Tricky Lawyers Year 1 1 Year 2 2 Year 3 3 Year 4 4 Year 5 5 1 Financial forecasts Revenues EBIT Depreciation Amortis at ion Decrease (Increase) in net working capital Tax on operations Capex Dividends paid 106,150 36,091 1,415 400 483 10,105 4.248 2,901 114,842 40,125 1,834 400 425 11,235 4,586 3,223 121,521 42,532 2,127 400 344 11,909 4,253 3,386 126,381 45,497 2.949 400 243 12,739 4,423 3,644 130,173 43, 164 3,905 400 190 13,488 3,905 3,853 2 Additional information Risk free rate Equity market risk premium Adjusted beta Credit market risk premium Marginal tax rate Target D/D+E (at market value) Perpetuity growth rate 3.75 5.00% 1.31 2.30% 28.00% 25.00% 2.50% Net debt Non controlling interests Joint ventures and associates Number of outstanding shares (NOSH) 75,486 23,540 12,458 117,480 Requirement Calculate the equity value per share for Tricky Lawyers LLP