Question

1 Approved Answer

Posted on Sep 11, 2024

What is the value of this company? using value=fcf/(1+wacc) this is a growth model C 2016 B. | 1 FCF=EBIT*(1-tax)-net investment in operating working capital

What is the value of this company? using value=fcf/(1+wacc)

this is a growth model

image text in transcribed

C 2016 B. | 1 FCF=EBIT*(1-tax)-net investment in operating working capital 2 FCF= OCF - CHANGE in Operating working capital - CHANGE in long term operating capital 3 Tax Rate 25.09% WACC= 12.86% 2015 2017 2018 5 Net Income 3,270,000,000 3,760,000,000 4,240,000,000 1,930,000,000 6 EBT 4,364,949,406 5,019,024,394 5,659,750,912 2,576,254,543 7 Interest Expense 39,000,000 33,000,000 82,000,000 117,000,000 8 EBIT 7,673,949,406 8,812,024,394 9,981,750,912 4,623,254,543 9 Depreciation 606,000,000 649,000,000 706,000,000 747,000,000 10 Operating Cash Flow 6,354,935,949 7,250,524,344 8,183,824,470 4,210,509,183 2019 4,030,000,000 5,379,433,060 1 24,000,000 9,533,433,060 705,000,000 7,846,967,342 11 12 Accounts Receivable 13 Cash 14 Inventories 15 OCA 16 Accounts Payable 17 Accrual 18 OCL 3,510,000,000 3,240,000,000 3,677,000,000 3,498,000,000 3,850,000,000 3,140,000,000 6,179,000,000 5,245,000,000 4,340,000,000 4,840,000,000 5,060,000,000 5,260,000,000 11,700,000,000 11,220,000,000 14,916,000,000 14,003,000,000 2,130,000,000 2,190,000,000 2,050,000,000 2,280,000,000 1,390,000,000 1,340,000,000 3,011,000,000 3,269,000,000 3,520,000,000 3,530,000,000 5,061,000,000 5,549,000,000 4,270,000,000 4,663,000,000 5,620,000,000 14,553,000,000 2,610,000,000 5,010,000,000 7,620,000,000 19 8,180,000,000 7,690,000,000 -490,000,000 9,855,000,000 8,454,000,000 2,165,000,000 -1,401,000,000 6,933,000,000 -1,521,000,000 20 Operating Working Capital 21 Change in OWC 22 23 Gross Fixed Assets 24. Accumulated Depreciation 25 Long-term operating capital 26 Change in LT OC 27 6,350,000,000 3,340,000,000 3,010,000,000 7,040,000,000 3,520,000,000 3.520.000.000 510,000,000 7,960,000,000 3,970,000,000 3.990.000.000 470,000,000 8,890,000,000 4,440,000,000 4.450.000.000 460,000,000 9,470,000,000 4,730,000,000 4.740.000.000 290,000,000 28 C 2016 B. | 1 FCF=EBIT*(1-tax)-net investment in operating working capital 2 FCF= OCF - CHANGE in Operating working capital - CHANGE in long term operating capital 3 Tax Rate 25.09% WACC= 12.86% 2015 2017 2018 5 Net Income 3,270,000,000 3,760,000,000 4,240,000,000 1,930,000,000 6 EBT 4,364,949,406 5,019,024,394 5,659,750,912 2,576,254,543 7 Interest Expense 39,000,000 33,000,000 82,000,000 117,000,000 8 EBIT 7,673,949,406 8,812,024,394 9,981,750,912 4,623,254,543 9 Depreciation 606,000,000 649,000,000 706,000,000 747,000,000 10 Operating Cash Flow 6,354,935,949 7,250,524,344 8,183,824,470 4,210,509,183 2019 4,030,000,000 5,379,433,060 1 24,000,000 9,533,433,060 705,000,000 7,846,967,342 11 12 Accounts Receivable 13 Cash 14 Inventories 15 OCA 16 Accounts Payable 17 Accrual 18 OCL 3,510,000,000 3,240,000,000 3,677,000,000 3,498,000,000 3,850,000,000 3,140,000,000 6,179,000,000 5,245,000,000 4,340,000,000 4,840,000,000 5,060,000,000 5,260,000,000 11,700,000,000 11,220,000,000 14,916,000,000 14,003,000,000 2,130,000,000 2,190,000,000 2,050,000,000 2,280,000,000 1,390,000,000 1,340,000,000 3,011,000,000 3,269,000,000 3,520,000,000 3,530,000,000 5,061,000,000 5,549,000,000 4,270,000,000 4,663,000,000 5,620,000,000 14,553,000,000 2,610,000,000 5,010,000,000 7,620,000,000 19 8,180,000,000 7,690,000,000 -490,000,000 9,855,000,000 8,454,000,000 2,165,000,000 -1,401,000,000 6,933,000,000 -1,521,000,000 20 Operating Working Capital 21 Change in OWC 22 23 Gross Fixed Assets 24. Accumulated Depreciation 25 Long-term operating capital 26 Change in LT OC 27 6,350,000,000 3,340,000,000 3,010,000,000 7,040,000,000 3,520,000,000 3.520.000.000 510,000,000 7,960,000,000 3,970,000,000 3.990.000.000 470,000,000 8,890,000,000 4,440,000,000 4.450.000.000 460,000,000 9,470,000,000 4,730,000,000 4.740.000.000 290,000,000 28