Quiz2 - QUIZ 2 - DAY SECTION Discounted Cash Flow Valuation...

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QUIZ 2 - DAY SECTION (Figures in Thousands of Dollars) Discounted Cash Flow Valuation 2010 2011 EBITDA Calculation Sales 10,376,067 10,791,110 Growth 4.0% COGS and other operating expenses (9,192,181) (9,376,025) Growth 2.0% EBITDA 1,183,886 1,415,085 Tax Calculation Amortizaton (286,935) (286,935) Growth 0.0% EBIT 896,951 1,128,150 Interest expense (56,036) (56,036) Growth 0.0% EBT 840,915 1,072,114 Current Income Taxes (238,779) (304,428) Effective rate -28.4% -28.4% Made up of: Taxes on EBIT (254,691) (320,340) Tax recovery on Interest expense 15,912 15,912 FCFE Calculation EBITDA 1,183,886 1,415,085 Taxes on EBIT (254,691) (320,340) Changes in NWC - - Other cash adjustments - - CFO 929,195 1,094,745 Capex (286,935) (286,935) FCFF 642,260 807,810 Interest expense (56,036) (56,036) Tax recovery on Interest expense 15,912 15,912 Interest (net of Taxes) (40,124) (40,124) Net debt issue/repayment - - FCFE 602,136 767,686
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Rate Calculation Real discount rate 12.00% Inflation rate 2.00% Nominal discount rate 14.24%
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This note was uploaded on 06/17/2011 for the course BUS 600 taught by Professor N/a during the Summer '11 term at McMaster University.

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Quiz2 - QUIZ 2 - DAY SECTION Discounted Cash Flow Valuation...

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