83,412 106,176 150,091 172,846 182,123 227,967 217,481 196,377 244,191 239,495 % of Revenues 20.72% 24.55% 25.00%| 3 1.00% 30.00% 29.00%| 30.00% 27.00%) 23.00% 26.00% 25.00% Depreciation % of Revenues 19,584 20,563 20.769 21,392 23.745 26,594 24,999 27,999 34,158 41,673 49,591 6.69% 6.05% 4.89% 4.42% 4.12% 4.23% 3.29% 3.48% 4.00% 4.44% 5.18% 41,114 62,849 85.407 12 8,699 149,101 155,528 202,968 189,482 162,2 19 202,517 189,904 % ef Revenues 14.04 % 18.50% 20.11%| 26.58%| 25.88% 24.77 % 26.71% 23.52% 19.00% 21.56% 19.82% NOP LAT 57,989 80,609 8 1,830 108,5 16 15 1,465 146,026 172,206 162,741 144,180 192,740 233,699 Depreciation TaxRate 874 691 4,762 5,926 2,937 5,271 6,115 7,047 9,079 8,781 1,200 FA Investment -55,113 -66,136 -78,701 -82,636 -128,913 -10 1,841-120,173-124,979 -166,223 -94,427 -10 1,037 WC Investment -19,869 22,055 73,221 42,468 81,114 -470 80,920 72,0 19 107,308 16,096 32,031 Post Tax No n-o perating CF 28,500 25,365 21,307 21,520 10,114 8,294 6,801 21,083 23,191 21,567 20,920 Free Cash Flow To Firm 12,381 61,893 102,4 19 95,793 116,7 18 57,279 145,869 13 7,910 117,535 144,756 186,814

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