L2 FCF calculation - A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15...

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FIRST FINANCIAL MODEL Sales growth 10% Current assets/Sales 15% Current liabilities/Sales 8% Net fixed assets/Sales 77% Costs of goods sold/Sales 50% Depreciation rate 10% Interest rate on debt 10.00% Interest paid on cash and marketable securities 8.00% Tax rate 40% Dividend payout ratio 40% Year 0 1 2 3 Income statement Sales 1,000 1,160 1,210 1,331 Costs of goods sold (500) (580) (605) (666) Interest payments on debt (32) (32) (32) (32) Interest earned on cash and marketable securities 6 9 14 20 Depreciation (100) (117) (137) (161) Profit before tax 374 410 450 492 Taxes (150) (164) (180) (197) Profit after tax 225 246 270 295 Dividends (90) (98) (108) (118) Retained earnings 135 148 162 177 Balance sheet Cash and marketable securities 80 144 213 289 Current assets 150 174 182 200 Fixed assets At cost 1,070 1,264 1,486 1,740 Depreciation (300) (417) (554) (715) Net fixed assets 770 847 932 1,025 Total assets 1,000 1,165 1,326 1,513 Current liabilities 80 93 97 106 Debt 320 320 320 320 Stock 450 450 450 450 Accumulated retained earnings 150 298 460 637 Total liabilities and equity
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L2 FCF calculation - A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15...

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