Assume the FCFE have terminal growth of 4% after 2014. Using your calculations for FCFE, what is the terminal value of Surya? What is the total value of Suryas FCFE, according to your answers for FCFE and your terminal value? cost of capital is 6% or 15.1%

2012 2013 2014 2011 2010 264.61 194.90 143.64 425.25 Revenue Salary 59.23 74.04 92.55 115.68 144.60 753 941 1177 14.71 18.38 Long term lease Financial lease) Marketing Sales 14.40 1728 20.4 24.88 2986 Other operating expenses 11.32 1370 16.58 0.09 2435 51.16 80.47 122.97 159.72 208.06 Income before interest & taxes Interest expenses 523 575 7.23 8.42 957 Interest revenue EBIT 56.39 86.22 130.20 168.14 21763 Tax 19.74 30.18 45.57 58.85 76.17 109.29 84.63 Net income Considering long term lease 58.69 89.88 134.74 174.43 22644 EBITDA Free cash flow to equity 109.29 Net income 84.63 141.46 Ad: Depreciation 753 941 11.71 14.71 18.38 Less: Change in WC Less: Capex Add: Net borrowings 65.45 FCFE 44.18 124.00 159.84 96.40