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Stock valuation, help needed. Target Name Curr. Yr COMPANY NAME - 1Y 2016 +1Y +2Y +3Y +4Y +5Y Comment Base (Industry growth) 4% 1% 4%

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Stock valuation, help needed.

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Target Name Curr. Yr COMPANY NAME - 1Y 2016 +1Y +2Y +3Y +4Y +5Y Comment Base (Industry growth) 4% 1% 4% 4% 1% +/- Share gain, loss +, - M&A Growth - rev. 4% 4% 4% 4% 4% REVENUE 1,000 1,040 1,082 1,125 1,170 1,217 Base 125 125 133 141 150 159 Growth 80.0% 0 8 8 9 9 9 Non cash adjustment(s) OPERATING PROFIT 125 133 141 150 159 168 Interest 5.0% (30) (29) (28) (26) (23) (21) Tax 33.0% (31) (34) (37) (41) (45) (49) NET INCOME 64 70 76 83 91 99 NOPAT 84 89 95 100 107 113 Total assets 700 Cash 100 Cash + Equivalents 100 Short term debt 500 Operating cash 3.0% 30 Long-term debt 200 T.A. - excess cash 670 Preferred 0 NIBCLS 300 Equity 600 0Operating cash 3.0% 30 Long-term debt 200 T.A. - excess cash 670 Preferred 0 NIBCLs 300 Equity 600 0 0 INVESTED CAPITAL (BEGINNING) 370 370 384 399 414 429 Growth $0.35 14 15 15 16 16 INVESTED CAPITAL (ENDING) 370 384 399 414 429 446 Goodwill (including unrecorded) (1) (1) (1) (1) (1) (1) + Intangible assets (1) (1) (1) (1) (1) (1) O 0 0 0 0 0 NET ASSETS 368 382 397 412 427 444 Investments / IC change (14) (15) (15) (16) (16) FREE CASH FLOW (FCF) 64 56 61 68 75 83 Dividends (15) (16) (17) (18) (19) (20) Debt repayment (19) (25) (40) (50) (56) (63)

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