Calaveras Vineyards .xlsx - Matt Marshel Cristina Voloh RK...

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Matt Marshel, Cristina Voloh, RK Burr, Ryan Takeuchi, Marshall Wright, Sequoia Lefthand-Begay (In Thousands) Balance Sheet Information (1994 - 1998) Close 1994 1995 1996 1997 1998 Tax Rate Cash 50 50 50 50 50 50 page 15 A/R 0 370 419 468 497 535 page 15 EBIT Inventory 2196 2,461 2,742 2,911 3,119 3,245 page 15 Taxes Payable + Accruals 130 246 274 291 312 324 page 16 Earnings before interest and taxes Working Capital 2,116 2,635 2,937 3,138 3,354 3,506 + Depreciation + Amortization Close 1994 1995 1996 1997 1998 - Working Capital Gross PP&E - per project 1706 1956 2206 2456 2706 2956 page 15 - CAPEX Accum. Depreciation - per project 0 116 283 499 766 1082 page 15 FCF Depreciation - per project PV of FCF CAPEX - per project 250 250 250 250 250 orig. planned $250 NPV of FCF Additional CAPEX 100 100 100 Total CAPEX 250 250 350 350 350 Total depreciation 116 167 216 267 316 Companies Close 1994 1995 1996 1997 1998 Finn & Sawyer Projected Debts 130 246 274 291 312 324 Canandaigua Term Loan - Current Port'n 400 400 400 400 400 0 Frogg's Jump Revolver 1122 1722 1985 1983 1806 1446 Term Loan - Non current port'n 1600 1200 800 400 0 0 Total debt 3,252 3,568 3,459 3,074 2,518 1,770 Interest Rate 9.5% 9.5% 9.5% 9.5% 9.5% Ter Growth Rate Calaveras' Cost of Equity -1% Risk-Free Rate 5.85% 30 year t-bonds-exhibit 14 0% Market Premium 7.40% Geometric mean: long term government bonds 1% Beta 1.09 unlevered beta 2% Cost of Equity 13.91% Risk free rate + beta*(market Risk premium) 3.00% 1.00% Interest Tax Shield
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