g. (1) Should Hatfield implement the plans? How much value would they add to the company?

g. (2) How much can Hatfiled pay as a a special dividend in the Improved scenario? What else might Hatfield do with the financing surplus?

Chapter 12 Mini Case Hatfield Medical Supply's stock price had been lagging its industry averages, so its board of directors brought in a new CEO, Jaiden Lee. Lee had brought in Ashley Novak, a finance MBA who had been working for a consulting company, to replace the old CFO, and Lee asked Ashley to develop the financial planning section of the strategic plan. In her previous job, Novak's primary task had been to help clients develop financial forecasts, and that was one reason Lee hired her. Novak began as she always did, by comparing Hatfield's financial ratios to the industry averages. If any ratio was substandard, she discussed it with the responsible manager to see what could be done to improve the situation. The following data shows Hatfield's latest financial statements plus some ratios and other data that Novak plans to use in her analysis. Hatfield Medical Supply: Balance Sheet (Millions of Dollars), December 31 Cash Accts. rec. Inventories Total CA Net fixed assets Total assets 2016 $20 $280 $400 $700 $500 $1,200 Accts. pay. & accruals Line of credit Total CL Long-term debt Total liabilities Common stock Retained earnings Total common equ. Total liab. & equity $80 $0 $80 $500 $580 $420 $200 $620 $1,200 Hatfield Medical Supply: Income Statement (Millions of Dollars Except per Share) Sales Op. costs (excl. depr.) Depreciation EBIT Interest Pretax earnings Taxes (40%) Net income Dividends Add. to RE Common shares EPS DPS Ending stock price Selected Ratios and Other Data, 2016 (Op. costs)/Sales Depr./FA Cash/Sales Receivables/Sales Inventories/Sales Fixed assets/Sales (Acc. pay. & accr.)/Sales Tax rate ROIC NOPAT/Sales (Total op. capital)/Sales Hatfield 90% 10% 1% 14% 20% 25% 4% 40% 8.0% 4.5% 56.0% Industry 88% 12% 1% 11% 15% 22% 4% 40% 12.5% 5.6% 45.0% (Total liabilities)/(Total assets) Times interest earned Return on assets (ROA) Profit margin (M) Sales/Assets Assets/Equity Return on equity (ROE) P/E ratio a. Using Hatfield's data and its industry averages, how well run would you say Hatfield appears to be in comparison with other firms in its industry? What are its primary strengths and weaknesses? Be specific in your answer, and point to various ratios that support your position. Also, use the DuPont equation (see Chapter 3) as one part of your analysis. Hatfield is less profitable, uses its assets less efficiently, and has too much leverage. Du Pont ROE Hatfield Industry M x 3.30% #REF! Sales/Assets 1.67 #REF! x Assets/Equity 1.94 #REF! = = = b. Use the AFN equation to estimate Hatfield's required new external capital for 2017 if the sale growth rate is 10%. Assume that the firm's 2016 ratios will remain the same in 2017. (Hint: Hatfield was operating at full capacity in 2016.) Data for AFN Method Growth rate in sales (g) Sales (S0) $2,000 Forecasted sales (S1) $2,200 Increase in sales (S = gS0) $200 3.30% 10% Profit margin (M) Assets/Sales (A0*/S0) 60.0% 30.3% Payout ratio (POR) Spont. Liab./Sales (L0*/S0) AFNHatfield = = = AFNHatfield = 4.0% Add'l Req'd Assets (A0*/S0)S $120.0 Spontaneous liabilities (L0*/S0)S $8.0 $61.40 million c. Define the term capital intensity. Explain how a decline in capital intensity would affect the AFN, other things held constant. Would economies of scale combined with rapid growth affect capital intensity, other things held constant? Also, explain how changes in each of the following would affect AFN, holding other things constant: the growth rate, the amount of accounts payable, the profit margin, and the payout ratio. Captial intensity ratio signifies the amount of capital a company require to generate a dollar of sales revenue. In order to compute the capital intensity ratio total assets will be divided by sales. The higher capital intensity ratio indicate that the company will need fewer assets to generate a dollar of sales revenue. While a lower ratio indicates the will need more assets to generate a dollar of sales revenue. If the ratio wold be lower the firm will need more AFN. d. Define the term self-supporting growth rate. What is Hatfield's self-supporting growth rate? Would the self-supporting growth rate be affected by a change in the capital intensity ratio or the other factors mentioned in the previous question? Other things held constant, would the calculated capital intensity ratio change over time if the company were growing and were also subject to economies of scale and/or lumpy assets? Self-Supporting Growth Rate. This is the maximum growth rate that can be attained without raising external funds, i.e., the value of g that forces AFN = 0, holding other things constant. We found this rate, ith Excel's Goal Seek function and also algebraically, as explained below. 1. Using algebra. The self-supporting growth rate can also be found by setting the AFN equation to zero and then solving for g. M(1 - POR)(S0) Self-Supporting g = M= POR = 1-POR = S0 = A* = L* = = A0* - L0* - M(1 - POR)S0 3.30% 30.3% 69.7% $2,000 $1,200 $80 M(1 - POR)(S0) Self-Supporting g = = A0* - L0* - M(1 - POR)S0 $46.00 $1,074.00 = e. Use the following assumptions to answer the questions below: (1) Operating ratios remain unchanged. (2) Sales will grow by 10%, 8%, 5%, and 5% for the next four years. (3) The target weighted average cost of capital (WACC) is 9%. This is the No Change scenario because operations remain unchanged. Scenario: Improve Inputs Sales growth rate: Op. costs/Sales: Depr./FA Cash/Sales: Acct. rec. /Sales Inv./Sales: FA/Sales: AP & accr. / Sales: Tax rate: Rate on all debt Div. growth rate: Target WACC Actual 2016 90% 10% 1% 14% 20% 25% 4% 40% 5% Forecast 2017 10% 89.5% 10% 1% 14% 16% 25% 4% 40% 8.0% 10% 9% 2018 8% 90% 10% 1% 14% 16% 25% 4% 40% 8% 10% 2019 5% 90% 10% 1% 14% 16% 25% 4% 40% 8% 10% e. (1) For each of the next four years, forecast the following items: sales, cash, accounts receivable, inventories, net fixed assets, accounts payable & accruals, operating costs (excluding depreciation), depreciation, and earnings before interest and taxes (EBIT). Scenario: Rate on all debt Net sales Cash Accounts receivable Inventories Net fixed assets Accts. pay. & accruals Op. costs (excl. depr.) Depreciation EBIT Actual Forecast 2016 2017 $2,000 $2,200 $20 $22 $280 $308 $400 $352 $500 $550 $80 $88 $1,800 $1,969 $50 $55 $150 $176 2018 $2,376 $24 $333 $380 $594 $95 $2,127 $59 $190 2019 $2,495 $25 $349 $399 $624 $100 $2,233 $62 $200 e. (2) Using the previously forecasted items, calculate for each of the next four years the net operating profit after taxes (NOPAT), net operating working capital, total operating capital, free cash flow, (FCF), annual growth rate in FCF, and return on invested capital. What does the forecasted free cash flow in the first year imply about the need for external financing? Compare the forecasted ROIC compare with the WACC. What does this imply about how well the company is performing? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 2016 $90 $620 $1,120 Forecast 2017 $106 $594 $1,144 $82 8.0% 9.2% 2018 $114 $642 $1,236 $23 -72% 9.2% 2019 $120 $674 $1,297 $58 157.3% 9.2% e. (3) Assume that FCF will continue to grow at the growth rate for the last year in the forecast horizon (Hint: 5%). What is the horizon value at 2020? What is the present value of the horizon value? What is the present value of the forecasted FCF? (Hint: use the free cash flows for 2017 through 2020). What is the current value of operations? Using information from the 2016 financial statements, what is the current estimated intrinsic stock price? Scenario: Rate on all debt Horizon Value: _= = ( _ (+_))/ Value of Operations: (( _)) Present value of HV $1,598 $1,132 Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock Estimated intrinsic value of equity + Present value of FCF Value of operations = $182 $1,314 Number of shares Estimated intrinsic stock price = g. Repeat the analysis performed the previous question but now assume that Hatfield is able to improve the following inputs: operating costs (excluding depreciation)/sales = 89.5% and inventories/sales = 16%. This is the Improve scenario. g. (1) Should Hatfield implement the plans? How much value would they add to the company? g. (2) How much can Hatfiled pay as a a special dividend in the Improved scenario? What else might Hatfield do with the financing surplus? ors brought in a new ulting company, to c plan. In her previous ason Lee hired her. any ratio was the situation. The vak plans to use in her ome Statement (Millions t per Share) 2016 $2,000.0 $1,800.0 $50.0 $150.0 $40.0 $110.0 $44.0 $66.0 $20.0 $46.0 10.0 $6.6 $2.0 $52.80 Hatfield 48.3% 3.8 5.5% 3.30% 1.67 1.94 10.6% 8.0 be in comparison with swer, and point to rt of your analysis. ROE 10.6% #REF! owth rate is 10%. ull capacity in 2016.) Add'n to RE M S1 (1-POR) $50.6 other things held ngs held constant? Also, growth rate, the amount es revenue. In order to y ratio indicate that the s the will need more uld the self-supporting the previous question? mpany were growing and ng external funds, i.e., l Seek function and also zero and then solving 4.283% anged. (2) Sales will ital (WACC) is 9%. This 2020 5% 90% 10% 1% 14% 16% 25% 4% 40% 8% 10% inventories, net fixed arnings before interest 2020 $2,620 $26 $367 $419 $655 $105 $2,344 $65 $210 ting profit after taxes h rate in FCF, and e need for external well the company is 2020 $126 $707 $1,362 $61 5.0% 9.2% zon (Hint: 5%). What is ue of the forecasted s? Using information $1,314 $0 $1,314 $500 $0 $814 10 $81.37 prove the following is the Improve ht Hatfield do with the 1 $0 $0 $0 $0 #DIV/0! #DIV/0! Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: $0 $0 $0 = $0 $0 $0 Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present va Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### ### ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV ### Estimated total intri #NAME? stimated intrinsic value $0 ### Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 #NAME? Estimated intrinsic sto 2 $0 $0 $0 $0 #DIV/0! #DIV/0! 3 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments Estimated total intrinsic value All debt Preferred stock stimated intrinsic value of equity 4 $0 $0 $0 $0 #DIV/0! #DIV/0! #NAME? $0 #NAME? $0 $0 #NAME? Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC Scenario: Rate on all debt Horizon Value: = Value of Operations: Present value of HV Actual 0 $0 $0 $0 Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 $0 $0 $0 $0 ### ### 3 $0 $0 $0 $0 #DIV/0! ### Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity Number of shares Estimated intrinsic stock price = 0 #NAME? + Present value of FCF Value of operations = $0 Number of shares #NAME? Estimated intrinsic stock price = Scenario: Rate on all debt NOPAT NOWC Total op. capital FCF Growth in FCF ROIC 4 $0 $0 $0 $0 ### ### Scenario: Rate on all debt Horizon Value: ### $0 ### Forecast 1 $0 $0 $0 $0 #DIV/0! ### 2 3 $0 $0 $0 $0 #DIV/0! ### 4 $0 $0 $0 $0 #DIV/0! #DIV/0! Value of operations + ST investments ### Estimated total intrinsic value All debt Preferred stock #NAME? stimated intrinsic value of equity #NAME? $0 #NAME? $0 $0 #NAME? $0 $0 $0 $0 ### ### Rate on all deb Rate on all deb = $0 $0 ### Actual 0 $0 $0 $0 Value of Operations: Present value of HV 0 ### + Present value of FCF Value of operations = $0