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Can anyone explain how revenue for 2020 was calculated? Revenue (-) Operation expenses (% of Rev) (-) Depreciation (% of Rev) =) Operating Income (%
Can anyone explain how revenue for 2020 was calculated?
Revenue (-) Operation expenses (% of Rev) (-) Depreciation (% of Rev) =) Operating Income (% of Rev) (-) Other non-operation loss (=) EBIT (% of Rev) (-) Interest expense (=) EBT (-) Tax =) Net income (% of Rev) Change in net debt Total Debt Net working capital (NWC) (% of Rev) Change in NWC Capital expenditures (% of Rev) 2014 2015 2016 2017 2018 2019 126,750 139,500 152,250 165,000 148,589 127,683 127,300 110,996 94,202 93,161 99,975 106,321 112,200 95,124 74.50% 74.70% 74.00% 73.50% 71.67% 69.83% 68.00% 9,283 4,847 5,350 5,831 6,324 6,801 7,260 6.25% 3.80% 4.20% 4.60% 4.53% 4.47% 4.40% 28,310 27,712 27,748 27,758 33,201 39,128 45,540 19.05% 21.70% 21.80% 6,944 7,936 4,047 21,366 19,776 23,701 27,758 33,201 39,128 45,540 14.38% 15.49% 18.62% 2,723 4,007 5,816 5,320 5,510 6,080 6,650 18,643 15,769 17,885 22,438 27,691 33,048 38,890 1,920 3,469 3,935 7,853.39 9,692 11,567 13,612 16,723 12,300 13,950 14,585 17,999 21,481 25,279 11.25% 9.63% 10.96% 5,000 15,000 15,000 15,000 230,352 145,301 140,000 145,000 160,000 175,000 190,000 234,450 22,145 30,000 39,926 50,453 62,169 75,075 157.78% 17.34% 23.57% 31.50% 36.17% 40.83% 45.50% (212,305) 7,855 9,926 10,526 11,716 12,906 13,062 13,485 13,943 13,950 13,703 13,200 13,678 9.20% 10.23% 10.59% 11.00% 10.00% 9.00% 8.00% = EBIT(1 t) + Dep. Capital expenditures FCFF 2020 step 12,750 -1.83% -0.07% 15,000.00 4.7% -1.0% ANWC Input Terminal growth tax_rate k_D (cost of debt) k_E (cost of equity) Market stock price Shares outstanding Current market cap WACC WACC WE= Value TV = 6% 35% 3.8% 11.3% 30.98 9,300 288,114 8.41% = WEKE + (1 - WE)KD(1 tc) 0.6729843 FCFF2020(1+g) WACC - gStep by Step Solution
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